Y2K (Year 2000): Is Wall Street & Banking Vulnerable? Message Board

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Technology Stocks : Y2K (Year 2000): Is Wall Street & Banking Vulnerable?

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To: flatsville who wrote (94)	7/20/1999 9:17:00 PM
From: C.K. Houston	Read Replies (2) of 158

Thanks for the red-alert on Japan. Reading those links was pretty frightening. Has the potential to be worse than LTCM debacle. SHORTING BANKS? Check out these charts and compare timeframes from July thru end-of-year for last year ... and now. And observe movement of bank stocks before LTCM deal became public knowledge. C: CITICORP 48 5/8 (-9/16) techstocks.com BAC: BANK OF AMERICA 71 3/4 (-2 1/4) techstocks.com CMB: CHASE MANHATTAN CORP NEW 80 7/8 (-1 1/4) techstocks.com JPM: MORGAN J P & CO INC 134 (-4) techstocks.com I don't care what FED does about interest rates. Unless everything in Japan is rosey, and Y2K is a sham ... I don't see how in the world these stocks are gonna go anywhere but DOWN, in spite of any short-term, "band-aid" machinations. Humpty Dumpty sat on the wall Humpty Dumpty had a big fall ... What's going on is like a BIG Ponzi scheme. BTW - Remember, there's that High-Street bank that's in BIG trouble, but FSA won't identify which one? Remember that article about the Euro about British Banking being on verge of collapse? An unidentified banker expected problems to start occuring in September. They referenced euro problems still not totally fixed, coupled with GPS in August and Y2K. BCS: BARCLAYS PLC 112 (-4) techstocks.com NW: NATL WESTMINSTER BK PLC 121 (-6 1/2) techstocks.com Companies have started to sever relationships with companies that can't prove they're Y2K compliant. Banks are gonna start calling in loans. And, not give loans to companies that can't prove they're Y2K compliant. BIS was complaining last month because banks weren't doing the "mandatory" testing with S.W.I.F.T. Now we got this Japanese deal going on. China's banks (at least in one province) have refused to pay interest on any loans. Argentina's in trouble. Banks have to start stockpiling cash [which doesn't make them any money.] Some are starting in August. But I got on a site last month where bankers were talking to each other - and most were planning on starting to stockpile in September. FED's encouraging banks to start stockpiling earlier because there's a shortage of armored cars. Every country is printing more currency in anticipation of bank-runs. I don't care what kind of short-term run-ups there are in banking sector. This sector's gonna go down in flames. And they won't be alone. Got any banks you want to add to the list? Cheryl P.S. It wasn't until August until the LTCM deal became public knowledge. I first heard about it on this thread: Subject 22689 Thread participants are very bright. The key people on the thread, as I recall, are English. Notice the date when this became general public knowledge vs when downward stock movement started to initially occur.

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