Some believe the problem is being overblown. There are indeed billions of lines of computer code that need to be rewritten and millions of products with embedded computer codes that need to be tested. It is likely impossible that we can reprogram them all in time. While we have benefited enormously from our technology, we are also dependent on it to the extent that many alternative systems have been abandoned in favor of computerized ones. And the potentially disastrous impacts are not exclusive to large corporations.
Many small businesses utilize personal computers.
These must be tested for Y2K compliance or the business could be held liable. Computers are interrelated. A system's failure to make a monetary transaction will have far-reaching efforts. Edward Yardeni, chief economist with Deutsche Morgan Grenfill, observed recently that there is a 60 percent probability of a global recession as severe as the recession of 1973-74 if the Y2K problem is not properly addressed. Other predictions note that 1 to 7 percent of U.S. businesses will fail because of the year 2000 problem.