The Federal Reserve is so worried that a computer design flaw could wreak havoc on financial markets that earlier this year it threatened to shut down lenders who aren't year 2000 compliant by mid-1999. One method shortens dates to six-digit fields, two digits each for the day, month and year. Y2K optimists say problems will be limited. Y2K pessimists say anything can happen, from banks not crediting your account with your latest payment to global recession. The truth is probably somewhere in between, but after next year's year 2000 media blitz, expect many shaken consumers to expect the worst and put off mortgage-related changes until 2000 has had time to age.
Every worldwide bank has to work, and it has to work right.
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