Tag: economics

Quote of the Day

Some of the high-flying icons of the prosperity gospel—the belief that God rewards signs of faith with wealth, health, and happiness—have run into financial turbulence.

Not all of their troubles can be blamed on the nation’s economic crisis, say critics of the name-it-and-claim-it theology found in some charismatic churches.

“I believe the charismatic movement, of which I am a part, is in the midst of a dramatic overhaul,” said J. Lee Grady, editor of Charisma magazine. “God is shaking us.” Grady predicts the movement will look much different in a few years as it refocuses on evangelism and overcoming what he calls the distraction of “materialism, flashy self-promotion, and foolish carnality.” But Scott Thumma, a Hartford Seminary sociologist who studies megachurches, is not so certain.

“Most clergy who preach a prosperity gospel would interpret for their congregation any conflict, scrutiny, or questioning as an attack of the Devil and proof that they are following God,” he said.

***

But godliness with contentment is great gain. For we brought nothing into this world, and it is certain we can carry nothing out. And having food and raiment let us be therewith content. But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. But thou, O man of God, flee these things; and follow after righteousness, godliness, faith, love, patience, meekness. Fight the good fight of faith, lay hold on eternal life, whereunto thou art also called, and hast professed a good profession before many witnesses. (1 Timothy 6:6-12 KJV)

(via)

Toyota is feeling the pinch too.

So much for that stupid  Neo-Con line saying that the slump in auto sales is the automakers fault.

Via the New York Times:

TOKYO — Toyota Motor will idle its plants in Japan for 11 days in February and March to reduce output in the face of steeply declining global vehicle sales, the company said Tuesday.

The Japanese auto giant said the suspension would affect production at all 12 of its directly operated domestic plants, which include four vehicle assembly plants and also factories that make transmissions, engines and other parts. The closings are in addition to a three-day shutdown this month at these plants that Toyota had already announced.

The move is unusual for a company that just a few months ago seemed unable to keep up with voracious global demand for its fuel-efficient vehicles. But even strong players like Toyota have failed to escape the drastic slowdown in the global auto industry.

The company said it would idle the plants to reduce stocks of unsold vehicles amid a relentless slide in sales, particularly in the United States, its biggest market. Last month, Toyota’s sales there dropped 37 percent, a larger decline than at its struggling American rivals General Motors and Ford.

Plunging sales and a stronger Japanese yen, which reduces the yen value of overseas profits, forced Toyota to forecast last month its first annual loss in 70 years at its vehicle-making operations.

Toyota did not say how many vehicles would be affected by the suspension announced Tuesday. The company said its four domestic assembly plants produced 1.5 million vehicles in 2007, the most recent year for which the company has figures. Toyota-brand cars are also made by other companies in the Toyota group.

The company had already announced that it would shut down truck production at two United States plants for three months

Its American rivals — General Motors, Ford Motor and Chrysler — have also idled plants across North America in response to the slowdown.

For once, I am in agreement with a Liberal, and yes, it is the same knuckle-headed liberal that insulted Conservatives. Hey, I am one that praises when it’s due and bitches when it’s due too; At least I’m fair. 😉 😀 😛

Matthew Yglesias Weighs in:

This is the conceptual problem with efforts to “save” the car industry through bailouts or union busting or whatever you like. One assumes demand for cars will get higher than it is right now, but the industry has a whole just has more capacity to build cars than there is demand for new cars. Which is fine. When you look across the developed world and try to take stock of the medium- and long-run problems facing the OECD nations there’s just no way you’re going to reach the conclusion that an automobile shortage is a big concern. But obviously it’s not fine for the companies that make cars. There’s going to be a need for some shrinkage.

Yeah, I know, most likely some of the Conservatives who are basically scraping my blog for content are going to try and deride me as a fake conservative, because I stick up for the middle class and because I happen to be the son of retired General Motors Worker and U.A.W. member. Well, I got two words; screw you and the rest of the asshole Madison Ave. Conservatives. 😡

Anyhow, I happen to agree with Matthew here, I live here in the Detroit Area. If the auto industry dies, so does this area. That will cause my parents to suffer, they need the health insurance, as they are both diabetic and the amount of medications that they take is staggering.  Anyhow, this article above disproves and basically strikes down the “Meme” that was going around in the Conservative Blogosphere that the issues with the auto industry was the fault of the automakers. Which I totally dismissed as abject bullshit of the highest order. It was the fault of President Clinton for putting pressure on the loan companies to give those toxic subprime loans to those who were considered high risk. That is what started this whole thing. Of course, equal blame can be given to the Republican Congress of 2003 for not changing the laws, after all, they were warned by the Bush White House to do something; and they did nothing at all.

Best thing they could do, was have a hearing, of which the CEO of Freddie Mac pulled the race card, and congress backed off. So, all the blaming of the Auto Companies was nothing more than a feeble attempt by the Republicans at scapegoating the wrong damned people.

Here’s hoping that Japan’s auto industry totally collapses and people, both American and otherwise, have to buy American products, for a change!

Rep. Ron Paul on the Israeli Gaza Conflict

I must admit, the man speaks the truth. I don’t agree with one point however. To me, it does not matter how many missiles Hamas fired into Israel, one missile is one too many. But the rest, I pretty much agree with.

Quote of the Day

Indeed, Toyota claims losses for the first time in 70 years—though how Toyota’s management was able to keep sales up in 1945, when Gen. Curtis LeMay’s B-29s were conducting their nightly visits, escapes me.

Bush may believe he has sinned against free-market principles, but he is following the path of his great free-market predecessor. Ronald Reagan, too, was not prepared to see Japan take down the U.S. auto industry, or steel industry, or computer chip industry, or Harley-Davidson.

Believing Japan was dumping to destroy U.S. companies, Reagan put patriotism before ideology and imposed quotas on Japanese imports. He, too, was castigated by the same commentariat that is berating Bush.

Vice President Cheney, too, has endorsed the bailout of Detroit. Of the senators who voted to pull the plug on General Motors, Cheney is said to have remarked, “It’s Herbert Hoover time” up there in the GOP caucus.

[….]

Like Prohibition in Hoover’s phrase, globalism is “an experiment, noble in purpose, that has failed.”

Funny Video: Sponsor an Executive

This was sent to me by the smartest Democrat I know………………My Mom.  😀

The Reading Room: The Proper Role of Government by Ezra Taft Benson

I was given this link via twitter a couple days ago, I bookmarked it.

I admit, that I didn’t read the entire thing, But I read enough of it, to see that it is something that everyone, of all political stripes should, in fact, read.

Go here to read, “The Proper Role of Government by Ezra Taft Benson”

More Signs of the Hard Times Ahead

This is just not a good thing, at all. 🙁

Via the New York Times:

With unemployment claims reaching their highest levels in decades, states are running out of money to pay benefits, and some are turning to the federal government for loans or increasing taxes on businesses to make the payments.

Thirty states are at risk of having the funds that pay out unemployment benefits become insolvent over the next few months, according to the National Association of State Workforce Agencies. Funds in two states, Indiana and Michigan, have already dried up, and both states are borrowing from the federal government to make payments to the unemployed.

Unemployment taxes are collected by states from employers, but the rate varies from state to state per employee. In good times states build up trust funds so that when unemployment is high there is enough money to cover the requests for benefits, which are guaranteed by the federal government.

“You don’t expect the loans to happen this early in a jobs slump,” said Andrew Stettner, the deputy director of the National Employment Law Project, an advocacy organization for low-wage workers. “You would expect that the states should, even when they are not well prepared, to have savings.”

The Labor Department said last week that initial applications for jobless benefits rose to 573,000, the highest reading since November 1982. It is recommended that states keep at least one year of peak-level benefits in their trusts, but many have not, and already some states are far worse off than others.

Yet more of the ripple effect in the Nation’s Economy. Of course, I could sit here and blame the Democrats or the Republicans. But honestly, who is really to blame here? I personally think it is the fault of both parties really. First off, it is the fault of the globalist Neo-Cons who would rather ship jobs overseas for cheaper labor, than to keep the jobs here on Terra Firma. Second, it is the Democrats, with Bill Clinton putting pressure on the lending companies to offer high risk loans to those, who normally could not afford them. Put simply, it was a system that was set up upon risk and it ultimately failed.

So, now we’re stuck with states with extremely high unemployment rates and states who are having to ask the Federal Government for help to support these people.  Now some of my more purist fellow Libertarians  would essentially say, “Screw ’em! Let ’em suffer!” But seeing I am from the area, and I do admit to being more a moderate, I do not hold to such asinine views.

I personally think that the worst thing that our Government can do is throw up their hands and panic. Throwing more legislation and huge amounts of money at the problem will not work. The Wall Street Bailout proved that. I think, as a moderate, the best thing that the Federal Government can do is give the States that need the help the funds to keep the unemployment programs running and try the best they can to weather out the storm.  The Economy is not going to stay horrible forever, we had a recession in the 1980’s, which was a result of some of the stupidity of the Carter administration.  We weathered that storm out and recovered, I believe that we will do the same here. Yes, there will be hardships for a while, but in the end, we will prevail. We always have and will always will.

Local News: It is not just the big three feeling the pinch

It seems that the big three are not the only automakers feeling the pinch.

Via Detroit News:

Honda Motor Co. is reducing production in North America by a further 119,000 vehicles in its fiscal year ending March 31, the company said Friday. Honda previously had announced output cuts of 56,000 vehicles for the year.

The Japanese automaker now expects its full-year output in the region to dip to 1.29 million cars and light trucks, from its original target of 1.47 million.

Production is being cut across the board, with output reductions planned for small as well as larger vehicles, company spokesman Ed Miller said. “Showroom traffic is down for everyone,” he said. “The dealers just aren’t in a position to order the number of cars they had been ordering.”

Production cuts are scheduled for Honda’s plants in Alabama, Ohio, Indiana and Canada, but the company does not plan to lay off any workers.

So much for the idea that the big three are causing their own problems. Looks like the Japanese are feeling the pinch too.  I would be willing to bet that you will not be seeing this blogged on any other Conservative Blogs. Because that would mess up the message that it is the Unions fault that G.M. and Chrysler are in the shape that they are in.

Of course they are not going to lay anyone off, the Japanese have all that extra money laying around, they can pay those people to work. They have made it by stealing market share away from the America Workers.

It truly is a pity, those bastards bombed Pearl Harbor in 1941. We defeated them, but they really won the long war, by stealing our jobs and market share, aided and abetted by Globalist Neo-Conservatives, who’s only concern was to make a quick buck.

The Automotive Bailouts: The Other Side of the Story

I have been sitting here, trying to keep out of this. But I have sat and looked at the Republican and Neo–Conservative Spin on this Story and I’m sick of it. 😡

So, I am giving you, the other side of the story, from the horses mouth; without commentary from me.

I did not ask that you agree, I simply ask that you listen and hear this man out. Now I am almost sure, that the Blogs, that I have linked to, will remove my trackback, like the Neo-Con Fascists that they are. I mean, it is all about controlling the message with those guys.  🙄

Here we go:

Part 1:

Part 2:

Media Q & A:

Media Q & A Part 2:

Media Q & A Part 3:

There you have it. The other side of the story. You decide.

(Source UAW.ORG)