Greenspan Comments on Y2K Bug's Effect on Economy | AccountingWEB

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.

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