Adam, et al, Alan Greenspan just gave a good speech about Y2K preparedness to some Italian-American club or other in Phoenix, I think. Grasso of the NYSE was there (a good Goombah). The markets should rally! A big overhanging cloud to the markets has been the FUD over Y2K and Alan pretty much thinks, that, due to a lot of hard work and money thrown at it by American technicians and engineers, it will hopefully be like (his phrase) "the dog that didn't bark." He did mention one danger and that is that companies would stock up on additional inventories at year end "just in case." He said this wasn't warranted, in his mind, again, because there should not be a computer debacle at Y2K. Problem is what happens to any such inventories after the millennium rolls over and it's a non-event.
He also said people might move their monies to safer havens at year end. His advice was "leave it where it is now."
So the guy spooked things last night, why not an un-spook now? A negative always wins out over a positive, I guess. CNBC heads are calling for a possible last hour rally.
BTW, I agree with Greenspan about Y2K being the most overblown scare since the fake and Orson Welles radio broadcast Martian invasion in '38. Course, I wasn't around then.
Tony |
