more spinning

-- @ (@@@.@), October 15, 1999

Answers

With all of this stock selling going on, is he worried that many might decide to "cash-in" their chips and keep the currency for a rainy day?

"The Federal Reserve has made special arrangements to have extra currency available on the off chance that consumers and businesses withdrawal a significant amount of funds from the U.S. banking system, leaving little or no cash available, Greenspan said. However, "I trust that such withdrawals will be modest since, as I have said before, the safest thing for consumers to do with their money around year-end is to leave it where it is."

-- @ (@@@.@), October 15, 1999.

Since 95% of my money is OUT of a bank (and tucked away in some very safe places), I guess I'd have to agree with him.

-- I'm Here, I'm There (I'm Everywhere@so.beware), October 15, 1999.

@ 3:01 edt dow.... down 245 and quivering!

-- kevin (innxxs@yahoo.com), October 15, 1999.

Yeah. Just what I want to do....leave my money in other people's hands in an emergency. I think Not.

That would be like leaving the gas i need in the service stations, the food i need in the stores, and the clothes and such i need on the racks. That way, when I really NEED it, I can count on the kindness of the store/gas station/bank managers to give it to me "Just because they agree that NOW I need it."

Hogwash. i would much rather be in control of where my money is, what food "I" think I need, how much gas I WANT, etc. You get the picture.

"THe safest thing for the consumers is to leave it in the bank..."

Yeah, but SAFEST FOR WHOM?

-- DavePrime (the-tv-guy@hotmail.com), October 15, 1999.

Not all of us pose a "threat." Every time I finally achieve a dime it seems the vet walks off with it. Now I am faced with six kittens who all need vaccinations, plus my adult cats are all coming due...and it just gets deeper and deeper and deeper. I've some cash->60 dollars because my neighbor-gardener will only accept cash. He came today thus leaving me->30 dollars. Look elsewhere for the cash hoarders, it isn't with me, and if I did have a bunch of cash I'd be having one jolly of a good time for myself. My home is secure and I've got my mounds of beans. I shall live but draining all the cash thus leaving me none will cost me my gardener and I will be in a pickle to say the least.

-- Paula (chowbabe@pacbell.net), October 15, 1999.

"off chance"?????? that people will be withdrawing money??!!! Is this newspaper spin, or could they really be that clueless?

-- Jean Shift (jean@aol.com), October 15, 1999.

Wildly OT - Okay, I remember it (vaguely) but can't pinpoint it, it was paraphrased from a 1960's cartoon character on TV, but who? "-- I'm Here, I'm There (I'm Everywhere@so.beware), "

-- Ken Seger (kenseger@earthlink.net), October 16, 1999.

Fed chief says buying patterns could rile millennium bug
JEANNINE AVERSA, Associated Press Writer
Friday, October 15, 1999

http://www.sfgate.com/cgi-bin/ article.cgi?file=/news/archive/1999/10/15/national1654EDT0738.DTL

[Fair Use: For Educational/Research Purposes Only]

(10-15) 13:54 PDT WASHINGTON (AP) -- The millennium computer bug should not disrupt the nation's economy unless consumers and businesses significantly change their buying patterns, Federal Reserve Chairman Alan Greenspan said Friday.

In remarks to the National Italian American Foundation, Greenspan expressed confidence that American business will be ready for the Year 2000 date change given the intensive preparations they have made to prepare their computers.

``The probability of a cascading of computer failures in mission- critical systems is now negligible,'' Greenspan said.

Nevertheless, Greenspan said, even though the public's understanding of the matter has grown and fears of widespread disruptions waned, ``We are not as yet home free.''

Greenspan said he still is apprehensive over the potential for economic impact of hoarding or other significant changes in traditional spending patterns.

That's why it is crucial for authorities to get out the most up- to-date and reliable information to ensure that businesses and consumers make economic judgments based on facts and not rumors, he said.

``Accurate, credible and timely information on the general state of readiness will be essential to reducing uncertainties in the months ahead,'' Greenspan said. This way, businesses will be able to base their decisions on inventory stockpiling on accurate information and not overstock out of unfounded fears.

Consumer reactions also will be critical to determining whether the computer change will have a major impact on economic activity, he said.

To this end, Greenspan repeated his warning that banks will remain safe for people to keep their cash. ``The safest thing for consumers to do with their money around year-end is to leave it where it is,'' he said.

So far, only a ``small number of households, driven by fear of the unknown, tell pollsters that they are planning to build large stockpiles of food, water, fuel and cash as the millennium approaches,'' Greenspan said. But he expressed anxiety about a rising level of consumer worries as the news media focus more attention on the question.

``It is too compelling a story for audiences that thrive on countdowns to the unknown,'' Greenspan said.

``As attention heightens and rumors inevitably mushroom, it is important that what is known and what is not known be clearly articulated by those of us in both public and private leadership positions,'' he said. In the end, he said, ``facts are the only antidote for rumors.''

The so-called Y2K problem exists because many older computers and software programs recognize only the last two digits of the year and could mistakenly interpret ``00'' as 1900.

-- Diane J. Squire (sacredspaces@yahoo.com), October 16, 1999.