EDITORIAL THE Y2K BUST.

EVERYONE knows that L.A.'s millennial celebration was a flop - everyone, that is, except for Mayor Richard Riordan.

After Sydney, Paris, London and New York dazzled audiences with spectacular displays, Los Angeles closed out the night by beaming a few old spotlights onto the Hollywood sign.

Mercifully, no one thought to start making shadow puppets.

The self-proclaimed capital city of the 21st century provided the one genuine failure of Y2K.

Only a computer bug wasn't to blame and it wasn't really the fault of the rain. According to City Controller Rick Tuttle's new audit, the failure was the product of poor leadership and botched planning.

Responding to Tuttle's report, Riordan tried to put a happy face on the missed opportunity. ``The millennium celebration was successful in several ways,'' he said, adding that ``the city received valuable worldwide exposure.''

Really? Which world is the mayor talking about, the other world?

Optimism is an important trait in elected officials, as long as it entails being confident in the people's ability to do better - not pretending that stinkweed smells like roses.

But the mayor has been holding his nose a lot lately. He recently argued that the upcoming Democratic National Convention - with all its protests and traffic jams - would make L.A. the envy of the world.

A dose of reality would be useful here. New Year's eve in L.A. was a bust. As mayor, Riordan can either pretend otherwise - and fool no one - or he can commit the rest of his tenure to laying the foundation for a richer civic life in the future.

That way we might be ready by the time Y3K rolls around.