Much shit was lost over the pending Y2K, but apparently much action was taken. Most economists miss recessions, the joke being that they've accurately predicted 5 0f the last 2.
I tell the boys that people have been calling for the end of the world forever, lol....Y2k anyone! WWI, WWII, The cold war ;)
An estimated $300 billion was spent (almost half in the United States) to upgrade computers and application programs to be Y2K-compliant. As the first day of January 2000 dawned and it became apparent that computerized systems were intact, reports of relief filled the news media.
These were followed by accusations that the likely incidence of failure had been greatly exaggerated from the beginning. Those who had worked in Y2K-compliance efforts insisted that the threat had been real. They maintained that the continued viability of computerized systems was proof that the collective effort had succeeded.
In following years, some analysts pointed out that programming upgrades that had been part of the Y2K-compliance campaign had improved computer systems and that the benefits of these improvements would continue to be seen for some time to come.
The U.S. economy suffered its worst period ever in the second quarter, with GDP falling a historic 32.9%.
Economists surveyed by Dow Jones were looking for a decline of 34.7%.
Neither the Great Depression nor the Great Recession nor any other slump over the past two centuries have ever caused such a sharp drain on the economy.
The U.S. economy saw the biggest quarterly plunge in activity ever, though the plummet in the second quarter wasn't as bad as feared.
Gross domestic product from April to June plunged 32.9% on an annualized basis, according to the Commerce Department's first reading on the data released Thursday. Economists surveyed by Dow Jones had been looking for a drop of 34.7%.
Still, it was the worst drop ever, with the closest previously coming in mid-1921.
The report "just highlights how deep and dark the hole is that the economy cratered into in Q2," said Mark Zandi, chief economist at Moody's Analytics. "It's a very deep and dark hole and we're coming out of it, but it' going to take a long time to get out."
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