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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Ken who wrote (6424)	7/9/1999 3:48:00 PM
From: Cheeky Kid	Read Replies (1) \| Respond to of 9818

Same ol' scam, all new millennium wichitaeagle.com

To: Ken who wrote (6424)	7/9/1999 4:19:00 PM
From: B.K.Myers	Read Replies (1) \| Respond to of 9818

Ken, I don't see how these points support the conclusion that the banking industry is furthest behind in preparing for Y2K. They do however, support the point that banking might be the most vulnerable to not only Y2K failures, but to many other disruptions. From my experience, as both a programmer/analyst and an independent auditor, I can say that the banking industry has very high software standards. They have the best system documentation that I have seen. They have some of the best standards and procedures for maintaining their software. Of course, this does not mean that they will be Y2K compliant in time. After all, banking systems are highly date/time dependent. In order to make the statement that they are the furthest behind, you have to compare them to other industries. But you don't compare them to any other industry. I believe that the industries with largest number of embedded systems are the industries most likely to be furthest behind in Y2K remediation. The banks that I have worked for have always had good system software inventories, but almost no one has a good inventory of their embedded systems. Very few of your points specifically address Y2K, so there is little basis to come to the conclusion that banks are the furthest behind in preparing for Y2K, only that they might be the most vulnerable. B.K.

To: Ken who wrote (6424)	7/9/1999 10:55:00 PM
From: David Eddy	Respond to of 9818

Ken - Don't be fooled. The banking industry is the worst prepared of all industries to deal with y2k. I've got my opinion, you've got yours... and we've got 175+ days to see how it plays out. Relative to other industries, I believe banks will hold up pretty well. Only time will tell now. - David

To: Ken who wrote (6424)	7/10/1999 10:17:00 AM
From: bearcub	Respond to of 9818

All the little regional banks have deposits in the money center banks. i'm sitting here wishing you would have devoted an entire paragraph in bold format, and could put it on the news at 6 and 11. some people currently are being educated about fractionalized banking and the pleading has been done early to not pull out money. HOWEVER, what most people do NOT understand is that the banks themselves are fractionalized to EACH OTHER. case in point: in visiting with my credit union, (i closed the accounts yesterday in fact), i learned that their standard of how much cash to keep on hand is not only fractionalized to their amount of deposits, but THAT cash on hand consists of how much of our deposits reside in short term treasury bills at a bigger regional bank in our area. and if anyone out in cyber land thinks that when the bank runs start, that little credit unions are high enough on the 'pecking' order of getting cash for their shareholders (as they call us), then those dreamers need a wake-up call. most consumers' interfaces with banking is very very myopic: 1) i put in money, 2) i write checks, 3) i use credit cards, 4) i use debit cards, 5) i use any number of branches of one LOCAL bank (which has a very large national presence) to do all these 'banking' functions. however, the iceberg behind the local bank interfaces is something most of us don't ever get to see: 1) where does my/our banks put our money? 2) where does our bank 'write its checks?' (its called the fed window) 3) where do banks have their lines of credit with correspondent banks? 4) where are the banks' debit lines and how big are they? 5) where area and WHO ARE all their correspondents to do THEIR 'interbanking' functions? a friend of mine related to me the following true story this weekend. a customer of theirs came in and plopped down *seven million dollars* and took delivery of gold in bars and coins only, all sizes of bars and all types and denominations of bullion coins. his reason? he stated he was wiped out once in the 30s and he wasn't going to go through that* again.* some folks understand fractionalized bankings' impact upon their lives and others don't. we need to remember to recite one fact when we start getting comfy with our nations' and our trading partner nations' banking y2k preparations: while they have been pounded since 1995 to get ready and get new computers, and develop backup systems for all their banking functions, (such as secondary and tertiary credit card issuers, etc.,) there is NO back-up/redundancy system for your and my bank showing up to get more money from the "fed window." there is only one "federal reserve." and IT is a government granted monoply: A PRIVATE BANK