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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: R. M. Rosenthal who wrote (9741)	2/27/1998 2:18:00 AM
From: CalculatedRisk	Respond to of 13949

All: My apologies to the thread ... but I have been repeatedly maligned by Mr. Rosenthal on another thread ... and now here. Please allow me to refute his remarks (just once!). First an aside: As TEDennis has so astutely pointed out, my interests are generally aligned with the individuals on this thread. I have only shorted the obvious Y2K losers: ZITL, ACLY and DDIM ... and I'm hoping to see significant appreciation in the share prices of the remaining Y2K stocks. Go Y2K! Today's discussion started with a posting by Svejik regarding the USA Today article titled: Fed Chief: Focus on Year 2000 Glitch usatoday.com I responded that the story was misleading and misrepresented Mr. Greenspan's comments. exchange2000.com My post accurately states that Greenspan was giving his Humphrey-Hawkins testimony to the Senate, that his prepared comments did NOT mention Y2K and that his response regarding Y2K was part of the Q&A session. You will NOT find this in the USA Today article ... it sounds like he was alerting the Senate about Y2K ... in other words the fundamental presentation of the story is false. The Judge was kind enough to post a partial transcript of Mr. Greenspan's answer: exchange2000.com NOTE: Mr. Rosenthal has taken to calling this a "full transcript". This is not true! I have sent him a private message to allow him to correct this misrepresentation on his part ... to no avail. The USA Today article quotes Greenspan as saying: ""Inevitable difficulties are going to emerge," he said. "You could end up with . . . a very large problem."" As I stated, this is completely out of context. Check this one for yourself. In my post, I stated that Greenspan said it appears almost all companies will successfully convert their code. I did NOT quote Greenspan, as Rosenthal would have you believe - I was giving my interpretation of what I heard. Rosenthal claims that I made this up, but here is what Greenspan said: "It's not an issue of getting -- of being worried that there is a large number of non-compliers who haven't gone through the system. You can end up with a very small number of non-compliers and have a very large problem." My use of "almost all" might be excessive, but my interpretation appears legitimate. Rosenthal's other complaint regarded my comment that Greenspan said most of the several hundred billion dollars is being spent on new systems. Here is Greenspan's comment: "The difficulty is that we don't know what part of that several hundred billion dollars would have been spent anyway. A lot of it is on new equipment ..." If I had had the transcript, I would have used "a lot" instead of "most". Mr. Rosenthal's comments regarding me are clearly wrong and inappropriate. The USA Today article IS misleading and misrepresents Greenspan's comments. Regards to All, Bill