Skeptic,
Most of your questions and comments are addressed here. I highly suggest you [click] on links, if only to read headlines & summaries.
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Think "Year 2000" (Y2K) is only a technical problem? Well ... you're wrong. Year 2000 problems impact our entire infrastructure .... in areas you can't even imagine.
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Y2K is a well-kept secret, with details available only on the internet, and limited amount of coverage in the print and broadcast media. Many companies still don't want to acknowledge if, and to what degree, they have a problem and what they're doing about it. No one wants a paper trail. Everyone's afraid of litigation. Don't want stock prices depressed. SEC will soon require divulging this. In April '98, we'll be seeing a lot of Y2K disclaimers on 10K's. And, we'll be seeing HUGE remediation costs adversely impacting company profitability.
SEC FORCES ...: techstocks.com
SEC URGES......: techstocks.com
Firms Resist Year 2000 Disclosure. Now, why would they do that?
techstocks.com
Oh yeah ... There's that SEC "holiday" we're gonna get. SEC says only 2 days, Montgomery Securities says 3+ days, independent study for NY & NYC says "down 8 weeks". UK expects to be down a month. Hmmmm ... who's telling the truth?
techstocks.com
Everyone talks about the Fortune 500 or 1000, and how far along they are. Fine. All well and good. But ... what about the little guys?? And, I'm talking about companies doing less than $200 million in sales. Mostly Fortune 1000 working on a Y2K fix, with most effort at the front office (MIS) end. Lots of companies seemed to forget the plant floor.
techstocks.com
Didn't realize they'd find SO many of these little guys there. And a lot of them AREN'T friendly. Check out "Problems & Failures".
techstocks.com
There's gonna be a lot of consolidating and acquisitions going on. The little guys are gonna get killed. The largest manufacturers have already started to demand that their suppliers prove that they will be Y2K compliant on time ... or their relationship will be terminated. The "big 3" automakers have already begin an aggressive campaign to make these determinations as soon as possible. If GM's experts don't certify your program ... you're out. Layoffs will commence as those companies cling to life.
Legal firms are salivating at the potential they see for Y2K litigation. "Bankruptcy" is one of the areas where they see major "growth" and "income potential".
US is ahead of Europe ... and trust me, where we ACTUALLY are ... it's nothing to be impressed about.
Europe is focusing on the EuroDollar within 2 years? Will NEVER happen within their timeframe. EuroDollar has a deadline which can be extended. Y2K DOESN'T. All this wasted energy. All this wasted manpower. All this wasted money. I never read about it anymore. Cause I know it won't happen.
techstocks.com
Y2K & ASIA?? Nothing is being done on any meaningful scale. What about RUSSIA and the third world countries. Where do you think these guys rank??
We're a GLOBAL economy, guys. And, there are BIG, BIG problems out there.
techstocks.com
What's happening with banking? Hmmm ... Doesn't look good.
1st Y2K Bank Closing: techstocks.com
FED May Bar Foreign Banks:
techstocks.com
Yardeni (Deutsche Morgan) changed his whole stance a from a few months ago. First, Y2K="No Problemo". NOW, 100% chance of worldwide recession starting in '98. Check out his recent House Banking & Finance Testimony:
techstocks.com
Anyone know how dominoes fall when they're lined up perfectly??
Citicorp and their Dominoes
techstocks.com
Airline's not gonna fly? Luftansa & KLM already preparing us for 2-day "airline holiday".
techstocks.com
Hmmm ... ALCOA, BP, SHELL-EXXON? "Failures"? Oh dear.
techstocks.com
Oil & Gas. Sounds like they're getting nervous.
techstocks.com
Telecoms? List goes on and on. More of the same.
WHOOPS ... seems SSA forgot something
techstocks.com
Next year's tax break??? Don't spend all your tax savings yet.
techstocks.com
What about your health? You might not be nervous ... but some high-level medical professionals sure are!
techstocks.com
Still think Y2K is no big problem? Doesn't impact me? ....... WRONG! Think again.
Many businesses still hamstrung by:
1. Denial
2. Failure to grasp full implications of the problem
3. Lack of management support
4. Lack of funds
5. Fear of liability
6. False hope for silver bullet
7. Lack of qualified personnel
8. Lack of serious media attention to this issue
This has to stop.
C.K. HOUSTON
Quest@hypercon.com
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