Question on timestamp in psql - Mailing list pgsql-general

When I type the following at the psql prompt:

select timestamp('now');

...I always get december 31, 1999.

If I use 'now' as the rvalue to a SET, or within an INSERT, it returns
the correct date.

Is this a known problem?  I'm running 6.5.2-1.

Thanks,
Rob