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

To: Eski who wrote (5811)	5/24/1999 9:20:00 PM
From: William Peavey	Respond to of 9818

Eski, I hope that you're right, because I am not as yet completely out of the market, and was kind of hoping for improvement until about October. Although I spent about $160 on books on Leaps and Puts, a month or so ago, I had grudgingly reached a conclusion consistent with Ole 49r's. The derivatives markets could become even more screwed up than the conventional stock and bond markets, and therefore I don't think I need to play. Bill Peavey

To: Eski who wrote (5811)	5/24/1999 10:11:00 PM
From: C.K. Houston	Respond to of 9818

<You mean the analysts that were short on Bank stocks and used Y2K as there whipping boy to cause a further drop so they could cover and make more money.> Totally agree with you ... short-term. However, handwriting's on the wall ... Lots more going on besides Y2K. Federal Reserve's been real busy these days. Getting nervous. I didn't post everything I had access to. Don't have the time. FEDERAL RESERVE PROPOSES Y2K LOANS Feds want cash reserve to help procrastinators prepare & undo after effects. WASHINGTON (Reuters) -- The U.S. Federal Reserve Friday proposed making loans available to banks that may need access to extra funds as a result of the millennium bug. The Fed proposed making the facility available to depositary institutions between Nov. 1 through April 7, 2000. The loans would accommodate liquidity needs which may arise during the period should, for example, companies rush to banks seeking money to deal with last minute problems caused by the bug, or consumers hoard cash to have it on hand. Message 9691726 Y2K FEARS TIGHTEN CREDIT - BANKS URGE BUSINESSES TO PREPARE NOW Banks are starting to tighten credit standards on loans to companies that seem to be lagging in the fight to fix the Year 2000 computer bug, banking regulators say. The aim: to limit losses in case the bug disrupts business and makes it harder for companies to repay their loans. "We are just beginning to see instances where credit standards ... are being tightened," Federal Reserve Gov. Edward Kelley says. "We expect to see a (further) increase ... over the next few months." usatoday.com WASHINGTON (AP) - U.S. banking regulators Friday announced an agreement with a major regional electronic funds transfer network, TransAlliance L.P., to speed up its lagging Year 2000 preparations - or face possible contract cancellations by 750 banks. The company provides automated teller machine services, including electronic transaction services, to some 750 banks, thrifts and credit unions in Alaska, Arizona, California, Colorado, Hawaii, Montana, Idaho, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming as well as British Columbia in Canada ... Message 9699813 Message 9680215 EUROPEAN CENTRAL BANK PROPOSES Y2K HOLIDAY BRUSSELS (AP) - The European Central Bank wants to limit the risks of the millennium bug for the banking system by making New Year's Eve a special holiday... The ECB and national banks from the EU member nations have unanimously agreed that December 31 should be declared "a non-business day throughout the European Union." ECB president Wim Duisenberg plans to close the European System of Central Banks on December 31 -- a Friday -- to ensure its information systems are fully prepared for any problems ... [ Personally I think it's gonna be a longer holiday.] canoe.ca I'm sure I'm not the only one who caught this line ... “They predict that cash problems stemming from the millennium bug could crop up from as early as September and that they will almost certainly last until the end of February ...” Message 9591543 Eski - Remember how (back in January) we were told that the euro transition was seamless, with a few minor problems? As I recall - you, I and Cheeky Kid briefly debated the issue then. Our debate was prior to these headlines: - Euro Intro brought British Banking close to Economic Collapse [May '99] - Euro blamed for violent clashes at French post office [Jan '99] - Glitch causes 4 Billion Euro Overdraft - MUNICH (IDG) [April '99] - European Banks Lost Track of Billions of Guilders [Feb '99] - Bloomberg: Trouble with Euro Settlements [Jan '99] Message 9591543 Transition wasn't as seamless as we were lead to believe, huh? I loved this quote from Mitch Ratcliffe: "But, as a bellwether of things Y2K, the Euro transition should provide substantial peace of mind to those concerned that the world's data infrastructure will come unglued on January 1, 2000. - As a problem of similar scale, the Euro conversion is an excellent basis for making projections about the Y2K date roll-over." MITCH RATCLIFFE, ZDNET - January 5, 1999 zdnet.com Cheryl