I have gcc-2.96-99, glibc-2.2.4-13 (but the problem also happens with -19),
and binutils-2.11.92.0.5-2.  When I try to run "make bzImage" in my 2.2.19
kernel directory, I get:

ld -m elf_i386 -Ttext 0x100000 -e startup_32 -o bvmlinux head.o misc.o
piggy.o
ld: bvmlinux: Not enough room for program headers (allocated 2, need 3)
ld: final link failed: Bad value
make[2]: *** [bvmlinux] Error 1
make[2]: Leaving directory
`/usr/src/linux-2.2.19/arch/i386/boot/compressed'
make[1]: *** [compressed/bvmlinux] Error 2
make[1]: Leaving directory `/usr/src/linux-2.2.19/arch/i386/boot'
make: *** [bzImage] Error 2

If I downgrade to binutils-2.11.90.0.8-8, the problem goes away.