August 22, 1999. Remember when President Franklin D. Roosevelt made one of his famous speeches stating
that, "The only thing we have to fear is fear itself." That statement is still correct today with this
fear of the Y2K situation.
Don't worry folks, it's not going to happen! Millions of computer programs and chips have been
replaced or updated since companies first began to learn about the Bug. The biggest payment systems have been tested
and are ready to roll on Jan. 1, 2000. The banks, brokerage houses, mutual funds, utilities, power plants, and
all the rest are also ready. They have been for awhile. Every one went off with no errors when the testing was
done several months ago.
As far as American companies are concerned, New Years Day should be a time to party! Glitches
will occur in some areas, but they will be taken care of real fast. Faster then a speeding bullet. I read an article
last week that some government agencies are still scrambling to make ends meet but claim they will be ready when
the new year comes upon us. They will be ready! Believe me! Let the party begin.
What about ATM's? No problem. The money in your bank is safer than in your mattress. If, I say,
if, you cannot get money from your bank, there are other ATM's that will be available. And what about the tellers?
You see what I mean. No problem.
What about cash hoarding? Well, according to the latest from the Federal Reserve they will put
an extra $50 billion dollars into the system and more if needed. Anyway, it is not needed to hoard any money.
My wife asked me should she store some food and water just in case something happens that we
would not be aware of. My answer was that there are a lot of loonies out there that have been getting ready for
the end of the world since year 1, and nothing has happened yet. I see no reason to buy gallons of water, boxes
of dried food, cans of tuna fish, dog food for "Snuggles" or any other goodies.
What time does the party start? Many companies did a lot more than fix their Millennium Bugs.
With the system in which they just fixed, they will have more money to readjust their infrastructure and even be
more productive for the years to come. That is a plus for investors. The more money they have to spend, the higher
the price of the stock. So, what do we fear? Only ourselves.
George
