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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Jon Matz who wrote (43177)	8/25/1999 9:57:00 AM
From: Les H	Respond to of 94695

We could have a run on credit cards Story on web Y2K errors computerworld.com

To: Jon Matz who wrote (43177)	8/25/1999 10:38:00 AM
From: Les H	Read Replies (1) \| Respond to of 94695

CSFB put out a sell on the banks citing Y2K biz.yahoo.com I don't know if they were the same firm that did it several weeks ago. They took advantage of the Banc One downdraft today to do it.

To: Jon Matz who wrote (43177)	8/27/1999 2:14:00 AM
From: Gersh Avery	Read Replies (3) \| Respond to of 94695

Hi Jon .. Thought that I'd answer this one .. The major damages that will result from Y2K will not be from hardware or software failure. Damage will take place from the impact of the majority of people taking slight precautions just in case. Little things like .. 60% of stock owners increasing their cash by 10%. 60% of the general population taking some cash out just in case. According to a survey done for the Federal Reserve 6% of people will grab every penny they can in cash before 1/1/00. They intend to cash in every thing they can. stocks .. bonds .. credit cards .. six percent here .. ten there .. One of the problems is that there isn't that much cash in existence. When was the last time that the banks said "sorry .. we don't have any more money left?" What was the reaction? We are still talking about humans, correct? Run on brokerages .. yes that would contribute. FWIW Gersh