http://www.news.com/News/Item/0,4,28115,00.html?st.ne.fd.mdh

Summary:

Fed says y2k will have limited effect on US economy, mostly "stemming from concern over the effectiveness of worldwide efforts"

Fed governor Kelley says "public uncertainty [is] related, in part, to the lack of understanding of the problem, one that is cloaked in the arcane language of software and embedded chips."

Fed is "prepared to counteract any serious effects on the economy." This includes having more cash available, as well as being prepared to lend at the discount window.

Seems pretty short-sighted to me.

-- Ben Davenport (bendaven@microsoft.com), October 30, 1998

Answers

Meaningless statement from a guy who is certainly not one of those who understands the arcane language of software and embedded controllers.

-- Paul Davis (davisp1953@yahoo.com), October 30, 1998.

Give the govenor a white cane.

-- Mike Lang (webflier@erols.com), October 30, 1998.

Mike,

LOL. You are too funny!

Anna

-- Anna McKay Ginn (annaginn@aol.com), October 31, 1998.

... and a guide dog.

-- Creature (animal@zoo.net), October 31, 1998.

If that is the case, then I wonder why Koskinen just said this:

"Recession on a global scale could not be ruled out, Mr Koskinen said, adding it was still too early to predict because of a lack of information."

I'm feeling that Yo-Yo Syndrome again.......

-- Gayla Dunbar (privacy@please.com), October 31, 1998.

Were you expecting the Fed to state they are unable to control events?

-- PNG (png@gol.com), October 31, 1998.

You got it PNG, how about this for a headline:

Fed predicts long term depression, looting, loss of life likely.

-- Uncle Deedah (oncebitten@twiceshy.com), October 31, 1998.

Good one, Uncle Deedah! Anyone else want to add a line?

Fed predicts long term depression, looting, loss of life likely.

Here's mine:

Estimated IRS taxes for 1999 will be collected on December 15th.

-- Gayla Dunbar (privacy@please.com), October 31, 1998.

I'll offer 3 possible headlines:

1) Fed Predicts Catastrophic, Generation-Length, Global Depression

2) Fed Prepared for y2k Action But Predicts Mild Effects

3) Fed Predicts y2k Will Have No Effect on Economy

Which headline would most people choose to believe?

-- PNG (png@gol.com), November 01, 1998.

PNG:

The only headline that counts:

"Fed Reports Y2K Had No Effect On Economy."

-- Robert A. Cook, P.E. (Kennesaw, GA) (cook.r@csaatl.com), November 01, 1998.

No recession? At ALL?! bwahahahahahah bhaaaaahahahahabwahahahaha. I'm really much more concerned about the power grid, but don't tell anyone because the Information Apocalypse will be pretty cool...

-- David Worley (dave71@mindspring.com), November 06, 1998.