Y2K Cash Withdrawal Plans Said Down

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Well let's see here. No panic in sight. The Dow's above 11,000. No bank runs. No grocery runs. Economy's very healthy, still, with 42 days to go. Y2k remediation firms are scaling down, and even going out of business. Sales of 'survival' supplies are down. And now the general public's plans to withdraw money from the banks ahead of Y2k are down.

Seems the Y2k Doom Prophets need to trade in their crystal balls and magic decoder rings for something that works.

[Fair use rule applies -- educational/research purposes only]

Y2K Cash Withdrawal Plans Said Down

WASHINGTON (AP)--Fed Chairman Alan Greenspan says banks will be the safest place for people to stash their cash at the end of the year and Americans are apparently listening.

The proportion of bank customers who expect to withdraw extra money during the Year 2000 transition period has fallen to 39 percent from 62 percent in March, according to a new government sponsored survey.

The survey by the Gallup Organization, based on some 1,400 interviews, was commissioned by the Federal Reserve Board and the Federal Deposit Insurance Corp.

Donna Tanoue, the FDIC chairwoman, said Thursday that the results underscore "growing consumer confidence that banks are prepared for Y2K and that it will be business as usual for bank customers on Jan. 1, 2000, and thereafter."

The Federal Reserve has approved a plan to make special loans to banks, savings and loans and credit unions that might need emergency money because of consumer fears about system breakdowns caused by computers unable to handle the date change.

Last year, the central bank ordered an additional $50 billion of new currency to put into circulation in the event people make a run on banks and ATMs late in the year.

By year's end, $200 billion in currency will be stored in government vaults, up from the $150 billion normally held in reserve. That is in addition to the $460 billion in notes circulating in the United States and abroad.

AP-NY-11-19-99 0625EST

Copyright 1999, The Associated Press.

Link to article

-- Chicken Little (panic@forthebirds.net), November 19, 1999


Thanks for the responsible post, dude.

Hope all is getting better in NC.

Happy Thanksgiving.

-- lisa (lisa@work.now), November 19, 1999.

And a good morning to you Mistress Little;

Chuckle..I wonder if you have looked a little further down the posting threads this morning. It seems your current polly feel good spin from Fred. Fud has been prempted some what...There is a lot of difference in you feel good article and the 3 out of 5 estimate. Care to tour a power generation complex?


-- Shakey (in_a_bunker@forty.feet), November 19, 1999.

Well its nive that you told us what the sheep are doing. Now, are the computers fixed ??????????????

-- goldbug (goldbug@mint.com), November 19, 1999.

"according to a new government sponsored survey."


-- Roland (notelling@nowhere.com), November 19, 1999.

please - leave your money in the bank.

-- D E F (eattherich@mailcity.com), November 19, 1999.

I HAVE traded my crystal ball and decoder rings for something that works:




-- Linda (lwmb@psln.com), November 19, 1999.


Thanks. Things are getting better here, though not fast enough.

And a Happy Thanksgiving to you, as well.

Shakey, Flakey, whatever:

To what are you referring, with the power thing? (I don't have time to check out every single thread on here, just based on some thing you say) I know the NERC says we're ready. I know I personally spoke with the man who's in charge of the Y2k effort for the North Carolina Utilitiies Commission the other week, and he said we're ready. Have been in contact with him by e-mail since then. He's a straight-up and truthful man. No reason to doubt him.

I also know that during this 500+ year flood we just had, that the utilities performed like a world-class champion, even though the thing took all of them totally by surprise. Y2k is no surprise at all, so they can handle that as well. Proof is in the pudding.


Naive? (is that what you meant to say -- wish you people could spell) to talk about the "sheep"? Well, like it or not, we live in a republic, where the "sheep" run the country, and pretty well define the direction in which the country goes. If you don't like that fact, perhaps you should go live in another country that is more suited to your tastes. Though I doubt you'll find another that will afford you the personal freedoms you'll find here. But that's certainly your call.

And yes, the computers are **mostly** fixed....and that'll do. The computers are never more than mostly fixed. Ever. Is anything?? This "100% needs to be fixed" crap is just that...crap.


Yeah, a government-sponsored survey. Gallup has done surveys sponsored by a myriad of corporate and government entities over decades. They have established a reputation for reliability over those decades (or didn't you know that). What's your valid point? I know your INvalid point, but what's your valid point?

D E F:

Yep it's YOUR money. This news should make you happy; now you have more leeway to withdraw all of YOUR money from the banks with less probability of being blamed for causing a bank run disaster! Doomers should rejoice! Now you can be socially irresponsible, and not be blamed for it! Nirvana!


No cave in the boonies? And how much have you lost on gold, I wonder

-- Chicken Little (panic@forthebirds.net), November 19, 1999.

Well, Mr. Little, my point is that this PARTICULAR survey, sponsored buy the Government, reports that 39% of those surveyed planned to withdrawl cash for Y2K, while yesterday's REUTERS suryey place that figure at 60%.

Sure would like to see how the pollsters phrased their questions and crunched the numbers.

Care to explain that one?


-- Roland (nottelling@nowhere.com), November 19, 1999.

Well Roland,

I'd just have to say that I've always placed more trust in Gallup than in Reuters. Simple as that.

-- Chicken Little (panic@forthebirds.net), November 19, 1999.

Thank you for not answering my question.


-- Roland (nottelling@nowhere.com), November 19, 1999.

For the record Littlebrain,

The "Reuters" poll was done by Zogby.

Let's see, who has a better record in the recent presidential elections?

Oh yeah, Zogby.

-- nothere nothere (notherethere@hotmail.com), November 19, 1999.

As Roland points out, above, there have been several polls published in the past couple of days...I've seen 60%, 39%, and 20% figures bandied about. I'm not willing to trust any of them until I see a LOT more about the questions they asked...and what method they used. Did they call people at home and ask if they were planning to stash money at home over the rollover? (Would YOU tell a stranger that? And invite a possible robbery?)

-- Mad Monk (madmonk@hawaiian.net), November 19, 1999.

Mr dear Mr./ Mistress Little.

Which ever the case may be. It seems you have a short memory, this is a sad commentary for one who supposedly was the head of a parts dept. in an auto plant. And who also, supposedly worked for one year on the construction of a power generation complex as an electrican (WhOOOHOOOO).

Several months ago I offered to go on a verbal run through and calibration and various other little functions to bring up a embedded system and it's branch sub sets...But you do seem to forget these things.

My dear, what ever gender you are! I do try to be pleasent and polite. But if the "Flakey" theme continues I can revert back to construction jargon.

My posts have been all in good natured jest! But sir / madam or transvestite,I do expect good humor in return. I care not one whit for your problem with "Truth" or what ever his / her handle is. But I do expect, and require that your problems not be taken out on me.

But for what ever the reason of your outburst, it might be well for you to consider taking things a little more lightly. Because stress is a bad condition for a person to subject themselves to needlessly.

And have a good evening


-- Shakey (in_a_bunker@forty.feet), November 19, 1999.

Thanks for the good news. Please keep us informed of any more good news as you come across it. I'd love to see the percentages drop below the critical level. I'd be happy to just know what that critical level is. I've heard 1%, 3%, 7% all kinds of numbers. But some numbers come from crackpots with agendas like Gary North and others come from anxious bankers trying to cover their butts. Hard to find a credible source.

6 months ago I was certain that there would be bank runs. Now I'm not sure at all. Even though my money is out, (mostly), it is a big relief to think there might not be runs.

-- Gus (y2kk@usa.net), November 20, 1999.

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