<Bloomberg News Service taped Johns' presentation. It had apparently been arranged in advance because John seemed unsurprised by it.>
Very interesting about Bloomberg filming Jenkins TAVA presentation. Sounds like Bloomberg (and hopefully rest of the business and investment community) is finally taking Y2K embedded systems problems VERY seriously.
Spoke with Dennis Grabow yesterday, who just got back from London where he was a featured speaker at the British-North American Committee's conference, "U.K. & International Economic Consequence of Year 2000 Millenium Bug." Audience was comprised of government and corporate bigwigs, including CEO's from major U.S. corporations.
Bloomberg send a film crew over, who filmed ONLY Dennis's speech and presentation ... and then flew back to NYC. BBC had 1/2 hour interview with him, both on TV and radio. He was on CNBC Europe Today. Also, interviewed for an hour by a film documentary group.
For those of you who don't know Dennis, he's CEO of Millennium Corporation. He predicts a Y2K related recession, much of which can be attributed to problems with embedded systems and related negative impact on infrastructure and productivity. He was a featured speaker at the NYC conference two weeks ago. His speech and PowerPoint presentation are EXTREMELY powerful. Embedded systems, interdependencies and cascading problems dominates his presentation.
Some of Dennis Grabow's thoughts:
Grabow, for one, said he's worried that investors are underestimating the magnitude of the problem. Few have recognized the far-reaching impact on "embedded" processors -- built-in computer chips that run factory equipment and the like -- as well as the infrastructure for utilities providing power and water.
Message 3892894
EXCELLENT ARTICLE - DEFINITELY WORTH READING
Dennis Grabow, founder and CEO of the Millennium Investment Corporation, said his firm's analysis shows there are not enough man-hours available to evaluate, test, and implement compliance by the turn of the millennium.
"Even if a particular location is brought into compliance, the disruptions in other dependent but noncompliant supplier and customer facilities can slow or even shut down production in the compliant facility."
His firm believes there will be a global disruption of business. It also thinks there will be a significant transfer of wealth from the shareholders of vulnerable enterprises to shareholders of companies that have completed or are near compliance, are able to increase market share, and are implementing industry consolidation strategies.
"A disruption in the flow of goods around the globe has the potential of causing an economic recession in every industrial country."
Grabow's firm focused on the often-overlooked embedded systems found in the manufacturing and processing industries. He said his firm found that approximately one-tenth of all microprocessors utilize date and time information. The overwhelming task is locating and then testing them.
Millennium Investment estimates that the embedded systems challenge will consume 80 percent of the time and costs expended to bring a manufacturing and/or continuous process facility into compliance.
news.com
EXPECT THE UNEXPECTED
Why the Value of the U.S. Equity Market will Decline by 25% to 30% by the End of 1998 due to the Year 2000 Issue
y2ktimebomb.com
"International trade, a critical factor in economic growth worldwide, will face disruptions due to Year 2000 problems." Dennis Grabow, CEO Millennium Investment Corporation
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Apparently his presentation was well received. Phone calls from major entities came in within hours of his speech, and he had to re-arrange his schedule to accommodate some additional, quickly put together meetings, with large numbers in attendance.
Cheryl |
