FED ACTION ACCELERATES BOOM-BUST CYCLE
The 21st century was ushered in by fears about Y2k and how it might impact computer programming that was already in place. Part of the concern centered on the financial markets.
The Federal Reserve announced that they were ready to support the stock market and provide backup for financial institutions that might encounter difficulties.
The big day arrived and, other than an occasional glitch that seemed to be unrelated to the heightened global fears, the birth of the new century was pretty much uneventful. Overall, the markets remained relatively quiet. However, trouble was still brewing.