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Technology Stocks : Discuss Year 2000 Issues

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To: C.K. Houston who wrote (1426)	4/11/1998 10:21:00 AM
From: David Eddy	of 9818

Cheryl - First, we assume that key components of government (the IRS in the US and Revenue Canada north of the border) and the financial system (central banks and the machinery of the payments system) will be Y2K compliant. Reminds me of the joke about three men marooned on a desert island with just a single can of peas for food. None of them have a Swiss Army knife or can opener. The engineer says: "We'll toss the can into the air & when it lands on this rock at the proper angle of impact, it will split open." The accountant says: "Then we'll divide the contents into three equal piles." The economist says: "Let us assume a can opener!" Moral being... if you assume away the hard part, then all problems are trivial. Unfortunately this seems to be how most economists have learned to think... so they're not going to be much help for Y2K. - David PS... for the required reading list of useful knowledge from a good economist, please to read Charles P. Kindleberger's "Manias, Panics & Crashes." Considered required reading by central bankers for 20 years now.

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