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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 229.10

-1.4%

3:59 PM EST

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To: Bill Harmond who wrote (36249)	1/24/1999 2:42:00 AM
From: GST	Read Replies (2) of 164684

William -- <<Brazil was supposed to provide the fire-break to stop global contagion from reaching the US>> Brazil was the one place where the tradtional IMF medicine was expected to work -- devaluation was always in the cards but it was the one area of contention with the IMF. It was good to get it over with. China and then Japan are the real concerns. Brazil, at most, will reduce our growth or induce a mild recession. If China devalues, we have bigger problems. Until very, very recently, a Chinese devaluation was not contemplated. It is not priced into the market. Worse, it points to much greater global instability and systemic risks, which would hurt far more than a mere 'slowdown'. The markets are not sure what this all means, but more and more are reducing their exposure.

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