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Random Quote: Never enough time to do it right, always time to do it again
I wouldn't worry about what upper mgmt is doing you can't control that, just do your job and be happy you have one.
That is exactly what I have been doing. Every month we have to hear about record months and then watch money being wasted because they have it to spend. Then I have to hear we need to give it all we can to help the company out. I apologize for the thread HiJack.
Today Wed,4 Nov 09, the Miami Herald said that there were ~35K less attending the FLL boat show,however lots of boat dealers said they made more sales this year than last year.
Miami Beach week long Auto show reported an increase in attendance.
That show is pretty much display only; no high pressure sales pressure.
FL Keys CITIZEN newspaper stated that boat sales are down but new repowering and older boat maintenance/repairs was up.
__________________ FL Upper Keys,33 foot World Cat w controlled upper bridge,Yam F250 w mech shift and throttles
Unfortunately, I 100% agree with you....and I think yamaha has the picture...it's going to be a long road, we still have the commercial real estate market's to deal with. the banks supporting those companies will fail, the dollar is continuing to fall, there is no demand for oil, yet the price is spiking because of the value of the dollar, because we did so many irresponsible bailouts (both administrations).....I would not want to be in the boating industry right now.....it's bad enough just seeing what you've worked for being eatin away......
This is what is really wrong with the bailouts, the banks that caused the problem are being saved by devaluing the dollar to the detriment of the productive industries in the world. Oil should be >$50, probably more like $30, but sine the FED has pumped over almost 2 trillion dollars into the banking system to save them these asshats, they have ran commodities back up using taxpayer dollars. So not does the taxpayer loan these failed banks billions of dollars, we get to pay $2.50 plus for gas because they have have leased up tankers with bailout funds and stored oil all over the world keeping prices high. If the recession would have corrected oil prices, many of these industries would be recovering now with gas in the $1 range.
This is what is really wrong with the bailouts, the banks that caused the problem are being saved by devaluing the dollar to the detriment of the productive industries in the world.
As a semi-outsider and don't take this the wrong way, it STILL amazes me how the USA is such a Capitalist Society, but so many big companies have been bailed out by Government. Isn't this just a natural cycle in capitalism? Shouldn't it have been left to run it's course?
I know it might have been VERY painful, but in the long run the businesses that went bad did so for a reason and would have been replaced by companies that were either run properly (without excessive greed) or that produce a product that is relevant to today's market.
By propping up these failed enterprises it is just delaying the inevitable and like sticking your head in the sand! You are taxing profitable companies to pay unprofitable ones to keep them running. Take all the taxes away from the successful companies so they can expand and prosper to hire the people that are out of work from the ones that failed due to greed or being irrelevant to today's needs. It is simply a shifting dynamic in capitalism.
I work on the periphery of the Finance Industry and have spent time on Wall St and it is just mind boggling how much money there is floating around. Most of the problems in this economy were caused by greed and those people are generally the ones that were bailed out.
This is a generalization, but the sub-prime mortgage market was created by banks wanting to make the last penny in profits and thus they had to lend to people that should never have been buying a home in the first place. This caused the house price runups, which created a false sense of wealth in Joe Public that used this equity in their home to finance depreciating assets, which had an on-flowing affect of generating business for many industries that thought they were on top of the world and the wave would never end, thus they didn't see the need to stash away a lot of cash for the lean time.
Now as for the US Auto industry, don't even get me started on how BAD the quality of the majority of the vehicles produced here are vs other countries. It is no wonder nobody wants to buy Detroit's product!
Rant over! And please don't take this personally, but sometimes things are clearer to outsiders than they are to those most affected.
If the Company had retained enough of its past earnings as reserves, we would have the luxury of observing changes in the environment before deciding whether or not to take restructuring measures, but unfortunately, that is not the case.
Sounds like a good politician.... Blame the past leader for everything..
So what if they saved more money? I bet less than .001% of the people or companys have enough in cash savings to make it even a year (which has come and gone already). Nobody was prepared for this climate.... IMHO its waaay far from over.
Location: Bucks County Pa ------ Point Pleasant/Bay Head NJ
Posts: 141
Rat, spot on regarding greed. At every turn there was someone with their hand out and when it all fell apart they turned to Uncle Sam.
The auto industry (US) is a mess. Already the UAW has it's hand out to Ford because they did what companies are supposed to do (gasp) made $$$. They still are saying that they only want to do ONE job while at work. Example, only an electician can plug in an extension cord, only a cleaner can pick up trash....man oh man!!!!
Finally, while the banks were among the worst offenders of the greed scenario it was in fact our wonderful socialist Dems that came up with the law CRA (Community Redevelopment Act) in the 70s whereby institions were effectively mandated to make mortgages to invividuals that really could not afford them AND had to report to HUD how wonderful they were doing in this effort.
Then along came the Clinton administaration and on the heals of this Act they said to HUD let's get homeownership up to 70% in the good ole USA....guess what, at it's height it got to 78% and as you stated the supply went down, demand went up for housing, prices went up (classic supply side economics) and then people started using their houses as ATMs. Imagine, 78%....almost 8 out of 10 people owned a property. Does that even make a little sense????
How do I know? I was in the middle of this mess as a senior exec in financial services and I for one would not play the game. I saw the train wreck comming 4 years ago and was fortunate to have retired (after 34 years) from that mess over a year ago before the
x!?* hit the fan in a big way.
Now, we get (as taxpayers) to bail out the homeowners, the auto industry, the banks, etc., etc. and now we are working on ways to spend 1.2 trillion dollars for health care for all (another topic and having lived overseas with my job public health care is not pretty). Guess after the CRA aforementioned it is the next "social"ist thing to do.
Whatever happened to hard work and the fruits of your labors? Little like looking at our boats after we spend a weekend, cleaning, polishing, maintaining, etc. We would stand back and smile...with PRIDE!!!!
Rant over and out. Keith
__________________
2009 Chris Craft 28'
Twin Mag 350s Bravo 3s
'07 C6 Corvette
LT3 Triple Black Convertible
Last edited by Keith ChrisCraft; 11-05-2009 at 05:08 AM.
Reason: edit
As a semi-outsider and don't take this the wrong way, it STILL amazes me how the USA is such a Capitalist Society, but so many big companies have been bailed out by Government. Isn't this just a natural cycle in capitalism? Shouldn't it have been left to run it's course?
I know it might have been VERY painful, but in the long run the businesses that went bad did so for a reason and would have been replaced by companies that were either run properly (without excessive greed) or that produce a product that is relevant to today's market.
By propping up these failed enterprises it is just delaying the inevitable and like sticking your head in the sand! You are taxing profitable companies to pay unprofitable ones to keep them running. Take all the taxes away from the successful companies so they can expand and prosper to hire the people that are out of work from the ones that failed due to greed or being irrelevant to today's needs. It is simply a shifting dynamic in capitalism.
I work on the periphery of the Finance Industry and have spent time on Wall St and it is just mind boggling how much money there is floating around. Most of the problems in this economy were caused by greed and those people are generally the ones that were bailed out.
This is a generalization, but the sub-prime mortgage market was created by banks wanting to make the last penny in profits and thus they had to lend to people that should never have been buying a home in the first place. This caused the house price runups, which created a false sense of wealth in Joe Public that used this equity in their home to finance depreciating assets, which had an on-flowing affect of generating business for many industries that thought they were on top of the world and the wave would never end, thus they didn't see the need to stash away a lot of cash for the lean time.
Now as for the US Auto industry, don't even get me started on how BAD the quality of the majority of the vehicles produced here are vs other countries. It is no wonder nobody wants to buy Detroit's product!
Rant over! And please don't take this personally, but sometimes things are clearer to outsiders than they are to those most affected.
Rat, as a semi outsider, you pretty much nailed it....the only thing you missed is that we truly are not a capitalist society any longer, over the last 24 years or so, we have become more of a socialist machine, redistributing the wealth both on a local and international basis......they should have let the businesses fail, as mentioned before, the dollar would be stronger and we would be moving in a forward direction... our government has been misguided, some believe intentionally and it has wreaked havoc on our economy.....unfortunately when we fall, so does alot of other economies.....
no doubt things are tough...not to hijack this, but I thought this is a bit related and entertaining...
I work for a small internet company, we were lighting it up even in this crappy economy. We did 40% year/year from last year, cash positive life is grand...being a small company with a great business model we get bought by one of the giants in our industry- first round of layoffs was announced last week.
The VC's sell us out to cash in and essentially a great thing has come to an end. I know that is what they do and how it works...still just sucks. Ironically - I do get a pretty decent payout on my options, enough for a new boat, but I am too scared of losing my job to pull the trigger.
Thinking about this, it really makes me laugh and cry.
Yes 2009 has been better than forcast but many think this is only a bubble in an otherwise long downtrend. I am one of those people. This time next year there may be very few boat mfg.'s left in business. I hope I am wrong. Warren Buffet is buying and he knows allot more than I do so maybe the worst is over but I don't know any financial analyst that believe that. One of the top hedge fund mgr's predicted 5 months ago that the Dow would move up until mid fall and then plummet to 3500. I think there is a good chance he will be right looking at the charts. I think much of this country's economy has been based on people keeping themselves deep in debt. With credit tight it will be impossible for people to spend as they have in the past. We have lived for years with an artificially inflated economy run on debt. If people have to start paying as they go, the spending will never again be what it was. Long term that is good but it could take many years to recover from the initial shock to the economy. Just my opinion and worth what you paid for it
Yup!!! And what worse in the US is that we have given so called stimulus and bailout money to companies that haven't proved to stimulate anything! Basically, we pledged future tax revenue that may not exist for a very long time and may never be repaid by the recipiants!
But the really BAD BAD thing is that globally we have nothing new to drive an expanding economy. No microprocessor revolution or industrial revolution or whatever future discovery might stimulate the minds and efforts of human kind. Bad things happening in stagnant times mean that things might get VERY BAD.
It's not over yet people!!!!
__________________ Dog Tired
I'm for a government that is by the people and for the people!
Yup!!! And what worse in the US is that we have given so called stimulus and bailout money to companies that haven't proved to stimulate anything! Basically, we pledged future tax revenue that may not exist for a very long time and may never be repaid by the recipiants!
But the really BAD BAD thing is that globally we have nothing new to drive an expanding economy. No microprocessor revolution or industrial revolution or whatever future discovery might stimulate the minds and efforts of human kind. Bad things happening in stagnant times mean that things might get VERY BAD.
And please don't take this personally, but sometimes things are clearer to outsiders than they are to those most affected. 
