They line up in the rain, to fill out an application, which might be chosen in a lottery, which will lead to an initial screening for one of 1800 jobs Ford will add in Louisville, that is, 1800 less the ones they fill with UAW members already waiting in the wings.
And that quote:
“How can the wealthiest country in the world have people that are so desperate?” said Gary Wise, the employment office’s operations administrator, as he watched people fill out paperwork in the rain.
Thank you Mr. Obama, for the Hope 'n Change.
This is your economy, not George Bush's.
Showing posts with label Ford. Show all posts
Showing posts with label Ford. Show all posts
Sunday, July 10, 2011
Thursday, April 1, 2010
The Sale Of Volvo--Further Insight
Simon Johnson at Baseline Scenario provides more detail, actually chilling detail, about the purchase of Volvo from Ford.
Geely Automotive has acquired Volvo from Ford. This is a risky bet that may or may pay off for the Chinese auto maker – after first requiring a great deal of investment.
Goldman Sachs’ private equity owns a significant stake in Geely, with the explicit goal of helping that company expand internationally. Remember what Goldman is – or rather what Goldman became when it was saved from collapse by being allowed to transform into a Bank Holding Company in September 2008 (which allowed access to the Federal Reserve’s discount window, among other advantages). Goldman’s funding is cheaper on all dimensions because it is perceived to be Too Big To Fail, i.e., supported by the US taxpayer; this allows Goldman to provide more support to Geely (and others).
Our Too Big To Fail banks stand today at the heart of global capital flows. People around the world – including from China – park their funds in the biggest US banks because everyone concerned believes these banks cannot fail; they were, after all, saved by the Bush administration and put completely – gently and unconditionally – back on their feet under President Obama. These same banks now spearhead lending to risky projects around the world
In other words, if this deal ends up going titties-up, the American taxpayer could again be on the hook to rescue Goldman and its investors from the consequences of a mistaken decision.
('ScuzMe while I gather my thoughts: !!!!!******!!!!!***%%%%!!!!!****&&&&&!!!!!: !!)
There. That's better.
This stuff is making money for some folks now, but will hasten the day when my children will have both a lowered standard of living and significantly higher tax burdens.
Geely Automotive has acquired Volvo from Ford. This is a risky bet that may or may pay off for the Chinese auto maker – after first requiring a great deal of investment.
Goldman Sachs’ private equity owns a significant stake in Geely, with the explicit goal of helping that company expand internationally. Remember what Goldman is – or rather what Goldman became when it was saved from collapse by being allowed to transform into a Bank Holding Company in September 2008 (which allowed access to the Federal Reserve’s discount window, among other advantages). Goldman’s funding is cheaper on all dimensions because it is perceived to be Too Big To Fail, i.e., supported by the US taxpayer; this allows Goldman to provide more support to Geely (and others).
Our Too Big To Fail banks stand today at the heart of global capital flows. People around the world – including from China – park their funds in the biggest US banks because everyone concerned believes these banks cannot fail; they were, after all, saved by the Bush administration and put completely – gently and unconditionally – back on their feet under President Obama. These same banks now spearhead lending to risky projects around the world
In other words, if this deal ends up going titties-up, the American taxpayer could again be on the hook to rescue Goldman and its investors from the consequences of a mistaken decision.
('ScuzMe while I gather my thoughts: !!!!!******!!!!!***%%%%!!!!!****&&&&&!!!!!: !!)
There. That's better.
This stuff is making money for some folks now, but will hasten the day when my children will have both a lowered standard of living and significantly higher tax burdens.
Tuesday, March 30, 2010
Ford Sells Volvo To the Chinese
It wasn't pretty. But it was probably inevitable.
The Chinese car maker Geely has signed a deal to buy Volvo from US car giant Ford for $1.8bn (£1.2bn).
The agreement, which was first announced in December, is the biggest overseas purchase by a Chinese car manufacturer.
"Today represents a milestone for Geely," the company's chairman Li Shufu said.
Loss-making Volvo has been on the market since 2008, when Ford put it and several other brands up for sale.
Jaguar and Land Rover in the UK have already been sold to India's Tata Motors.
Ford hopes that the sale of Volvo will help it pay off its debts and focus on its core brands, following a dire period for the global car industry.
The deal represents a loss for Ford, however, having bought Volvo in 1999 for $6.5bn.
Wowee! That's a haircut! But it is indicative, as Robert Peston elegantly points out, of how the ground has shifted under our feet.
The Chinese car maker Geely has signed a deal to buy Volvo from US car giant Ford for $1.8bn (£1.2bn).
The agreement, which was first announced in December, is the biggest overseas purchase by a Chinese car manufacturer.
"Today represents a milestone for Geely," the company's chairman Li Shufu said.
Loss-making Volvo has been on the market since 2008, when Ford put it and several other brands up for sale.
Jaguar and Land Rover in the UK have already been sold to India's Tata Motors.
Ford hopes that the sale of Volvo will help it pay off its debts and focus on its core brands, following a dire period for the global car industry.
The deal represents a loss for Ford, however, having bought Volvo in 1999 for $6.5bn.
Wowee! That's a haircut! But it is indicative, as Robert Peston elegantly points out, of how the ground has shifted under our feet.
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