Y2K notes from a recent banking conferencegreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
The missus returned from a banking conference with Securities & Exchange Commision (SEC) regulators, amongst other agencies and parties. The bank reps were told by the SEC to continue their quarterly Y2K reporting until told otherwise. The basis for this is "The SEC does not believe Y2K is finished."
One of the presenters from a legal firm commented that he had seriously prepared for Y2K and he was not going to drop his preps for the foreseeable future.
Any enlightened or interested thoughts and observations? I've got one: GO SHOPPING FOR MORE PREPS!
-- Wildweasel (email@example.com), January 20, 2000
I live in a small town in the north east.My bank which has about 10 branches almost folded.The reason was a great deal of old folks came in to withdraw their money.They had to borrow money from the FED to stay open.They were hoping the people came back in after the first to deposit their money so they could pay the FED back.I do not know how that is going but they have remained open.I do question the FEDs statements that there were no bank runs.They did however manage to keep the system afloat.I am glad because I need them to conduct my business.This is a cause and affect type issue of Y2K.there were and are considerble threats because of this computer problem and they are very real.
-- J (firstname.lastname@example.org), January 20, 2000.
In response to J's posting - I live in Southern California and we have had NO bank problems whatsoever. Yours is an isolated incident - AND, the bank is still open. So what are you worried about? Relax. I still find it hard to believe how many people want to fish out something that might be BAD news. Unless you're a bank operations officer, how would you know what's really going on in your bank? Deal with the facts, not what your imagination is telling you.
-- Dave Polich (email@example.com), January 20, 2000.
Bank payments and transactions that can be affected by date problems do not all fall due at the same time but will take place over the first three months of this year. This means that certain calculations not yet subject to Y2K problems may occur at any time, not merely "on the 1st". In fact, there is a great misconception about when glitches were/ are supposed to take place. The Gartner Group predicted that only about 10% of problems would happen near the rollover. Cassandra's said only 5% will. So there is a long way to go. Data will corrupt geometrically, not just one after another. So the end of the time curve will produce a sudden spike as opposed to, say, the 1st 70% of it. The general time frame or scenerio of events (time frame) seems to be the 1st business quarter of the year -- i.e., the 1st three months. This is what experts have said. But they also said that Y2K problems could occur during the entire year and beyond, but that they would most likely increase with intensity and become apparent right about now.
-- Patrick Lastella (Lastella1@aol.com), January 20, 2000.
Since the missus is in bank ops, I'll pass on her observations of the borrowed money issue. Her bank stockpiled one million in extra cash per branch and still have most on-hand. This was for a smaller bank than J mentioned, located in a very rural county.
BTW they were concerned about their older customers being the ones most likely to encite a run. However they had fewer than one hundred or so customers make major withdrawals.
The point though is that the SEC is stressing to the bankers that "The SEC DOES NOT BELIEVE Y2K IS FINISHED". It ain't any run of the mill doomer saying that, it's the FED's banking industry overlords.
"Ladies and gentlemen, please fasten your seatbelts. The Captain has just turned on the "Fasten Seatbelts" sign".
-- Wildweasel (firstname.lastname@example.org), January 20, 2000.
Interesting Post! Thanks Wildweasel!
-- Carl Jenkins (Somewherepress@aol.com), January 20, 2000.
You are all being riduculous, Dave in California has had NO problems. NONE. NOTTA. ZILCH. Stop your worrying. Dave Polich knows and is giving it to you straight. Don't listen to your wife and her wild tales of SEC telling banking conferences that Y2K isn't over. Listen to Dave Polich from the California! The only true voice of reason on TB2K.
-- Paranoia Will (Destroy_Y@BlackCopters.com), January 20, 2000.
Thanks, Wildweasel, and thanks Patrick.
-- Earl (email@example.com), January 20, 2000.
Thanks for the unverifiable anecdote and speculation; not trolling, just feeling increasingly sceptical.
Before you cry "polly", I'm (mostly) out, and staying that way until mid/late March. But there's just no evidence. :(
-- Servant (firstname.lastname@example.org), January 21, 2000.
Thanks Wildweasel for look at things from your neck of the woods, so to speak. As much as I agree with spectator, this being unverifiable and such, I think this is the best info I'm going to receive.
I look at all information, (and I mean all!!) with a somewhat jaundiced eye. As everyone on this forum appreciates, the "link" so we can judge for ourselfs; it always seems to increase the reliability of the info provided.
I have said before and still strongly feel, the tidbits provided by folks all over the world giving us an inside view of their "day to day" personal experiences are truly the "gift" of this inter-action.
Unless, someone provides me with crediable evidence this info is false, planted by a troll or otherwise unreliable, I going to collect it, think about it and plan accordingly.
Anyone who visits this forum, and hasn't, (in my humble opinion) thought out all the ramifications and consequences of what we seem to be witnessing on an ever increasing daily basis could be in for a tough rest of the year or so....
Personally, I don't care if any isn't "Y2K Related", I've watched CNN news coverage for years. Many of these "events" would have showed as "on the spot" camera's, as recently as three weeks ago.
-- Michael (email@example.com), January 21, 2000.
I meant servant, not spectator, OOPS.
-- Michael (firstname.lastname@example.org), January 21, 2000.