Y2K: The Winter of Our Disconnect?



with Bob Cringely
Update! #1

Update #3

Run on the Banks
Panic in the banks and stock markets will create a global financial crisis.

[bob at new york stock exchange]During the first week of January, the Federal Reserve was busy retrieving the cash it had distributed around the country in case there was a run on the banks. However, very little happened to cause a panic and most people left their accounts untouched.

A few glitches did cause some problems, but most were obvious and even laughable. One truant customer returned a late video tape to the rental store and received a bill for a century's worth of late fees. Many credit card holders received new cards printed with 1900 instead of 2000, and some car owners were sent automobile registrations for their 1900 "horseless carriages."

On the first business day of 2000, financial markets around the globe opened with very few problems. Just in case, Bangladesh waited until Monday to open its stock market. For the same reason, Jamaican banks remained closed until Tuesday. Beyond these precautions, it was business as usual around the world.

Update on Predictions


UPDATE | Millennial Mania | Truth or Dire Consequences
Double Digit Debacle | Survivalists and Social Security
Home | Radio Library | Y2K, Cringely

Copyright 1999 Oregon Public Broadcasting and PBS Online

Home PBS Online Home