Greenspan Comments on Y2K Bug's Effect on Economy
Federal Reserve Chairman Alan Greenspan downplayed the effects of Y2K on world technologies and called the panic about the bug "negligible" at this point in time.
Instead, he cautioned that the bug could have a wider effect on the economy in terms of matters like bank withdrawals and offshoots of how technology affects other businesses, such as delays in good and services.
This and other observations were offered In a speech before the President's Council on the Year 2000 Conversion, where Greenspan linked the fears about Y2K to how the economy may fair in the coming months. Still, the concern rests with the fears of the American people in believing the worst about Y2K, and that any damage done could be minimal compared to other problems.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.