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Technology Stocks : 2000 Date-Change Problem: Scam, Hype, Hoax, Fraud
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To: Jim who wrote (925)11/19/1998 10:32:00 PM
From: David Eddy   of 1361
 
Jim -

I assume that if there had been a problem with mortgages (or future
yields, or credit card expiry dates etc), this would have been well publicized by the Y2K zealots.

Please don't confuse the stories circulating on the 'Net with solid facts. Because of the complexity of things Y2K, overly simplistic examples have been promoted to urban myth status...elevators plunging to the basement, failing pacemakers, VCRs, etc.

One tiny fact about interest calculations is that they don't actually use dates. Such calculations use "n"...the number of PERIODS. Obviously that integer is often just a check box on a form...10 year (120 months), 15 year (180 months), etc.

Another aspect is that 30 year mortages did indeed start to have problems in the 1970s & were tackled then.

Personally I have had a credit card with a 00 expiry date rejected. It's a card that I use regularly. It comes down to the equipement (a cab in this instance) being used.

Much of the stories you see in print are just 99th retellings (now cast into gospel from the 'Net) because reporters are under deadline & don't know how to dig up real stories. Besides, operational failures at 2am happen all the time...they're hardly news.

One of the major problems with reporting on Y2K is that information systems are terrifically interelated & it often takes even the owners of the systems months to understand when a failure has occured.

- David
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