I am hoping that someone among this ng has some infor regarding the Post Office. They are a hybrid between government and a private corp. I have just read Cory Hamasaki's essay re: day 500. He has no faith in the bank's ability to handle electronic deposits as early as Jan. 1, 1999. I respect this man's opinions very much. I am considering having my pension check mailed to me the old fashioned way, when I started to have doubts about the post office being able to deliver it. I guess that the post office will be delivering mail most of 1999, so having my check mailed might make some sense. Does anyone have any imput??

-- Bill Solorzano (notaclue@webtv.net), August 19, 1998

Answers

Funny you should post this question. I was just talking to our local mail person. He had never heard of Y2K. So nothing has filtered down to the workers.

-- John Callon (jcallon@gate.net), August 19, 1998.

Aloha! I also have asked the mail carrier about Y2K "?"!!! I also went into the local P.O. and they said they didn't know anything about the "computer problem" but they are supposed to replace them next year! Man next year is going to be busy for the US government? Can they make it? NOT!!! Rent the movie (the postman) glimse our future today:)

Roger in hawaii

-- Roger in hawaii (lokelo777@aol.com), August 19, 1998.

What if there aren't any banks operating to deposit it in, and if there's no cash available to cash it, then it sounds like your stuck just like the rest of us. We stopped our automatic deposits and deposit just enough cash to make our mortgage and take cash for the remaining. I think you should have at least 6 months living expenses readily available if and when the time comes.

-- Bardou (bardou@baloney.com), August 20, 1998.

This morning on a CNBC news update, a Y2K report said that the Federal Reserve is stockpiling billions of dollars becasue of anticipated bank runs next year. I also read this on Press Clippings. I honestly don't see how than can even come close to stockpiling enough money. Bet you we have cash rationing!

-- Dave (dave22@concentric.net), August 20, 1998.

They aren't stocking up cash in case of runs per se, but in case of large moves away from the widespread electronic banking such as EFT and ATM use. Certainly if such a large shift were to occur suddenly some banks would get run. But the Fed is preparing for a much heaver general use of physical currency and less use of electronic currency during the next couple of years. Should that happen, they will be ready. If it doesn't they can always destroy the excess, distribute it into circulation slowly or accelerate the retirement of old currency.

It should be noted that the Fed stockpiling cash doens't prevent runs unless that cash can be distributed to the sites of the runs before or during the run. Since runs can shut down a bank in a very few hours, this would seem unlikely.

-- Paul Neuhardt (neuhardt@ultranet.com), August 20, 1998.

Neuhardt, The story said that the Federal Reserve was stockpiling money because it fears Y2K runs on banks. People are worried the shit will hit the fan at the banks and thus want money. The FR thinks they can stash enough money to cover the runs at the banks and distribute it as necessary. It's really a very simple story to understand. Did you see the story? They are stockpiling cash "in case of runs per se."

-- Dave (dave22@concentric.net), August 20, 1998.

Here is a quote from USA Today. "The Fed wants to be ready if consumers hoard cash in fear of so-called Y2K computer problems."

-- Dave (dave22@concentric.net), August 20, 1998.

Dave,

There were, as is usual in the world, multiple stories from multiple sources on this issue. I rechecked the one I read (one of several versions of this story issued by the Asociated Press). The word run never once appeared in a thirteen paragraph article. Other versions did indeed include the word, but neither of the two I read focused on the prospect of runs as sole, or even principal, motivation for increasing currency reserves.

-- Paul Neuhardt (neuhardt@ultranet.com), August 20, 1998.

Sorry, small correction. It was a Reuters story, not an AP. You can see it online at

http://dailynews.yahoo.com/headlines/wr/story.html?s=v/nm/19980820/wr/fed_1.html

-- Paul Neuhardt (neuhardt@ultranet.com), August 20, 1998.

Real good question Bill. There hasn't been much talk about the Post Office in the literature I've read. I was in our downtown USPO the other week getting a money order, and asked the man waiting on me (who happened to be the head honcho in this town of 55,000) what he thought about Y2K.

He said he hadn't gotten much of anything about it from higher up; wondered personally if it weren't a hoax, something 'made-up by computer companies out to make some money'. I told him about AT&T spending $500 million, etc.; he said, "Well maybe it's for real. But we don't have any info on it yet."

-- John Howard (pcdir@prodigy.net), August 23, 1998.