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CNN Live At Daybreak

America's New War: The Economic Effect

Aired September 26, 2001 - 09:34   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: Like many other morning technology companies, Oracle has been feeling the sting of the market slowdown. September 11th dealt the software maker another blow, the attacks on the United States took the lives of eight Oracle employees.

CNN's Willow Bay talked with Oracle chairman and CEO Larry Ellison.

(BEGIN VIDEOTAPE)

WILLOW BAY, CNN CORRESPONDENT: Obviously, everyone in this country, in fact globally is concerned about the state of this economy.

You founded this company. You've been through tough times before, both with the company and the economy. Have you seen a situation, though that's comparable to this?

LARRY ELLISON, CHMN. & CEO, ORACLE CORP.: No. These are very, very uncertain times. But this is enormous economy the internet and technologies yielded up great productivity improvement in our economy. We will recover so long as we make americans feel safe again about Tom Ridge, the government's challenge to make American people a little bit you know -- not worry every day about personal safety.

BAY: Oracle share are down more than 60 percent, which puts you in the same both as most investors facing enormous losses in their portfolios. What would you say to people who are confronting very frightening losses?

ELLISON: My case is a little bit difference, because I can live on the money I have left. So it really is somewhat different.

There are no losses unless you're selling. And I'm not selling. So, I think this economy will recover. I think the stocks will recover. I don't know how quickly they will recover. But I think over the long term, this is strongest economy in the world, and the stock market is still the best place -- the best investment in the world, is the U.S. stock market.

So in the short term, no one knows what's going to happen. But Oracle will recoffer and this market will recover. It always has, it always will.

(END VIDEOTAPE)

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