9/17/99 -- 8:51 AM

Banks-Y2K

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WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan today characterized as viritually nonexistent the threat that the United States will suffer massive computer failures because of the Year 2000 date change.

But he cautioned that the economy could still be effected, depending on how many businesses and consumers alter their normal buying patterns because of unwarranted fears.

``The probability of a cascading of computer failures in mission-critical systems is now negligible, given the testing that has been done, the backup plans that are in place and the great adaptability and ingenuity of the American worker,'' Greenspan said in the keynote speech to a daylong conference of federal regulators on Year 2000 preparations.

The conference was convened to survey what has been done and what is left to do in getting the U.S. economy ready to handle the Year 2000 date change.

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Ray

-- Ray (ray@totacc.com), September 17, 1999

Answers

That's right. Blame the whole thing on
those that are preparing.

-- spider (spider0@usa.net), September 17, 1999.

Just how is it that the "great adaptability and ingenuity of the American worker" will help prevent the "cascading of computer failures in mission-critical systems"?

And isn't it just that "great adaptability and ingenuity of the American worker" that might cause them to react to uncertainty and risk in such a way that it would negatively affect the economy?

And since "the probability of a cascading of computer failures in mission-critical systems is now negligible", does that mean we have now exceeded his "99% is not good enough" goal?

Thought not.

-- Linda (lwmb@psln.com), September 17, 1999.

I must be getting blind in my old age. Quote:

``The probability of a cascading of computer failures in mission- critical systems is now negligible, given the testing that has been done, the backup plans that are in place and the great adaptability and ingenuity of the American worker,'' Greenspan said in the keynote speech to a daylong conference of federal regulators on Year 2000 preparations.

I fail to see how the backup plans, and the ingenuity of the American worker can Possibly cause the the probability of cascading failures of Mission Critical systems to be negligible.

I also fail to see how one of the supposedly most farsighted, most globally aware people in the country can make this statement, and shave tomorrow. Catastrophic failures can be sourced OUTSIDE the borders of the US.

AIEE-YIEE-YIEEE-YIEE. Night Train

-- Jes an ol footballer lookin for some TRUE daylight (nighttr@in.lane), September 17, 1999.

Y2K CANNOT BE FIXED!

-- Jack (jsprat@eld.net), September 17, 1999.

Clearly disagrees completely with the doomies. One possibility is that Greenspan has no idea what he's talking about. Are there any other possibilities? Nahhhh...

-- Flint (flintc@mindspring.com), September 17, 1999.

Linda, good point. Am I (the GI who reacted to the Y2k problem) being adaptable and ingenious, and therefore a GOOD THING, or am I the cause of the problem by being so adaptable that I might prepare in advance and therefore a BAD THING? Maybe the pollies are being adaptable and ingenious by so quickly finding so many reasons to NOT plan for this problem, while other problems are GOOD to plan for, like hurricanes. Gee, I wish someone would make this clearer for me, so I could quit thinking for myself.

-- bw (home@puget.sound), September 17, 1999.

Flint, if you want to swallow the government's B.S. hook, line, and sinker, you are certainly welcome to do that. I'm not that gullible, however. The govenment has to earn my trust and they just haven't done that lately.

-- Doubtful (doubtful@dubious.com), September 17, 1999.

Greenspan is concerned about a run on the banks. He is absolutely not going to say anything that could alarm the public. No one will ever know what he is really thinking. The reason he was asked to speak at that meeting was for PR purposes.

-- Dave (dannco@hotmail.com), September 17, 1999.

bw - "Gee, I wish someone would make this clearer for me, so I could quit thinking for myself."

ROTFLMAO - thanks bw! I needed that. TGIF... I can't take any more good news this week.

Jack... what? no blinky?

Y2K CAN NOT BE FIXED ! ! !

-- Linda (lwmb@psln.com), September 17, 1999.

guess the blinky died. so sad.

-- Linda (lwmb@psln.com), September 17, 1999.

People won't begin to prepare until they start seeing the grocery stores shelves stocked sparingly, the banks cut back their hours and the amount of cash they give out. Then the polly's will realize that they have been caught in the spiders web. Anyone want to guess what the polly's will do then?

-- Brown Recluse (brownreculse@brownreclusee.com), September 17, 1999.