Socio-Economics History Blog

Socio-Economics & History Commentary

Spaceship Like Electric Car to Hit America!

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  • This is quite an innovative 3 wheel electric vehicle. The company’s website is: Aptera Motors . We need more of such innovative companies and less GM, Chrysler and Ford. The Big 3 auto makers are just too bureaucratic, unprofitable and badly run. Too many idiots with too high salaries in too high management positions who have no idea how to manage a car company.
     
  • Reuters reports :
     
    A three-wheeled, all-electric vehicle is set to go into mass production later this year despite a snub from the U.S. government.
       
    There is also a gasoline version. The two-seater Aptera electric version has a 100 mile range per charge and can be recharged by plugging into a regular electric outlet. 
       
    The gasoline version has a range of 100 miles per gallon (42 km per litre) because of its low drag and weight. 
       
    With 4,000 orders already, the California-based company plans to make about 10,000 cars initially, with a price tag of between $25,000 and $40,000 depending on whether buyers want an electric, hybrid or traditional power train.

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March 6, 2009 Posted by | Science & Technology | | Comments Off on Spaceship Like Electric Car to Hit America!

S&P 500 Heading Towards 450 !

sp500-5-mar-09
  • The breach of the 800 level is a major multi year Sell signal !
  • More downside coming. There should be a dead cat bounce around 600-630 level to test the 700 level. Thereafter, it should collapse to 450. It is not going to be pretty.
     
  • The other possibility is: the dead cat bounce will test the 800 level. But fail and collapse to 450 level.
     
  • All bets are off. Unless something positive comes up rapidly, 450 will be seen by end of the year. The doomsday scenario of below 450, 330 (?) is not out of the question. In the 1929 Great Depression, DJIA collapsed 90% from its peak. This will translate to a current day level of 140 on the S&P 500.

Disclaimer – I am not a financial advisor. This is not an advice to buy, sell or hold any stocks or bonds or any precious metals.

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March 6, 2009 Posted by | Economics | , | Comments Off on S&P 500 Heading Towards 450 !

Political Leaders for 9/11 Truth

Controlled Demolition Brought Down World Trade Centre!
  • Political Leaders for 9/11 Truth has just been launched with 20 charter members, including a former US governor, a former US senator, former US representatives, and former and present members of the British, German, Japanese, Norwegian, and European parliaments. It is headed by Councilor (Senator) Yukihisa Fujita of Japan and former Senator Karen Johnson of Arizona.
     
  • From: Political Leaders for 9/11 Truth
       
    Scholars and professionals with various kinds of expertise—including architects, engineers, firefighters, intelligence officers, lawyers, medical professionals, military officers, philosophers, religious leaders, physical scientists, and pilots—have spoken out about radical discrepancies between the official account of the 9/11 attacks and what they, as independent researchers, have learned.
     
    They have established beyond any reasonable doubt that the official account of 9/11 is false and that, therefore, the official “investigations” have really been cover-up operations.
     
    Thus far, however, there has been no response from political leaders in Washington or, for that matter, in other capitals around the world. Our organization, Political Leaders for 9/11 Truth, has been formed to help bring about such a response.
     
    We believe that the truth about 9/11 needs to be exposed now—not in 50 years as a footnote in the history books—so the policies that have been based on the Bush-Cheney administration’s interpretation of the 9/11 attacks can be changed.
     
    We are, therefore, calling for a new, independent investigation of 9/11 that takes account of evidence that has been documented by independent researchers but thus far ignored by governments and the mainstream media.
      
    An “independent” investigation means, specifically, independent from the U.S. administrations that were in power prior to, and at the time of, the 9/11 attacks, who might have things to hide. As shown by New York Times writer Philip Shenon in his 2008 book,
    The Commission, the 9/11 Commission was run by its executive director, Philip Zelikow, and he was very closely associated with the Bush administration. The National Institute of Standards and Technology (NIST), which issued the official reports on the destruction of the World Trade Center, is an agency of the U.S. Department of Commerce, which means that, while writing these reports, it was an agency of the Bush-Cheney administration. We need an investigation that is free from such conflicts of interest.
     
    If you hold, or have held, a political office (elected or appointed) in the United States or in any other country, you are invited to examine our petition (click on “Petition and Members list” under the Main Menu). If you decide to join, go to the Sign the Petition page. Becoming a member of Political Leaders for 9/11 Truth will not require any time beyond that which it takes to sign the petition—although additional activity to spread 9/11 truth is, of course, encouraged.

     
  • See also :
     
    Medical Professionals for 9/11 Truth

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March 6, 2009 Posted by | GeoPolitics, History | , | 28 Comments

GM to File for Chapter 11 Bankruptcy ?

  • No respite for automotive makers in sight. Despite the earlier bailout, GM is still in deep trouble. They are still asking for more money. GM said they may go bankrupt if they do not get it.
     
  • The sad fact is: as a matter of priority and saving jobs, it would be far better to bailout auto makers than banksters. I am no fan of bailouts. But if I have to do it, I will bailout auto makers before banksters. The amount of jobs saved would be far more. Manufacturers, factories of all types are needed for the US economy. Otherwise, how will America recover? Where will all the jobs be? The consumer economy that has driven America for the past decades is coming to an end. America must make things, must rebuild its industrial base, to export things that the world wants. Otherwise how is America going to pay for its imports?
     
  • Having said that, the annual production rate has gone from 17-18 million cars to 9-10 million cars. There is too much capacity. Rapid downsizing is needed. 1 in 3 companies will go bust. So bailout will still result in job loss. The industry is not going back above the 12 million cars per year rate any time soon! AP reports :
     
    Of all the words in General Motors Corp.’s 402-page annual report, none is more jarring than two written by the company’s auditors: “Substantial doubt.”
     
    The doubt, according to Deloitte & Touche LLC, is about whether GM can overcome its staggering losses and generate enough cash to stay in business, or remain a “going concern” as accountants would say.
     
    GM concedes in the report filed Thursday that it’s on the edge of bankruptcy and won’t be able to avoid it unless it gets more government money and successfully executes a huge restructuring plan.
     
    It’s no surprise that auditors would question GM’s viability. The Detroit-based behemoth lost $30.9 billion last year, is living on $13.4 billion in government loans, and is seeking up to $30 billion as it tries to survive the worst auto sales climate in 27 years.
     
    But the auditors’ comments are serious because the threshold for raising such concerns is tilted heavily in favor of companies, and often they can negotiate them away, said John Pottow, a University of Michigan Law School professor who specializes in bankruptcy.
     
    “If you get a qualified going concern audit letter like this, that suggests you are in extreme financial distress and very likely may file for bankruptcy,” he said.
     
    U.S. Sen. Charles Grassley, the top Republican on the Senate Finance Committee, said the auditors’ concerns mean the government will likely have to provide more help to GM. The senator from Iowa called for a “restructured bankruptcy” involving the government.
     
    “It would be a process of bankruptcy but be worked out outside of the court in mutual agreement to bondholders, stockholders, management, in this case, the federal government, because we’ve got a lot invested there, and also the unions,” Grassley said in a conference call with reporters from his home state.
      
    Ray Young, GM’s chief financial officer, said in an interview Thursday that GM can accomplish its restructuring goals without bankruptcy. The company is making progress in negotiations to swap debt for stock and to gain concessions from the United Auto Workers union, he said.
     
    “One thing for certain is there’s going to be recovery,” Young said. “We just need to take advantage of this situation to streamline, downsize, get ourselves leaner, so that when the recovery occurs we will emerge as a far stronger company.”
      …
    Both GM and Chrysler LLC, which also has received government loans, face a March 31 deadline to get signed agreements for concessions from debtholders and the UAW to show the government they can become viable again. If they can’t reach the necessary deals, the government could recall the loans and force the companies into bankruptcy protection.
     
    Chrysler, which so far has received $4 billion in government loans and is seeking another $5 billion, likely will receive a “going concern” letter from its auditors, although it won’t be made public because the company is privately held, Pottow said.
     

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March 6, 2009 Posted by | Economics | , , , , | Comments Off on GM to File for Chapter 11 Bankruptcy ?

German Engineering Companies’ Exports Plunged 47%

  • The largest economy in Europe: Germany is hurting real bad, much like Japan. Financial Times reports :
     
    German engineering companies’ export orders in January were 47 per cent down on a year earlier, offering the first indication of how Europe’s largest economy performed at the start of this year.
     
    Overall industrial machinery orders were 42 per cent lower than in January 2008, said VDMA, the industry association. Domestic orders were 31 per cent lower, but foreign orders fell 47 per cent.

     
    The sharp fall illustrates the link between Germany’s heavily export-dependent economy and the slowdown in emerging economies, including eastern Europe, as well as traditional markets.
     
    Along with Japan, Germany has been one of the large economies worst affected by the collapse in economic confidence that ricocheted around the world after the failure of Lehman Brothers last September.
     
    Machine-tool exports have helped to power Germany’s economic growth in recent years but have been hit by the freezing of companies’ investment plans.
     
    “Everything I have seen suggests that the crisis intensified at the start of the year,” said Thomas Köbel, an economist at SEB bank. “Companies will be wary about investing until they see some indications of stability returning – and that wariness is clear in the machine-tool orders figures.”
     

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March 6, 2009 Posted by | Economics | , , | 1 Comment