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Summary and Comments

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Category: 

Banking

Date: 

1998-03-11 10:35:58

Subject: 

Yardeni Reports: It's Worse Than We Thought

Comment: 

Economist Ed Yardeni posted this on Peter de Jager's forum. I do not need to add anything.

* * * * * * * *

Mon, 9 Mar 1998

From: Ed Yardeni

To: y2kreporter-recipient@yardeni.com

Subject: Sighting: Dr Ed's New Y2K Reporter

The latest issue of my Y2K REPORTER includes:

1) "Greenspan Sees 'Inevitable Difficulties.'" In his Q&A with Sen. Bennett on Feb. 25, Mr. G admitted that he was once a computer programmer and is very aware of the pitfalls in fixing Y2K. So why isn't he more involved?

2) "Fed's Top Y2K Man Is Alarmed & Alarming." Fed Gov. Kelley's Feb. 11 speech was hair raising. A possible fatal flaw in the Fed's approach is that bankers are free to decide which systems are mission critical rather than expected to meet "disaster recovery" requirements.

3) "On The Edge Of Failure." Rep. Horn gave a D-minus to the federal government's Y2K effort. I'm still at 40% on global recession odds, but maybe not for long. Stay tuned.

The Y2K FILES: Top money center banker told me "We aren't even close." Top regional banker told me credit lines may be shut for Y2K laggards. Top exec man at major computer company told me he is very worried, but can't go public with his concerns. He says Asia and Latin America are Y2K disasters. Exec Man promised to keep me posted.

Please forward this message as appropriate.

Dr Ed

("The truth is out there.")

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