Online Brokers Brace For Y2K: 50-yr-old accountant sells all stocksgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
*Posted expressly for discussion and educational pruposes.
Online Brokers Brace For Y2KNEW YORK -- Given the intermittent problems he has had trading stocks through his online broker's system, Bob Schreier does not want to take any chances when the clock turns to January 1, 2000 -- so he's selling all his stocks.
Despite assurances from Charles Schwab & Co that it is ready for any computer troubles that might arise when the new year comes around, the 50-year-old accountant from Orland Park, Ill., doubts it can deal with the very remote chance that its system will crash at the stroke of midnight.
"I don't trust Schwab's system," Schreier said...
The rest (much more) of the story here.
-- electronic holdings (email@example.com), December 10, 1999
"You're only as strong as your weakest link."
It's so simple, and yet so many people just don't get it.
-- nothere nothere (firstname.lastname@example.org), December 10, 1999.
In 1987's crash, the Nasdaq market makers didn't want to have to make a market by offering bids and asks in a falling market, so they just didn't answer their phones from the brokers. It's a little better now, but not much.
-- John (jh@NotReal.ca), December 10, 1999.
so many people just don't get it...
sad but true, and because they have chosen not to prepare for anything, there will be angry soon. How will this shock and anger be directed ?
-- Dan G (email@example.com), December 10, 1999.
Yes, all these panic stricken people are taking their anger out on the market. By putting more money into it! Have not been following the market lately?
-- for real (firstname.lastname@example.org), December 10, 1999.
Well - he got his money out. At the current (paper) price of the shares no less, and probably at a profit.
Maybe everybody else will stay in.
-- Robert A. Cook, PE (Marietta, GA) (email@example.com), December 10, 1999.
I guess we all think the phrase: "history repeats itself" are just abunch of words without any basis in our current reality or---as CNBC would say--- our new PARADIGM--I love when they say that!!!
One of the most significant aspects that started the stocks crashing in '29' was a few--a few--- investors started quitely selling at the top of the euphoric orgy known as the stock market.
-- d----- (firstname.lastname@example.org), December 10, 1999.
Paradigm? When the market does crash (either by computer or by panic), that's all people will have.
A pair-o-dimes. Diddly/squat.
Pay $100/share for pieces of paper and you get what you deserve.
-- Tim the Y2K nut (email@example.com), December 10, 1999.
I think you've hit on something important here. Why is it that societies tend to believe that the lessons of the past do not apply to them, as they are smarter, more advanced, more capable, etc. and in believing so, end up repeating the mistakes of the past?
I laugh myself silly whenever I hear the talking heads justify sky- high P/E ratios in the stock market with the "NEW PARADIGM" argument... I'll bet that's what the old timers in '29 said right before taking a header out the office window, ending with a rapid deceleration on Wall St. (literally).
-- trouble (firstname.lastname@example.org), December 10, 1999.
Was in local Schwab office yesterday, and was told the entire staff will be at work on 1/1. I asked why and they said tests would be run. Tests on 1/1? Amazing.
-- mike (email@example.com), December 11, 1999.