(NYT) DETROIT -- The Ford Motor Company earned $2.7 billion in 2009 and said Thursday that it now expected to be profitable in 2010 as well.The profit for 2009, equal to 86 cents a share, was a swing of $17.5 billion from 2008, when the company lost $14.8 billion. It is Ford's first full-year profit since 2005.
The company ended 2009 with $25.5 billion in cash reserves, nearly twice the $13.4 billion it had at the start of the year.
It also expects positive cash flow and an operating profit in 2010, which is a year sooner than executives had previously said the company would become consistently profitable.
"It really is pivotal and historic," Ford's chief executive, Alan R. Mulally, said on a conference call with analysts and reporters, "that during the worst economic recession in 30 or 40 years, because of the strength of the plan we put in place a few years ago, we were not only able to survive but also to create a foundation that is delivering now profitable growth during that year."
Recently in Economy Category
However, when it comes to economics, especially globally, I suspect we are seeing the first in what no doubt will be a Domino Effect; the fall of Iceland. Where as the collapse of communism in eastern Europe was hailed as a failure of socialism, I can't help but see now the failure of capitalism.
While Kevin Drum frets about nationalization of the banks, I figure it's a done deal, only being held back because of fear of the plunge. But extremes never work long term, whether it be socialism or capitalism. What needs to happen is a nice, steady balance of both. Unfortunately, I suspect there will be a swing closer to socialism for a bit until some of the more worthy capitalism systems are stabilized. Until then, prepare for a bumpy ride.
And least he forget, by keeping a plant open, Chrysler just saved jobs. That has to count for something.
CNN
WASHINGTON (CNN) -- President-elect Barack Obama is already making presidential history by naming -- or at least his transition team is leaking to the press -- his Cabinet picks faster than nearly all of his predecessors."If we do not act swiftly and boldly, most experts believe that we could lose millions of jobs next year," Obama said Monday.
With an economic crisis spiraling out of control and a lame duck in the oval office, presidential scholars say the next commander in chief simply had no choice.
"This is really unprecedented. But it's an unprecedented situation," said Larry Sabato, a presidential scholar at the University of Virginia. "Obama is doing what the public and the markets demand be done -- and that is to show that the next president is really in charge before he even takes the oath of office."
In case anyone is wondering, this is competence. Refreshing, ain't it?
CNN MoneyNEW YORK (CNNMoney.com) -- U.S. stocks slumped Monday morning, joining the global market selloff as investors continued to retreat amid bets of a far-reaching recession.
The Dow Jones industrial average (INDU), the Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) all lost at least 1% in the early going.
Stocks have gotten hammered over the last 2 months as the financial markets crisis has accelerated and the credit market has seized up, choking off access to much-needed capital. Efforts on the part of governments around the world have helped loosen up lending somewhat, but not enough to reassure investors.
WHEEEEEEEEEEEEEEEEE!!!!!!!!!!11111!!!!!!!!!!!!!!!!!!!
Only, instead of a slide, it's more like one of those small, really fast, merry-go-rounds that spin exceptionally fast as you pull yourself closer to the center. Because, I've got to tell you, this corner we've been turning seems to be going round, and round, and round, and round......
CNN
WASHINGTON (CNN) -- A new national poll suggests that only a quarter of Americans think things are going well in the country today, while the rest of those questioned are angry, scared and stressed out.
The human race's capacity for denial never ceases to amaze me.
A bank, by any other name is a bank. It wasn't, isn't and will not be, about defining the term bank. It was, is, and will always be about avoiding being regulated.
Seriously; Duh
The Price Decrease In Oil!
Just in time for an election near you.
Star TribuneThe sharp drop in energy prices since the beginning of the month is turning into a rare bright spot in a bleak economic landscape.
For the moment, at least, fears of a prolonged energy shock seem to have subsided a bit.
Oil has fallen more than $23 a barrel, or 16 percent, since peaking July 3. Gasoline has slipped below $4 a gallon and is dropping fast as Americans drive less. Natural gas prices, which had risen the fastest this year as traders anticipated a hot summer, have shed 33 percent since the beginning of the month.
New York Times
In short, in a nation that holds itself up as a citadel of free enterprise, the government has morphed from lender of last resort into effectively the only lender for millions of Americans engaged in the largest transactions of their lives.
Also, if free enterprise is so damn self-sufficient and efficient, why the hell are we encountering a recession? Why are we seeing one financial crises after another?
And yes, all the following are rhetorical. If I had the answers to those questions, I would be a billionaire to rival Gates.
Actually, I do have a hunch. It has to do with leadership and competence. The state of our country has much to do with who sits in the Oval Office.
New York Times
he economy lost 20,000 jobs in April, the fourth consecutive month of decline, the government reported on Friday. But the drop was not as sharp as expected, a sign that the economy’s decline may be moderating.
I just finished reading an article in the SAMHSA newsletter that stated Bush was planning to have the budget balanced by 2012. Now, it seems to me that for him to be able to balance the budget, he would have to be in office. Either that, or he is arrogant enough to believe his policies are going to be followed lock-step by the next president.
What ever. The idiot had 8 years to balance the budget and he couldn't get it done on his watch. Instead, after spending money like a drunk, he is simply passing the consequences on to someone else.
Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15
| Direct Deposit Payments | |
| If the last two digits of your Social Security number are: | Your economic stimulus payment deposit should be sent to your bank account by: |
| 00 – 20 | May 2 |
| 21 – 75 | May 9 |
| 76 – 99 | May 16 |
| Paper Check | |
| If the last two digits of your Social Security number are: | Your check should be in the mail by: |
| 00 – 09 | May 16 |
| 10 – 18 | May 23 |
| 19 – 25 | May 30 |
| 26 – 38 | June 6 |
| 39 – 51 | June 13 |
| 52 – 63 | June 20 |
| 64 – 75 | June 27 |
| 76 – 87 | July 4 |
| 88 – 99 | July 11 |
Now, there are a whole bushel of reasons not to take this job, should it be offered; ridged inflexibility that comes with working for any government job, a philosophical approach to counseling in which I have little training and even less experience, and a 5 day work week.
My current job is very flexible; if I get a case of cabin fever while working on my paper work, I can go for an hour walk to calm myself, I have 4 day work weeks (though the 10 hours cuts into family time), I work with wonderful people, and I actually have a fair amount of experience, and self-education, with their philosophical approach to counseling.
However, the biggest draw back to my current job; lack of secure financial viability. The company is small, it relies on the insurance industry for most of it's revenue, and it is intimately affected by the economy.
So, the question is: Do I take an economically secure job that offers little in the way of joy and relaxation, or do I take an economically insecure job that offers quite a bit of enjoyment and flexibility?
Of course, most of this is an exercise in futility, since I am just going for an interview, and have not even been offered a job. Still, it does not hurt to weigh the pros and cons.
To be honest, I just do not have the heart to post lately. It seems to be rather pointless at the moment. Especially with an impending depression about to darken our national mood.
Anyway, I figure I ought to post something before all hell breaks loose and the new economy goes the way of the old economy of lore; down the tubes. Maybe it will join the ranks of my lost emails......
MPRThe Minnesota Senate has approved a nearly $1 billion borrowing plan to pay for a package of public construction projects throughout the state.
St. Paul -- With little debate, Senators passed their version of the bonding bill Tuesday by a vote of 51 to 7. The House is scheduled to take up a similar bill on Thursday. But Gov. Tim Pawlenty is urging lawmakers to scale back the bill because of the projected state budget deficit.
Well, there goes the lights.........
New York TimesWhat, so ordinary people are not usually poor? Seriously, what idiot wrote this incredibly stupid sentence? So ordinary people are not normally poor. Ordinary people are middle class or upper class. So, I guess that makes poor people not ordinary. Maybe they are just lucky ducks.
The inflation has many causes, from rising global demand for commodities to the monetary constraints of currencies pegged to the weakening American dollar. But one cause is the skyrocketing price of oil itself, which has quadrupled since 2002. It is helping push many ordinary people toward poverty even as it stimulates a new surge of economic growth in the gulf.[highlighted by Rook]
If ever there was an example of a Freudian slip, this is it.
Arrogance, thy name is New York Times.
Minnesota Monitor
The percentage of American workers represented by unions rose in 2007, reversing a quarter- century decline in union membership.The Bureau of Labor Statistics reported that 12.1 percent of the workforce was made up of organized labor, up from 12 percent in 2006. While the gain was small, it was notable for being the first gain in union membership since the BLS began tracking it in 1983.
Another legacy that can be laid at Bush's feet; an increase in union membership. I guess despite the lack of media coverage about corporate malfeasance and union busting, the utter contempt that Bush displays for the working man has still shown through and people have seen the complete failure of the elite's corporate fascism.
New York TimesIn a statement, the Fed said: "The committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households."
"Moreover," the statement continued, "incoming information indicates a deepening of the housing contraction as well as some softening in labor markets."
In a related action, the Fed approved a 75 basis-point decrease in the discount rate, to 4 percent.
Within minutes after the announcement, trading in stock-index futures, which had been presaging a deep slide on American stock exchanges Tuesday, retraced much of their earlier declines, which had been driven by a second sour day in Asia and Europe.
I don't know shit about economics. Yet, considering I have been reading up on it for the last couple of years, even I know .75% is one hell of a big cut.
Still, I will not see a decrease in my mortgage payment.
Oh, and at least they no longer are acting as if their heads are stuck up their asses. But, it would have been nice if they'd have removed them back a few years ago.
Anyway, the truth be told, I am secretly envious of those whom own a Mac. I'd expound more about that envy, but it is for another day.
I am, however, going to step up and proclaim my deep, abiding disgust with the Microsoft Corporation. But, instead of making my case, let me highlight a portion of an email I got Friday from Completely Free Software.
The article also went over how Microsoft feels about the initial release of Vista, which occurred almost one year ago. According to Microsoft's corporate vice president Mike Sievert, the launch of Vista did not go as well as they thought it would. "Frankly, the world wasn't 100 percent ready for Windows Vista." [highlighting mine]The world wasn't 100 percent ready for Windows Vista? What the hell happened to giving the customer what they wanted? Faced with the failure of Vista to sell, instead of doing some soul searching, to see where they made mistakes, they blame the world. Now, that is arrogance in its most base form. And this is what disgusts be about Microsoft, and all Multi-national companies. Service has replaced greed. They honestly lost sight of supplying service to people, and simply look to pump out product for profit and greed.
Now, that all being said, I am not upset with Window's Vista. It works fine for me. But then, that's because I am use to Windows being buggy, and having quirks that are different from computer to computer. Anyway, for your pleasure, I've supplied the entire article that came with the email, under the fold.
New York TimesRight. Because being a third world economy is good for business. No need to have to spend the proper time, effort, and expense at using safe, harmless materials.On the eve of an important Senate committee meeting to consider the legislation, Nancy A. Nord, the acting chairwoman of the Consumer Product Safety Commission, has asked lawmakers in two letters not to approve the bulk of legislation that would increase the agency’s authority, double its budget and sharply increase its dwindling staff.
Ms. Nord opposes provisions that would increase the maximum penalties for safety violations and make it easier for the government to make public reports of faulty products, protect industry whistle-blowers and prosecute executives of companies that willfully violate laws.
The measure is an effort to buttress an agency that has been under siege because of a raft of tainted and dangerous products manufactured both domestically and abroad. In the last two months alone, more than 13 million toys have been recalled after tests indicated lead levels that sometimes reached almost 200 times the safety limit.
Ms. Nord’s opposition to important elements of the legislation is consistent with the broadly deregulatory approach of the Bush administration over the last seven years. In a variety of areas, from antitrust to trucking and worker safety, officials appointed by President Bush have sought to reduce the role of regulation and government in the marketplace.
These people really do not give a damn about the average person. All they care about is pushing an ideology that has already proved itself to be a complete failure. From Katrina, to the Southern California fires, to the lack of response to state level emergencies, this government is all about the little man doing for himself. Oh, but still they take the little man's taxes. Where as the top 1% of the richest see their tax burden decreased.
And I keep waiting for that pro-life stance talked about in two election campaigns to show up in action. But all I see is death. With BushCo™ it's all about bombing, killing, destroying. Show me one solid, concrete example of a constructive, productive action on their part. You know, where the policies they enacted have resulted in a decrease in mortality, the saving of lives. If you do, than balance it against all the premature deaths these past 6 years.
If ever there was a candidate for anti-Christ, Bush sure makes the grade.
New York TimesThis is cool. Now, if they could just tighten the restrict of media ownership in local markets, I'd be a happy blogger. Oh, and I like the thought of this even more:
WASHINGTON, Oct. 28 —The Federal Communications Commission, hoping to reduce the rising costs of cable television, is preparing to strike down thousands of contracts this week that gave individual cable companies exclusive rights to provide service to an apartment building, the agency’s chairman says.The new rule could open markets across the country to far-ranging competition. It would also be a huge victory for Verizon Communications and AT&T, which have challenged the cable industry by offering their own video services. The two companies have lobbied aggressively for the provision. They have been supported in their fight by consumer groups, satellite television companies and small rivals to the big cable providers.
Commission officials and consumer groups said the new rule could significantly lower cable prices for millions of subscribers who live in apartment buildings and have had no choice in selecting a company for paid television. Government and private studies show that when a second cable company enters a market, prices can drop as much as 30 percent.
Mr. Martin has also pressed the cable companies to offer so-called à la carte plans that would permit subscribers to buy individual channels, or groups of channels, at lower rates than they now pay.I could just imagine the loss of revenue for the religious groups that rely on bundled cable deals. Nor would I lose any sleep over their loss. I am rather tired of paying for programing I find offensive, oppressive, and intolerant. I guess I am just an intolerant bastard myself. Looks like I am not alone:
Intolerant bastards seem to not like the idea of losing power and control. What I don't understand is; whatever happened to the customer is always right? Hell, in this whole scenario, the customer doesn't even get to speak. Besides, having lived in apartment buildings, I can tell you, there is no efficiency. The cable companies in the greater Twin Cities area have hardly made any effort at improving the cable infrastructure.But large cable companies, as well as associations representing building owners and tenant groups, said the change would fundamentally alter the economics of cable television in apartments in ways that would be harmful to consumers. They are threatening to challenge the commission in court.
“It is both unlawful and, as a matter of public policy, wholly inappropriate and counterproductive for the commission to bar cable operators from enforcing existing exclusive contracts,” said Daniel L. Brenner, a senior vice president of the National Cable and Telecommunications Association, the cable industry’s main trade association in Washington. “Exclusive contracts and building-by-building competition can, in fact, promote investment, efficiency and competition.”
Paul KrugmanSince I've just published an op-ed about the enduring influence of race on Southern voting, I'm sure to be accused of being a typical Northeastern snob talking about poor white trash who don't know what's good for them. So I thought I'd mention an important point about Southern white voting that didn't fit in 800 words: namely, the poor whites are not the issue.
In fact, if you look at voting behavior, low-income whites in the South are not very different from low-income whites in the rest of the country. You can see this both in Larry Bartels's "What's the matter with What's the Matter With Kansas?" (pdf), Figure 3, and in a comprehensive study of red state-blue state differences by Gelman et al (pdf). It's relatively high-income Southern whites who are very, very Republican. Can I get away with saying that rich white trash are the problem? Probably not.
Oh hell, Paul, I think you can. At least, I'd agree. I'd also suspect high-income Southern whites are residual plantation stock, carrying on the tradition of pappy in the finest of efforts.
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