Many Americans Already Stockpiling Cash

Computers/Internet News Keywords: Y2K Published: Friday November 26 Author: BUSINESS WIRE Posted on 11/26/1999 18:54:06 PST by Jethro Tull LINK

Friday November 26, 5:07 pm Eastern Time

Company Press Release

ADVISORY/Profiting from Y2K Panic (BUSINESS WIRE)--Nov. 26, 1999--

TOPIC: Many Americans, fearful of Year 2000 bank problems, already are stockpiling cash for New Year's weekend, according to wire sources. The amount of cash outside banks already is about $5 billion above the seasonal average, and it is expected to rise even faster in December. Demand for money has caused bids for overnight deposit rate during the New Year's Eve weekend to fall between 11 percent to 14 percent in the money markets, up from 8 percent two weeks ago, according to brokers. Moreover, cash hoarding is expected to desiccate trade volume, making stocks likely to plummet toward year end. However, many investors reportedly see a unique market opportunity in Y2K and are hoping to make big profits by buying low after others have sold low in a panic.

-Remainder Snipped

-- wlarus (eggman@littlenicola.com), November 27, 1999

Answers

Desiccated trade volume does not a happy dip buyer make. It's a unique market opportunity alright, buy the bubble during a financial collapse. Be the first on your block to step out and scoff at those big dumb institutional investors who will be on the sidelines.......

Snip

Moreover, cash hoarding is expected to desiccate trade volume, making stocks likely to plummet toward year end. However, many investors reportedly see a unique market opportunity in Y2K and are hoping to make big profits by buying low after others have sold low in a panic. Snip

-- Gordon (g_gecko_69@hotmail.com), November 27, 1999.

Hey , Gordo! Check this out for a look at how out-of-this-universe stcoks currently are.

Trading volume for 1999 expected to hit just OVER 200% OF GDP!!!! aND THAT IS JUST one OF THE WACKY STATISTICS.

http://www.cross-currents.net/charts.htm

-- profit of doom (doom@helltopay.ca), November 27, 1999.

People will not only withdraw cash but I'm sure that the millions of businesses that operate on a Cash basis will simply not make their normal deposits. Think about all the gast stations/7-11's/ MacDonalds etc.

-- curt (zztop@epix.net), November 27, 1999.