Don't Panic Over 'Millennium Bug'.

Articles and news reports warn that the world's private and governmental computer systems will not be ready for the year 2000. An extensive failure of these systems could wreak havoc on the world's economies and financial markets, maintain some observers. What should investors do at this point? Nothing drastic, advise members of the Institute of Certified Financial Planners, Denver, Colo. "It's definitely a concern, but we're not in a position to start screaming fire," says David Lull, who is in charge of the financial planning department for the Denver-based firm of Sharkey, Howes, Wagner & Javer, Inc.

Most planners don't foresee widespread computer failures that would cause a major collapse of the American economy in 1999 or 2000. Disruptions here and there, yes, but not the dire forecasts such as those put forth by Deutsche Morgan Grenfell's chief economist, Edward E. Yardeni, who predicts a 60% chance the Millennium Bug problem will trigger a 1973-74 type recession.

What worries planners is that some of the scare headlines will trigger inappropriate actions by investors. Henry Montgomery, Minneapolis, Minn., points out that "One of the things that detracts from the possible seriousness of this is the bunch of newsletter promoters running around talking about Armageddon." A case in point is an 800 number given out on a radio show that advertised itself as a source for information on the...