Golden parachute my arse!

[Okla-homey]

Now some of this may be the result of someone's decision somewhere that it would be better for all concerned if literally a billion new drivers didn't take to the streets thus making world oil markets more competitive than they already are. Not to mention all the attendant carbon emissions and what not. But dayum!


Laid-off Indian Autoworkers Beat CEO to Death

Corporate India is in shock after a mob of sacked workers bludgeoned to death the chief executive who had dismissed them from a factory in a suburb of Delhi.

Lalit Kishore Choudhary, 47, the head of the Indian operations of Graziano Transmissioni, an Italian-headquartered manufacturer of car parts, died of severe head wounds on Monday afternoon after being attacked by scores of laid-off employees, police said.

The incident, in Greater Noida, just outside the Indian capital, followed a long-running dispute between the factory's management and workers who had demanded better pay and permanent contracts.

It is understood that Mr Choudhary, who was married with one son, had called a meeting with more than 100 former employees - who had been dismissed following an earlier outbreak of violence at the plant - to discuss a possible reinstatement deal.

A police spokesman said: "Only a few people were called inside. About 150 people were waiting outside when they heard someone from inside shout for help. They rushed in and the two sides clashed. The company staff were heavily outnumbered."

Other executives said they were lucky to escape with their lives. "I just locked my room's door from inside and prayed they would not break in. See, my hands are trembling even three hours later," an Italian consultant, Forettii Gatii, told a local newspaper.

More than 60 people were arrested and more than 20 were in hospital yesterday.

A spokesman for the Federation of Indian Chambers of Commerce and Industry said: "Such a heinous act is bound to sully India's image among overseas investors."

The murder has stoked fears that outbreaks of mob rule risk jeopardising the subcontinent's economic rise.

In the most high-profile incident so far, thousands of violent protestors recently forced Tata, the Indian conglomerate that owns Land Rover and Jaguar, to halt work on the plant being built to produce the world's cheapest car - the £1,250 Nano. The move could result in nearly £200 million in investment written off.

Tata halted work three weeks ago, claiming it could not guarantee its workers safety at the factory in the state of West Bengal. In a rare show of support for a competitor, the billionaire industrialist Mukesh Ambani, one of India's most powerful businessmen, said that the Nano crisis showed how protestors were creating a "a fear-psychosis to slow-down certain projects of national importance."

Other companies, including Vedenta, the London-listed mining company, have encountered similar problems in India.

In a statement issued from Rivoli in Italy, Graziano said that some of Mr Choudhary's attackers had no connection to the company. It added that the chief executive was killed by "serious head injuries caused by the intruders."

"We absolutely condemn the attack," Marcello Lamberto, the head of Oerlikon Segment Drive Systems, which owns Graziano, said.

"This is by no means a regular labour conflict but is truly criminal action. The whole of Oerlikon Group is close to the family of Mr Chaudhary in this terrible moment."

[Scott D]

now if only he was beheaded there would be some severance pay jokes.

[lexsooner]

This article about worker outrage gets me to thinking about the financial crisis we face in this country. I still don't understand why there isn't more outrage here. Not that we should assault anyone, but why aren't people madder? Greed on all levels, from the greedy home buyer to the mortgage broker to the Wall Street firms, has created the biggest financial crisis since the Great Depression. Do people not realize this could severely impact the way we live more than any event in recent years, including 9/11, the Iraq war, etc.? Our entire financial system and the regulations governing it are going to be restructured in a very short amount of time, and nobody knows what will happen afterwards. Do people not value their jobs, pensions, standard of living? This is a critical moment in our history, and I don't hear too many people talking about it. Maybe people don't understand the severity of the crisis? Please explain.

[Howzit]

This article about worker outrage gets me to thinking about the financial crisis we face in this country. I still don't understand why there isn't more outrage here. Not that we should assault anyone, but why aren't people madder? Greed on all levels, from the greedy home buyer to the mortgage broker to the Wall Street firms, has created the biggest financial crisis since the Great Depression. Do people not realize this could severely impact the way we live more than any event in recent years, including 9/11, the Iraq war, etc.? Our entire financial system and the regulations governing it are going to be restructured in a very short amount of time, and nobody knows what will happen afterwards. Do people not value their jobs, pensions, standard of living? This is a critical moment in our history, and I don't hear too many people talking about it. Maybe people don't understand the severity of the crisis? Please explain.


That's what I think. And I'm probably in that group, too.

I think most Americans are assuming that, yes, it's bad, but everything will be fine because, darn it, we're Americans!

I'm not so sure that is the case.

[Howzit]

I mean, we really are Americans!

I'm just not sure everything is going to come up smelling like roses.

[JohnnyMack]

If you start singing Lee Greenwood, I will neg you.

[lexsooner]

I mean, we really are Americans!

I'm just not sure everything is going to come up smelling like roses.

You are right. There are lots of unknowns. In the end, we have to pay for things, whether it be bad loans, bad debt, taxpayer-funded bailouts. But these debts are all on a massive scale, so we will pay massively. I think we will pay through job cuts, the loss of pension funds, government services, stock market decline, etc. What I find troubling is not one expert I have heard thinks this is anything other than a severe and potentially devastating economic crisis. If I asked someone whether they are aware a proposed bill before Congress has to pass to prevent another Great Depression, who would really believe it? But it IS reality. Now.

[Whet]

wow, that article sounds eerily similar to union tactics here!

[SoonerProphet]

It is possible that the bailout scheme will just delay the inevitable.

[Jerk]

This article about worker outrage gets me to thinking about the financial crisis we face in this country. I still don't understand why there isn't more outrage here. Not that we should assault anyone, but why aren't people madder? Greed on all levels, from the greedy home buyer to the mortgage broker to the Wall Street firms, has created the biggest financial crisis since the Great Depression. Do people not realize this could severely impact the way we live more than any event in recent years, including 9/11, the Iraq war, etc.? Our entire financial system and the regulations governing it are going to be restructured in a very short amount of time, and nobody knows what will happen afterwards. Do people not value their jobs, pensions, standard of living? This is a critical moment in our history, and I don't hear too many people talking about it. Maybe people don't understand the severity of the crisis? Please explain.

You managed to blame everyone who is responsible, except the government which mandated that banks make loans to people who can't pay them back.

[lexsooner]

You managed to blame everyone who is responsible, except the government which mandated that banks make loans to people who can't pay them back.

OK, them too. Happy? So here we are.

[royalfan5]

You managed to blame everyone who is responsible, except the government which mandated that banks make loans to people who can't pay them back.

I love that people try to simplify the on-going financial issues to this. Completely ignoring the associated derivative engineering and the market demand for these packaged securities that encouraged the continuing housing bubble. Supposedly sophisticated investors were snapping up huge tranches of this sub-prime paper instead of allocating their resources to less risky investments. The government wasn't holding a gun to their head telling them to purchase this paper, it was sought out because of the promised returns. People do stupid things when they think there is easy money to be made, and they often will think they are a **** lot smarter then they are. Money poured into mortgage backed securities because investors believed that increasing prices would allow refinancing of the property to sustain the outstanding paper indefinately. People loved writing swaps on this paper because it looked to be easy money. To keep this gravy train going, mortgage originaters and all the incentive in the world to keep sucking more people into home loans, regardless of circumstances. That isn't the government at work, it was greed at work. Eventually the string ran out, and here we are. The mortgage market evolved into a pyramid scheme, and it wasn't because the government told them to, it was because people smelled easy money. Most asset bubbles built on excessive leverage end badly, and this is no exception. The people that had the most leverage in the deal weren't the quote unquote unqualified people. It was quote unquote wealthy people.

[Okla-homey]

Here's a thought: Just eliminate the mortgage interest deduction and use the windfall to bail out Fannie and Freddie. I bet that would be about a bajillion dollars annually.

Of course, that wouldn't work because the hue and cry from sea to shining sea would be louder than a very loud thing.

People want their cake, and they wanna eat it.

[Curly Bill]

Here's a thought: Just eliminate the mortgage interest deduction and use the windfall to bail out Fannie and Freddie. I bet that would be about a bajillion dollars annually.

Of course, that wouldn't work because the hue and cry from sea to shining sea would be louder than a very loud thing.


Yup, one of the main reasons I'm a home owner and not a home renter.

[StoopTroup]

This is all being done to protect the wealthy?

[AlbqSooner]

Three years ago I told a real estate agent, who wanted me to buy some properties to "flip", that we were witnessing musical chairs with mortgages. People who were qualified buying much more property than they were qualified for with neither the intention nor the ability to pay the mortgage off.

Unfortunately, the music has stopped and lots of people without chairs are going to be railed on as "homeowners" who stand to lose their homes if we don't bail them out along with the porkish holders of mortgage backed securities.

Many of them aren't "homeowners" they are simply property owners along with their mortgage companies. Many others are people who did not have the ability to be homeowners absent the willingness of financial institutions to market lots of loans that they knew would be losers. :mad:

[Curly Bill]

This is all being done to protect the wealthy?

I see you got the Obama position papers. ;) :D

[royalfan5]

This is all being done to protect the wealthy?

This all being done to keep some faith in the financial system and keeping it from going all Mad Max on us. Once the market herd starts running one way it is hard as hell to keep them stopped. That was the rational behind FDR's Bank holiday. It's why some of the oldest money market funds collasped last week, because everyone panicked and wanted their money now.

[BudSooner]

If you start singing Lee Greenwood, I will neg you.

And now, the number #1 song in the land by Lee Greenwood...God Bless the USA


If tomorrow all the things were gone,
I’d worked for all my life.
And I had to start again,
with just my children and my wife.
I’d thank my lucky stars,
to be livin here today.
‘Cause the flag still stands for freedom,
and they can’t take that away.
And I’m proud to be an American,
where at least I know I’m free.
And I wont forget the men who died,
who gave that right to me.
And I gladly stand up,
next to you and defend her still today.
‘Cause there ain’t no doubt I love this land,
God bless the USA.
From the lakes of Minnesota,
to the hills of Tennessee.
Across the plains of Texas,
From sea to shining sea.
From Detroit down to Houston,
and New York to L.A.
Well there's pride in every American heart,
and its time we stand and say.
That I’m proud to be an American,
where at least I know I’m free.
And I wont forget the men who died,
who gave that right to me.
And I gladly stand up,
next to you and defend her still today.
‘Cause there ain’t no doubt I love this land,
God bless the USA.
And I’m proud to be and American,
where at least I know I’m free.
And I wont forget the men who died,
who gave that right to me.
And I gladly stand up,
next to you and defend her still today.
‘Cause there ain’t no doubt I love this land,
God bless the USA.

[Jerk]

I love that people try to simplify the on-going financial issues to this. Completely ignoring the associated derivative engineering and the market demand for these packaged securities that encouraged the continuing housing bubble. Supposedly sophisticated investors were snapping up huge tranches of this sub-prime paper instead of allocating their resources to less risky investments. The government wasn't holding a gun to their head telling them to purchase this paper, it was sought out because of the promised returns. People do stupid things when they think there is easy money to be made, and they often will think they are a **** lot smarter then they are. Money poured into mortgage backed securities because investors believed that increasing prices would allow refinancing of the property to sustain the outstanding paper indefinately. People loved writing swaps on this paper because it looked to be easy money. To keep this gravy train going, mortgage originaters and all the incentive in the world to keep sucking more people into home loans, regardless of circumstances. That isn't the government at work, it was greed at work. Eventually the string ran out, and here we are. The mortgage market evolved into a pyramid scheme, and it wasn't because the government told them to, it was because people smelled easy money. Most asset bubbles built on excessive leverage end badly, and this is no exception. The people that had the most leverage in the deal weren't the quote unquote unqualified people. It was quote unquote wealthy people.


How in the **** am I over-simplifying this if I agreed with Lex and his long list of guilty parties and encouraged him to add one more? I wasn't claiming that one single thing caused this. Re-read the damned post.

I concede that you know a lot more about this than I do, but I did not say that it was just the gubment who caused this.

[royalfan5]

How in the **** am I over-simplifying this if I agreed with Lex and his long list of guilty parties and encouraged him to add one more? I wasn't claiming that one single thing caused this. Re-read the damned post.

Sorry, I see a whine about how it's government's fault, and I get irritable.

[StoopTroup]

Midol?

[royalfan5]

Midol?

Once I get a job nailed down it will go away.

[Curly Bill]

Once I get a job nailed down it will go away.

Job? I'd wait, if Brack gets elected you won't need to work. It might even be held against you. :P

[StoopTroup]

And you'll have Health care too.

Then you can get a road crew job for cash in hand. :D ;)

[royalfan5]

Job? I'd wait, if Brack gets elected you won't need to work. It might even be held against you. :P

I get bored easily. If I get a job before everything gets re-regluated I'll really be set and have somewhere to go everyday and be entertained without having to worry about it being there.

[Curly Bill]

I get bored easily. If I get a job before everything gets re-regluated I'll really be set and have somewhere to go everyday and be entertained without having to worry about it being there.

I don't get bored easily...you want my job? :D

[royalfan5]

I don't get bored easily...you want my job? :D
Where would I have to move to?

[Curly Bill]

Where would I have to move to?

North Central Texas

...oh, and can I have the money that you would get for working my job for me?

[royalfan5]

North Central Texas

That wouldn't be terrible, but I will wait and see what the folks say on Friday. Apparently, people have other stuff to do first, before they can make a decision on moving forward with evaluating my employment potential.

[JohnnyMack]

Then you can get a road crew job for cash in hand. :D ;)

The Sarah has a road in Alaska you can work on:

http://www.codinghorror.com/blog/images/dead-end-sign.jpg

Doesn't really go anywhere. But whatever.

[lexsooner]

Sorry to re-direct this thread again, but with the financial crisis becoming by far the most important issue the next Prez is going to have to handle, I want a cerebral individual who can think over complex issues and come up with solutions. I like McCain fine as a leader, but I think Obama is better suited to inherit and deal with this complicated mess. And I do not want Palin anywhere near the White House with this crisis going on. Drop her in rural Alaska to hunt bear or something.

[Okla-homey]

Sorry to re-direct this thread again, but with the financial crisis becoming by far the most important issue the next Prez is going to have to handle, I want a cerebral individual who can think over complex issues and come up with solutions. I like McCain fine as a leader, but I think Obama is better suited to inherit and deal with this complicated mess. And I do not want Palin anywhere near the White House with this crisis going on. Drop her in rural Alaska to hunt bear or something.

Honest question. What makes you think BHO is more "cerebral" than any other celebrity? His law degree? If so, heh. It certainly can't be his professional experience, because he never had employment involving analysis of complex economic issues.

and, IMHO, the reason JSM needs to inherit this mess is because he will not frame it as requiring solutions involving bigger government and "economic justice." And the fact that like RR, he'll surround himself with the best and brightest who will find a way out of the woods.

[lexsooner]

Honest question. What makes you think BHO is more "cerebral" than any other celebrity? His law degree? If so, heh. It certainly can't be his professional experience, because he never had employment involving analysis of complex economic issues.

and, IMHO, the reason JSM needs to inherit this mess is because he will not frame it as requiring solutions involving bigger government and "economic justice." And the fact that like RR, he'll surround himself with the best and brightest who will find a way out of the woods.

No, not his law degree by itself. After all, Dan Quayle was also a lawyer, but we know the story there. BHO not only graduated from Harvard Law School, but did so well academically that he was selected to Harvard Law Review and he graduated magna cum laude. He then went on to be a Professor of Constitutional Law at the U. of Chicago, one of the finest law schools in the world. That's not even mentioning the books he has written. Also, the manner in which he answers questions strongly suggests he is a deep thinker. He often comes off as too analytical in his responses in public.

It appears Obama is already seeking the advice of experts in the field, so I am not concerned he will go it alone.

[Okla-homey]

Fixed.


No, not his law degree by itself. After all, Dan Quayle was also a lawyer, but we know the story there. BHO not only graduated from Harvard Law School, but did so well academically that he was selected to Harvard Law Review, but strangely, and unlike all previous and subsequent editors-in-chief, was never published in that journal, and he graduated magna cum laude. He then went on to be an adjunct Professor of Constitutional Law for a couple semesters at the U. of Chicago, one of the finest law schools in the world. Not a particularly impressive accomplishment given U. of Chicago Law is, and was, considered a bastion of conservatism and they badly needed to diversify their faculty. That's not even mentioning the books he has written which are merely self-agrandizing "memoirs.". Also, the manner in which he answers questions strongly suggests he is a deep thinker because the answers don't come readily to mind so he defaults to pat phrases. He often comes off as too analytical in his responses in public because he lacks meaningful answers.

It appears Obama is already seeking the advice of experts in the field, so I am not concerned he will go it alone.

[lexsooner]

Sorry, Homey. I respect your opinions a lot, but you're not going to convince me a man who graduated magna cum laude, near the top of his class of Harvard Law School, is not a deep, cerebral thinker. I also find no significance in the fact he was not published, since his being selected to the law review of perhaps the finest law school in the world and later elected Editor in Chief are, standing alone, so highly impressive and indicative of a high intellect.

UC might have needed diversity, but it is a school of such high standards that I am certain they would hire an adjunct prof who is highly intelligent and analytical - and totally qualified. This ain't OU Law which gets some partner from Crowe and Dunlevy who stumbles around Wills and Trusts for a semester in order to bolster his resume.'

I'd love to debate this further, but gotta bill some hours. Later, man.

[Position Limit]

"Most of these Harvard MBA types - they don't add up to dog****. Give me guys that are poor, smart, hungry - and no feelings. You win a few, you lose a few, but you keep on fighting. " gordon gekko

america, bless her heart, just doesnt function without bubble markets. nothing is gained without overpriced garbage these days.

[JohnnyMack]

and, IMHO, the reason JSM needs to inherit this mess is because he will not frame it as requiring solutions involving bigger government and "economic justice." And the fact that like RR, he'll surround himself with the best and brightest who will find a way out of the woods.

Yeah, stupid old Obama getting that pesky endorsement from Warren Buffett. What does he know?

I'm sure McCain's populist rant the other day doesn't bother you either. The man has made a career of promoting deregulation but now that it's politically expedient he's decided to give it whirl. McCain has all the grounding of a windsock.