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To: jim kelley who wrote (72570)	10/16/1998 11:36:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

Y2K it or lose it says Fed Governor Ferguson-DOW 12000 by 2000 says Mohan.<vbg> Jim: Here is an interesting thought from Fed governor Roger Ferguson.He says if any country who fails to fix the Y2K problem in a timely fashion will suffer massive flight of funds into the country/ies where they have taken care of the problem.As far I know the U.S is leading the pack in taking care of this problem and many are way behind including many of the Europeans.I have feeling that his prophecy will most likely come true and we will see a substantial flight of capital into the U.S. I say 2000 will be a good year for the U.S markets and PC hardware companies.DOW 12000 by 2000 is what I say.<g> Any thoughts on this?? ==================================== Friday October 16, 10:51 am Eastern Time Fix computers or pay a price, Fed's Ferguson warns WASHINGTON, Oct 16 (Reuters) - Countries that fail to make sure their computer systems stay up when 2000 starts may pay a heavy price because capital will flow out of their economies, Federal Reserve Governor Roger Ferguson warned on Friday. ''Financial market participants, and entire countries, may find that capital will become scarce, or at least dear, if they are not seen to be making progress toward resolving this problem,'' Ferguson said in remarks prepared for delivery to a year 2000 summit in London. A text of his remarks was issued in Washington. The 2000 problem, also referred to as the millennium bug, arises from the inability of many computers to recognize the date change from 1999 to 2000 since they were programmed to recognize only the final two digits. Many will confuse 2000 with 1900, potentially shutting down systems that control anything from banking records to aircraft flight control. Ferguson said that, in a global economy where business is transacted by computer across national boundaries, companies that are rushing to make the necessary programming changes may shun partners in countries that seem to be lagging. ''The uncertainty surrounding preparations for Year 2000 may make markets less liquid as institutions seek to insulate themselves from risk with counterparties who are thought to be unprepared,'' he said. Ferguson said he was not among those who forecast global recession as a result of 2000 disruptions, ''but we know from recent events that a flight to liquidity can have severe repercussions in the real economy.'' He noted a recent survey in the United States by oil and gas associations found fully 45 percent of respondents still were assessing what to do to update their computers. Ferguson urged political and regulatory leaders worldwide to step up campaigns to boost awareness about the potential for bottlenecks, noting ''some governments do not yet fully appreciate the magnitude of the year 2000 problem.'' He noted that many countries' public utility companies were ''particularly cautious in explaining their preparedness'' for 2000 and called for greater information-sharing between government and companies to speed up the bid to be ready with 2000 barely 14 months away.