WHA OH.... CAN BANKING handle more than 1% of failure in is overall system?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Is 99% good enough for the finance sector? Or does it have to be 100% compliant with no remediation problems for it to stay on its feet?
-- Brent Nichols (firstname.lastname@example.org), January 03, 2000
Greenspan himself testified to Congress the 99% wasn't good enough.
-- Wildweasel (email@example.com), January 03, 2000.
My sister works in banking ( Please don't flame me for that - we vehemently disagreed which each other as to how banking was going to be affected. She shrugged off the problems and I didn't). Her biggest fear right now is this - what is going to happen this week as other countries who deposited their funds in the USA as a "safe haven" decide that everythings ok? Are they going to take back their funds or leave them here? How much will they take back out of the economy? If there is enough money withdrawn, that is, according to her, a bigger threat to our banks than our own problems that remain with bank computers. That alone could trigger a massive downturn in the economy. Now, I work in health care, not in banking, so I can't say I'm speaking with any expertise on this subject. If someone cares to elaborate, I am ready to learn more as to if and how much of a threat this really is. I don't believe everything my sister says as gospel truth when it comes to banking, so any input on this is appreciated.
-- luann (firstname.lastname@example.org), January 03, 2000.
No! it cannot!
This is either 100% compliant or there is a sucker punch on its way!
Bank of International Settlements was cautious about rollover. I am amazed that folks of less stature than this Central Bank of Central Banks are more confident! Give this a week. There were lots of pro traders in Defensive positions for the Roll-over, and now have to get out of these positions. This sector will operate at full-tilt from the get-go. There will be no hiding problems.
Even if everything goes flawlessly, there will be economic fallout. If you feel you prepped in vain, think again. The problems may not look exactly like what you anticipated, but that doesn't mean your preps were in vain!
There will be economic fallout and it will not be very pretty.
Interest rates are a start. From there, there will be business failures and shortages. I cannot see how anyone can think this is a bump in the road or a mild rollover. Stay tuned! This has barely started!
-- (He Who) Rolls with Punches (JoeZi@aol.com), January 03, 2000.
There are two places that will show for sure how much of a hit we have taken from Y2K, the first will be at the gas pump, that shows the true picture of the oil industry. Second will be in the courts. This will be when big industry will be trying to show to insurance that their hits were not Y2K related. It will be the lawyers those suckers who depend on lies, that will bring out the truth. Insurance can afford to buy the best lawyers the same as the good old US of A can have the best congress money can buy. The truth of the matter will rear it ugly head when Dollars are the bottom line.
-- Notforlong (Fsur439@aol.com), January 03, 2000.
Oh, if the banking cannot tolerate more than 1% of failure in its system then the banking is not as secure as we thought it was. Everything is so fragile in the economy, the banks better pray that over time nothing will go awry with their systems. It dosen't look like a good outlook for the banks. If banking, what about the Telecommunications or power or every other sector? Is banking vulnerable to every other sector for survivial making every other sector vulnerable to it as a result? If so then that would be why 99% is not good enough for the banks. Time will tell.
-- Brent Nichols (email@example.com), January 03, 2000.