4 Jan
1999
4 Jan
'99
8:53 a.m.
Tony wrote:
I won't claim to be knowledgeable (truly or
otherwise), but IMHO you're
right. The panic is much, much worse than the problem. Sure there will be
glitches, but I suspect the worst problem will be when people realise
that 'Y2k consultants' have been extracting money from people for no good
reason!
I entirely agree. IMNSHO, the biggest real Y2K problem will be the run
on the banks, which will not happen for any technical reason, but only
because people are whipped into a frenzy about the Y2K problem. Basically
a self-fulfilling prophecy. Especially ironic since the banking industry
is considered to be at the least risk for Y2K technical problems, since
they started working on it long before most people even thought about it.
The Federal Reserve has printed an extra 5.0e10 dollars to try to prevent
a collapse of the banking system. I think that's really a clever move to
try to instill confidence that there won't be banking problems; if there
really IS a run on the banks, 50 billion won't cover it.
Hmmm... since there might be a run on the banks, maybe I'd better take my
money out before it happens, and invest it in something with lasting value,
like computers. :-)
Eric