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

To: Sawtooth who wrote (3432)	1/26/1999 8:13:00 PM
From: C.K. Houston	Read Replies (2) \| Respond to of 9818

TESTIMONY: Lawrence Gershwin, National Intelligence Officer Global Implications of Y2K January 20, 1999 house.gov EXCERPT: All countries will be affected, to one degree or another, by Y2K-related failures. Problems in one country or sector can have widespread consequences because of interdependence between sectors worldwide. The consequences of Y2K failures abroad will range from the relatively benign, such as a localized inability to process credit card purchases, to problems within systems across sectors that will have humanitarian implications such as power loss in mid-winter. We have few indications that countries are undertaking contingency planning for recovery from Y2K failures ... Foreign countries trail the United States in addressing Y2K problems by at least several months, and in many cases much longer. Y2K remediation is underfunded in most countries: Time and resource constraints will limit the ability of most countries to respond adequately by 2000 ... Global linkages in telecommunications, financial systems, air transportation, the manufacturing supply chain, oil supplies, and trade mean that Y2K problems will not be isolated to individual countries, and no country will be immune from failures in these sectors ... We are focusing increasingly in our study of foreign Y2K problems on those critical sectors that directly affect US interests. These include, among others, foreign military systems, trade, and oil production and distribution, all of which I will elaborate on ... Cheryl DEFINITELY WORTH READING ALL OF HIS TESTIMONY.