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To: John Howell who wrote (21553)	8/3/1998 10:13:00 AM
From: John Mansfield	Read Replies (1) \| Respond to of 31646

The FED thinks otherwise : 'Feds Fret Over Embedded Millennium Bug (08/01/98; 9:54 a.m. ET) By George Leopold, EE Times Embedded systems continue to be a major worry for federal officials working to coordinate national efforts to confront the year 2000 bug. Members of a presidential council on year 2000 conversion said their awareness campaign focuses on checking embedded chips "to determine whether those that are date-sensitive need to be replaced or reprogrammed." John Koskinen, chairman of the President's Council on Year 2000 Conversion, called the effort "a growth industry." "We are also encouraging those in the private sector, those at the state and local level, and our international partners to ensure that their critical systems are ready for the new millennium," Koskinen said. Federal officials in Washington, D.C. kicked off an awareness campaign by focusing on the impact of the year 2000 bug on the U.S. electric power grid. Embedded systems that control the power grid could result in regional blackouts or brownouts if problems aren't corrected in the next 500 days. The severity of the problem is expected to decline as power moves though transmission lines to consumers, said Michehl Gent, president of the North American Electric Reliability Council. The group has been tapped to assess the electric-power industry's preparations. "I'm more worried about the computer that controls [the] interconnection" between neighboring states, Gent said. techweb.com

To: John Howell who wrote (21553)	8/3/1998 10:20:00 AM
From: James Strauss	Read Replies (1) \| Respond to of 31646

>>>In my opinion you are grossly overestimating the impact of the year 2000 issue.<<< ********************************************************************** Better to be over prepared than caught with our pants down... American companies working together to avert or minimize a possible catastrophe is the American way of doing things... Jim

To: John Howell who wrote (21553)	8/3/1998 11:02:00 AM
From: C.K. Houston	Read Replies (1) \| Respond to of 31646

<In my opinion you are grossly overestimating the impact of the year 2000 issue.> HIGHLIGHTS FROM A VERY INTERESTING ARTICLE. Boston Business Journal - July 27, 1998 amcity.com None of those quoted are computer consultants. They're all bankers, analysts, economists, attorneys. This article is well worth reading!!! Federal Reserve System and other government agencies are worried about widespread runs on the banks: - Making provisions for substantial oversupply of currency to meet currency drain. - Central bank is preparing for potential heightened demand for cash. Treasury Department is now printing extra currency, especially in large denominations such as $100 bills, in preparation for expected depositor demand for cash. One banker says his bank is convinced that social security, disability and other federal entitlement payments will be bogged down by Year 2000-crippled computer systems, and he is preparing to pay his bank's depositors based on previous pay stubs, then work with the government to be repaid once the computer system is repaired. Some banks already making plans for extra bank security & scheduling back-up generators in case electrical power is interrupted in the days and weeks following the turn of the century. Among the most serious concern is federal government's readiness for 2000, that is said to be, perhaps irreparably behind schedule. Such scenarios could lead fearful depositors to stockpile currency in the months leading up to 2000, perhaps severely straining the currency system. Banking industry officials concede that all efforts here to prepare U.S. bankings systems for the next millennium may not be enough. Worst threat could come from overseas, where Asian and European financial institutions lag far behind their American counterparts in making the Year 2000 fix. "Still, banking industry officials concede that all efforts here to prepare U.S. banking systems for the next millennium may not be enough." SOUNDS PRETTY SERIOUS TO ME. Cheryl