Computer users and programmers feared that computers would stop working on Dec. 31, 1999.
The scare led to an economic boom that was short-lived
many companies and individuals bought new ones with software that was supposed to be Y2K compliant.
Subsequently, the stock market dropped in March 2000, and as stock prices declined, dot-com companies went bankrupt
The 9/11 attack worsened the downturn. The markets closed for several days after the attacks, and the New York Stock Exchange did not reopen until Sep. 17, 2001
These tax cuts by the Bush administration enabled taxpayers to keep more of their own money. The economy returned to growth in the fourth quarter of 2001