California banks are criticizing GTE for suggesting in a monthly newsletter that its 1.5 million customers withdraw "a few weeks' worth of extra cash" on Dec. 31 if they're worried about their ATM crashing when the new millennium dawns.

The telephone giant offered the advice  along with guidance about how to determine whether microwaves, PCs or 401-k retirement accounts will survive anticipated computer glitches in the year 2000  in a newsletter distributed to customers in California, Florida and Texas. . . .

"We think it's irresponsible for GTE to suggest that consumers need several weeks of cash," said John Stafford, a spokesman for the California Bankers Association. "It is the kind of thing that could contribute to a consumer panic."

GTE's advice to withdraw cash

-- Mark Mastrorilli (mastrorilli@hotmail.com), February 08, 1999

Answers

Of course the irony is that guys like John Stafford of the Banker's Ass. don't seem to realize that when THEY make statements like -

"We think it's irresponsible for GTE to suggest that consumers need several weeks of cash . . . It is the kind of thing that could contribute to a consumer panic."

...they give the game away. The BANKERS are the ones panicking. They don't want the CONSUMERS panicking, because that would cause their house of cards to fall. If this guy would just KEEP HIS MOUTH SHUT, nobody out there would pay much attention, it's statements like his that are going to make people see what's really happening...

-- pshannon (pshannon@inch.com), February 08, 1999.

pshannon,

It would be sorta poetic justice if a banker panicking about customer panic started the banking panic, wouldn't it???

People are still not awake enough to panic yet, though. It will take some kind of major event to start the banking panic, I think.

-- Nabi Davidson (nabi7@yahoo.com), February 08, 1999.