From: Weatherman  (by way of
 jeremy.compton@stonebow.otago.ac.nz (Jeremy Compton))
Subject: SNET: Y2k-Watch News:  Medical Industry Mess and Market Meltdown
Date: 24 Sep 1998 18:57:40 -0400
To: snetnews@world.std.com


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//  Medical Industry Worries over Y2k glitch //

by Bill Koenig
Koenig's International News
http://watch.org

Senator Dodd is asking the American public to put pressure on medical
device manufacturers to reveal which of their products could falter or
fail due to Y2k related glitches.

The US medical industry is a $1 trillion market segment and
approximately 12 percent of our $8 trillion Gross Domestic Product
(GDP).  Millions of patients depend on the medical industry, yet we
have many companies reluctant to share their Y2k progress due to
concern over their liability exposure.  Could Y2k errors in equipment
cause wrong diagnosis or even death?  It is a very real concern.

Two executives with major Y2k repair companies have told me they, and
many others, refuse to take the hospital work due to the complexity,
underestimation of the Y2k work required, and very short timeline due
to the impending Y2k deadline.  Liability exposure in the medical
industry makes Y2k work fraught with risk and little upside potential.
 Few Y2k repair companies are willing to take on this risk.  Since
increased risk from liability concerns increases Y2k compliance costs,
medical supply companies often find it cost prohibitive to hire
outside help if they can even find a company willing to do the work.

This is a grave concern and another example of the significance of the
Y2k problem in a very large sector of the US economy.  Below is the
news item released yesterday on Senator Dodd' s plea.

---

Dodd targets medical manufacturers reluctant on Y2K problem
By MELISSA B. ROBINSON The Associated Press
09/23/98 10:43 PM Eastern

http://flash.oregonlive.com/cgi-bin/or_nview.pl?/home1/wire/AP/Stream-Parsed
/FINANCIAL/f0396_AM_Year2000-Medicine

(be sure the whole link is copied into your browser)

---

// Y2k Weatherman Comments //

I hope our medical industry is prepared for an increase in heart
attacks in the near future.  According to my sources, we are currently
in another very high probability period for a major stock market
crash.  My friends at J.C. Bradford have been doing extensive
technical analysis on market crashes for many months.  The Hong Kong
market crash last fall and the 1929 crash in the American market that
preceded the Great Depression are nearly identical patterns to the
current S&P 500.  There is nothing new under the sun.

Right now, we are waiting for the S&P 500 to rise until it hits the 50
day moving average (from below), then based on historic data the
probability for a large decline (40-50 percent) is extremely high over
the next few weeks.  The caveat is an expected market rally between
now and early next week.  If we see this, hold on to your hat because
we may see a 1929 repeat.

If we don't experience a major market drop this year, I can almost
guarantee one next year.  Y2k will either be the straw that pops the
"irrational exuberance" market bubble and breaks the back of the
American economy, or it will be an aftershock kick in the teeth to an
already wiped out market.  Neither scenario is good news, but either
way I recommend you avoid the rush and get out of the stock market
immediately if not sooner (unless you have the guts to go short).

[Note:  I'm not a financial expert and I don't play one on the
Internet.  I'm simply passing along helpful information from people
who I believe have a strong basis of careful analysis and sound
judgment. Consult a professional before making any major financial
decisions.]

The Y2k Weatherman
1998 by Y2k-Watch
==

"Let us all prepare to serve, not just prepare to survive."

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->  Posted by: Weatherman  (by way of jeremy.compton@stonebow.otago.ac.nz (Jeremy Compton))

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