Archive for the ‘loss’ Category

GM reports $2.5B 3Q loss, says it’s running out of money, suspends Chrysler takeover talks

November 7, 2008

General Motors Corp. said Friday it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009 if the U.S. economic slump continues and it doesn’t get government aid.
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By TOM KRISHER and JEFF KAROUB, AP Business Writers
From The Associated Press

GM also said it has suspended talks to acquire Chrysler. While it didn’t specifically name the automaker, GM said it was setting aside considerations for a “strategic acquisition.”

“While the acquisition could potentially have provided significant benefits, the company has concluded that it is more important at the present time to focus on its immediate liquidity challenges and, accordingly, considerations of such a transaction as a near-term priority have been set aside,” the company’s said in a statement.

The automaker said its cash burn for the quarter accelerated to $6.9 billion, and government aid will be “essential” because of the slow economy and credit crisis.

The GM logo hangs over an unsold 2009 Acadia sports-utility ... 

Above: The GM logo hangs over an unsold 2009 Acadia sports-utility vehicle on the lot at a GMC Truck dealership in the south Denver suburb of Littleton, Colo., on Sunday, Oct. 12, 2008. General Motors Corp. on Friday, Nov. 7, 2008 said it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009. GM also said it has suspended talks to acquire Chrysler, and said its cash burn for the quarter accelerated to $6.9 billion due to a severe U.S. auto sales slump.(AP Photo/David Zalubowski)

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http://news.yahoo.com/s/ap/20081107/ap_on_bi_ge/earns_gm;_ylt=
AsQnG1GHOpiokSxdWMm4QZys0NUE

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McCain: Most Worthy Candidate Ever To Lose

November 7, 2008

In my previous life, I witnessed far more difficult postmortems. This one is easy. The patient was fatally stricken on Sept. 15 — caught in the rubble when the roof fell in (at Lehman Brothers, according to the police report) — although he did linger until his final, rather quiet demise on Nov. 4.

In the excitement and decisiveness of Barack Obama‘s victory, we forget that in the first weeks of September, John McCain was actually ahead. Then Lehman collapsed, and the financial system went off a cliff.

By Charles Krauthammer
The Washington Post
Friday, November 7, 2008; Page A19

Sen. John McCain, R-Ariz., delivers remarks during an election ... 
Above: Sen. John McCain, R-Ariz., delivers remarks during an election night rally in Phoenix Tuesday, Nov. 4, 2008.(AP Photo/Stephan Savoia)

This was not just a meltdown but a panic. For an agonizing few days, there was a collapse of faith in the entire financial system — a run on banks, panicky money-market withdrawals, flights to safety, the impulse to hide one’s savings under a mattress.

This did not just have the obvious effect of turning people against the incumbent party, however great or tenuous its responsibility for the crisis. It had the more profound effect of making people seek shelter in government.

After all, if even Goldman Sachs was getting government protection, why not you? And offering the comfort and safety of government is the Democratic Party‘s vocation. With a Republican White House having partially nationalized the banks and just about everything else, McCain’s final anti-Obama maneuver — Joe the Plumber spread-the-wealth charges of socialism — became almost comical.

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http://www.washingtonpost.com/w
p-dyn/content/article/2008/11/06
/AR2008110602570.html?hpid=opinionsbox1

Biggest Post Election Stock Drop Ever: Obama Fear?

November 6, 2008

A case of postelection nerves sent Wall Street plunging Wednesday as investors, looking past Barack Obama’s presidential victory, returned to their fears of a deep and protracted recession. Volatility swept over the market again, with the Dow Jones industrials falling nearly 500 points and all the major indexes tumbling more than 5 percent.

The market was widely expected to give back some gains after a runup that lifted the Standard & Poor’s 500 index more than 18 percent and that gave the Dow its best weekly advance in 34 years; moreover, many analysts had warned that Wall Street faced more turbulence after two months of devastating losses.

But investors lost their recent confidence about the economy and began dumping stocks again.

“The market has really gotten ahead of itself, and falsely priced in that this recession wasn’t going to be as prolonged as thought,” said Ryan Larson, head of equity trading at Voyageur Asset Management, a subsidiary of RBC Dain Rauscher. “Regardless of who won the White House, these problems are not going away.”

“We’re in a really bad recession, period,” he said. “People are locking in profits and realizing we’re not out of the woods.”

Beyond broad economic concerns, worries about the financial sector intensified after Goldman Sachs Group Inc. began to notify about 3,200 employees globally that they have been lost their jobs as part of a broader plan to slash 10 percent of the investment bank’s work force, a person familiar with the situation said. The cuts were first reported last month. Goldman fell 8 percent, while other financial names also fell; Citigroup Inc. dropped 14 percent.

Commodities stocks also fell after steelmaker ArcelorMittal said it would slash production because of weakening demand. Its stock plunged 21.5 percent.

Although the market expected Obama to win the election, as the session wore on investors were clearly worrying about the weakness of the economy and pondered what the Obama administration might do. Analysts said the market is already anxious about who Obama selects as the next Treasury Secretary, as well as who he picks for other Cabinet positions.

“The celebration is over. Today we saw a bit of reality,” said Al Goldman, chief market strategist at Wachovia Securities in St. Louis. “President-elect Obama is coming into a situation with limited experience, having to handle an economy in serious trouble, a couple of wars and terrorism. It’s an extremely tough job.”

Read the rest By Sara Lepro and Tim Paradis, AP Business Writers:
http://biz.yahoo.com/ap/081105/wall_street.html

Auto sales ‘unsustainably weak’; GM’s fall 45 pct.

November 3, 2008

General Motors’ October U.S. sales plunged 45 percent, and Ford’s and Chrysler’s weren’t far behind, as low consumer confidence and tight credit combined to bring the industry’s sales to an “unsustainably weak level” that is the worst in 25 years.

GM logo

Automakers sold 838,156 vehicles in October, 32 percent fewer than the same month last year and the worst performance since January 1991, according to Autodata Corp. and Ward’s AutoInfoBank. The seasonally adjusted annual sales rate of 10.6 million vehicles was the lowest since February 1983.

“It’s really an unsustainably weak level for all manufacturers,” said Mike DiGiovanni, GM’s executive director of global market and industry analysis. “This is clearly a severe, severe recession for the U.S. automotive industry and something we really can’t sustain.”

By TOM KRISHER and BREE FOWLER, AP Auto Writers

The annual sales rate in October 2007 was 16.1 million.

Chrysler’s sales tumbled 35 percent and Ford’s dropped 30 percent. Toyota’s sales fell 23 percent despite its zero-percent financing offer, and Nissan and Honda posted 33 percent and 25 percent declines, respectively.

Overall, General Motors Corp. sold 168,719 vehicles in October, while Ford Motor Co., including its Volvo brand, sold 132,278 light vehicles and Chrysler LLC’s sales totaled 94,530 units.

If GM’s sales were adjusted for population growth, October would be the worst month of the post-World War II era, DiGiovanni said.

“Clearly we’re in a very dire situation,” he said. Detroit-based GM said its light truck sales tumbled 51 percent compared with the same month last year, while demand for passenger cars fell 34 percent.

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http://news.yahoo.com/s/ap/20081103/ap_on_bi_ge/
auto_sales;_ylt=An1EW1LWe4Mcq4Rr2BeuHFWs0NUE

McCain camp trying to scapegoat Palin

October 30, 2008

John McCain’s campaign is looking for a scapegoat. It is looking for someone to blame if McCain loses on Tuesday.

And it has decided on Sarah Palin.

By Roger Simon, Politico

In recent days, a McCain “adviser” told Dana Bash of CNN: “She is a diva. She takes no advice from anyone.”

Imagine not taking advice from the geniuses at the McCain campaign. What could Palin be thinking?

Also, a “top McCain adviser” told Mike Allen of Politico that Palin is “a whack job.”

Maybe she is. But who chose to put this “whack job” on the ticket? Wasn’t it John McCain? And wasn’t it his first presidential-level decision?

And if you are a 72-year-old presidential candidate, wouldn’t you expect that your running mate’s fitness for high office would come under a little extra scrutiny? And, therefore, wouldn’t you make your selection with care? (To say nothing about caring about the future of the nation?)

McCain didn’t seem to care that much. McCain admitted recently on national TV that he “didn’t know her well at all” before he chose Palin.

But why not? Why didn’t he get to know her better before he made his choice?

Read the rest:
http://news.yahoo.com/s/politico/20081030/pl_politico/
15073;_ylt=Amw60w67iPY2MsufZKdiKgis0NUE

Stocks fall on belief global recession is at hand

October 24, 2008

Wall Street has ended the week with another sharp loss, joining stock markets around the world that fell on the growing belief that a punishing economic recession is at hand.

It was a dramatic day on the Street, with the Dow Jones industrials falling more than 500 points soon after trading began, and, following the pattern of recent sessions, recovering ground only to fall sharply again. The blue chips ended the day down 312 points at the 8,378 level, while all the major indexes fell more than 3 percent.

Grim news from big global companies including Sony and Daimler, coming after disappointing outlooks from some big U.S. corporations, has investors believing there will be a long and deep global recession. The selling also came from hedge funds that had to unwind positions to pay back debts.

By TIM PARADIS, AP Business Writer


AP

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http://news.yahoo.com/s/ap/20081024/ap_on_bi_st_ma_re
/wall_street;_ylt=AlOjuzzp7Mg_YNmhDJGmChes0NUE

Make-or-Break Holiday Season Looms Large for Retailers Amid Global Financial Crisis

October 9, 2008

By Ylan Q. Mui and Kendra Marr
Washington Post Staff Writers
Thursday, October 9, 2008; Page A01

Each day of financial tumult is bringing more pressure to bear on the nation’s retailers — and time is growing short.
Yesterday, as the clock ticked ominously down to the critical holiday season, department stores and clothing retailers reported a sharp drop in sales while Target said its shoppers are delinquent in their store credit card payments. Port traffic, meanwhile, has been plummeting as retailers cut back on inventory.

“I don’t think anyone predicted a crisis of this magnitude that couldn’t be fixed quickly,” said Bob Carbonell, chief credit officer for Bernard Sands, a retail rating and credit services agency. “If the American housewife puts the money under the mattress, we’re in deep trouble.”

In a year that seems to be defying all economic expectations, retailers are struggling to plot a course through the make-or-break holiday season, which accounts for nearly 20 percent of their sales each year. Will they have access to credit? How much merchandise should they order? Will anyone buy it? The moves they make now could determine where they stand in January.

The past three months were expected to bring the deepest cuts in consumer spending since the 1991 recession. September’s dire economic news — from the collapse of Lehman Brothers to the freefall in the financial markets to the government’s $700 billion rescue plan — have spooked shoppers and eroded confidence. On the day that the House of Representatives rejected the rescue plan, mall traffic plunged 12 percent, according to research firm ShopperTrak.

Scott and Elaine Bourdeau feel the ripples. The couple, who live in Herndon, had planned to travel to Italy for their 10th anniversary but opted instead to save money with a short trip to the San Francisco Bay area. They’re postponing remodeling their bathroom and focusing on necessities — clothes for their two daughters.

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http://www.washingtonpost.com/w
p-dyn/content/article/2008/10/08
/AR2008100804024.html?hpid=topnews

Lingo of Failure: How to Decode Washington Political Speak

July 21, 2007

By John E. Carey
Peace and Freedom 

The discussion of the war in Iraq has created or modified its own vocabulary, especially in the halls of Congress.

Below is our attempt at an easy to use pocket dictionary to help navigate the verbology being used today.

 THIS IS AN UNFINISHED WORK!  We need your input by comment to the blog or website you are reading or by email to:
jecarey2603@cox.net 

Redeploy: (verb) To reduce troops in one area in order to move them to another area. Usually connotes moving troops from combat to the rear. See: Murtha, Okinawa, retreat, surrender on the military goal. See also: Retreat, lose, loss, failure, enemy wins, back down, allies disheartened, terrorists emboldened.

Retreat: (verb or noun) In all prior wars this was an ugly word for Americans.  Indicates failure.  We retreat (we lose and the other guy wins).  Why has this word been moved to the back of the word train?  Because it has been easy to understand and clear for hundreds of years.  See: redeploy.

Lost: (as in “the war is lost”) (noun or past tense of the verb to lose) Indicates failure or in war, an inability or unwillingness to prevail in battle. Usage: “The war in Iraq is lost and the troop surge is failing” (Senator Harry Reid, reported by AFP, April 19, 2007). See also, “We have not lost a military battle in Iraq (Senator Barak Obama, reported by AP, July 20, 2007).

Mission creep: (noun and verb) The activity of expanding upon the existing military mission gradually.  Also used by some Democrats to describe people in support of the mission.  Example: “The General is a mission creep.”

Pillow fight: (noun) A derisive term being used by so called “talking heads” to describe the U.S. Senate’s all night Iraq debate.

Pillow talk: (noun leading to a verb) The discussion, usually between partners, that occurs in the bedroom. Usually means one person is attempting to have sex with another. In the case of the current U.S. Congress, the term refers to Senator Reid’s “all nighter” where each party was trying to screw the other. See “all nighter.”

All nighter: (noun) Term used by adolescents who have failed to do their coursework and homework usually in school. An effort to cram a semester or more into one night: often to no avail. See Harry Reid.

Surge: (noun and verb) A temporary increase in troop levels modulated by political restriction.  Not an attack but better than a retreat.

Support: (verb) As in “support the troops.” An often used and misused sign of patriotic zeal by Democrat Party member who really would do anything to downsize the Army. When used by Democrats, the word “support” seldomly means a plus-up in the budget.  Often used by Democrats in an attempt to bolster backing from the military, and potential red-state voters.

In reality, most Democrats only “support” the troops when they are a) deployed on U.N.-sponsored peacekeeping missions in Haiti, Bosnia, or New Orleans; or b) when a Democrat President is in office, and he needs to rattle the saber to divert attention from domestic problems.

Undercutting: (verb or noun) Usually refers to a disruption of normal structural support such as sawing off one leg of a stool. Am action leading to instability and uneasiness on the part of users of the structure. In Washington currently, refers to efforts to deny U.S. troops proper funding or support. See: treason.

Election season: (noun) That time when politicians can be trusted even less than “normal.” See all self anointed candidates for president (Clinton, Obama, Edwards, Richardson, Romney, Giuliani, McCain and a host of others).

Troop morale: (noun)  This word apparently does not appear in any Democrat dictionary.  It means, as any football coach can tell you, if you pull together as a team you have a chance to actually “win.” In April the Senate Majority Leader told our troop, the American people and our enemies that the war was “lost.”  Good luck, coach: you don’t get it.

Best interest of the United States: I am sorry but this term is no longer in vogue in the Congress (or anywhere else).

White Flag: (noun) Made famous by the French in WWII, the White Flag denoted surrender to the enemy so that the enemy would cease any operations against the unit displaying the white flag realizing that they had given up the fight without winning.  The White Flag Party now denotes the Democrats in Washington for the same reasons.
(Contributed to Peace and Freedom by Tom Boley)

[The work above is posted as an unfinished work.  Those that wish to contribute should email jecarey2603@cox.net  ]

COUNTERPOINT

Maybe the Rhetoric is too Harsh: The Phoney Debate

THE SENATE Democratic leadership spent the past week trying to prove that Congress is deeply divided over Iraq, with Democrats pressing and Republicans resisting a change of course. In fact that’s far from the truth. A large majority of senators from both parties favor a shift in the U.S. mission that would involve substantially reducing the number of American forces over the next year or so and rededicating those remaining to training the Iraqi army, protecting Iraq’s borders and fighting al-Qaeda. President Bush and his senior aides and generals also support this broad strategy, which was formulated by the bipartisan Baker-Hamilton commission. Mr. Bush recently said that “it’s a position I’d like to see us in.”

The emerging consensus is driven by several inescapable facts. First, the Iraqi political reconciliation on which the current U.S. military surge is counting is unlikely to happen anytime soon. Second, the Pentagon cannot sustain the current level of forces in Iraq beyond next spring without rupturing current deployment practices and placing new demands on the already stretched Army and Marine Corps. Finally, a complete pullout from Iraq would invite genocide, regional war and a catastrophic setback to U.S. national security.

The decision of Democrats led by Senate Majority Leader Harry M. Reid (Nev.) to deny rather than nourish a bipartisan agreement is, of course, irresponsible. But so was Mr. Reid’s answer when he was asked by the Los Angeles Times how the United States should manage the explosion of violence that the U.S. intelligence community agrees would follow a rapid pullout. “That’s a hypothetical. I’m not going to get into it,” the paper quoted the Democratic leader as saying.

For now Mr. Reid’s cynical politicking and willful blindness to the stakes in Iraq don’t matter so much. The result of his maneuvering was to postpone congressional debate until September, when Gen. David H. Petraeus, commander of U.S. forces in Iraq, will report on results of the surge — in other words, just the outcome the White House was hoping for. But then, as now, the country will desperately need a strategy for Iraq that can count on broad bipartisan support, one aimed at carrying the U.S. mission through the end of the Bush administration and beyond. There are serious issues still to resolve, such as whether a drawdown should begin this fall or next year, how closely it should be tied to Iraqi progress, how fast it can proceed and how the remaining forces should be deployed.

There’s no guarantee that Mr. Bush can agree with Congress on those points or that he will make the effort to do so. But a Democratic strategy of trying to use Iraq as a polarizing campaign issue and as a club against moderate Republicans who are up for reelection will certainly have the effect of making consensus impossible — and deepening the trouble for Iraq and for American security.