Banks and Social Securitygreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I am warching a news show, Jim Learner, I think. His guest is a Mr. Aplet, of the Social Security. The discussion is about Social Security being compliant and the announcement by the president today.
My question is this, Mr.Aplet reassured us that the Social Security checks would be sent out, without trouble, no problem. If these checks are sent to banks for automatic deposit and the banks are not compliant, can they (the receiving bank) corrupt the SS computers? If this is true, how can the statement be made that all is well and our seniors will get their checks on time? Am I missing something?
-- L. Arnold (email@example.com), December 28, 1998
Yes, you are missing something. The SSA will not jeopardize years of work by making transactions which present a risk to the system. This is when contingency plans will be implemented, probably by using a compliant bank, or suitable alternative to ensure delivery of funds.
-- (@@@.@), December 28, 1998.
As of now -- but I heard it may change -- if you DON'T have a bank account, you can get mail delivery of your check. Bypassing automatic deposit to a perhaps non-functional bank. Good luck in finding one that can cash it. Or in finding something to buy with the script (Federal Reserve "Notes") you get for the check.
Federal Reserve "Notes" are backed nowadays by nothing other than the "full faith and credit" of the U.S. Government. How's its credit going to be come 2000-01-01?
Federal Reserve "Notes" (FRN) -- Finally Representing Nothing.
-- old fart (firstname.lastname@example.org), December 28, 1998.
The station I was watching was pbs and the newscaster is a Mr. Lehrer. If anyone can find it online, another guest was Yardeni.
-- Linda A. (email@example.com), December 28, 1998.
I forgot to mention that the "full faith and credit" of the U.S. Government depends on its taxing power.
IF the IRS computers go down, or more people start realizing that they are not obligated to pay income tax and stop paying
what is your SS check going to be worth?
-- Old Fart (firstname.lastname@example.org), December 28, 1998.
It always comes back to the same question. Will we have electricity? Without it there is no water and no bank and no checks from the government.
-- Obin (Obin@fla.net), December 28, 1998.
And posting this here as well...
NewsHour with Jim Lehrer on PBS discussed Y2K tonight.
After borrowing footage from an earlier Y2K report (Featuring Ed Yourdon and Ed Yardeni) at http://www.pbs.org/newshour/bb/cyberspace/ jan-june98/y2000_6-11.html...
The main topic for tonight was the Social Security system. The long and mostly positive transcript can be found at: http://www.pbs.org/newshour/bb/fedagencies/july-dec98/y2k_12-28.html
KENNETH APFEL: Well, there's a lot of work that has to be done. There's - the president said to us sometime ago for each federal agency let's get on with us, let's make this a priority for the American public. There's been a lot of work throughout the federal levels, at the state and local, government level, and now with the private sector, and different industries, the banking industry, the electronics industry, the telecommunications industry.
We're going to have some problems out there. There's no doubt. Everything will not be fixed by the year 2000. I think the main activities are going to be resolved. I know that the commitments that we've made within Social Security have made it resolved. We're seeing that now throughout many other parts of the government and also through other industrial sectors. ...
-- Diane J. Squire (email@example.com), December 28, 1998.
Good News about SS.......How long did it take them? Lets see, they started in 89...... Hell it only took 9+ years. So, this is good news .....Right?????
-- CP (Spoonman@prodigy.net), December 29, 1998.