Word: shutdowns
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...banks and thrifts, there are well-defined procedures for dealing with insolvencies through the Federal Deposit Insurance Corp. But much of the financial action in recent years has moved to companies for which there is no such shutdown plan. When Wall Street firm and major mortgage player Bear Stearns experienced something akin to a bank run in March, the solution that Paulson and Bernanke came up with was a hastily arranged sale to JPMorgan Chase & Co., backed by a $29 billion guarantee from the Fed. The Fed is responsible for keeping prices stable and credit flowing. Bailing out troubled lenders...
...manufacturing these days. The hard fact is that the nation is coping with one of the most wrenching economic transitions since the turn of the century. Despite the Reagan Administration's upbeat talk of continuing economic growth and prosperity, workers in traditional American industries insist on singing the shutdown blues, sometimes in whole choirs. Four years after the official end of the last U.S. recession, American factories ranging from textile plants in North Carolina to machine-tool plants in Ohio are still closing their doors. In many cases, older installations have been replaced by hundreds of smaller, more competitive plants...
...budgets will also be trimmed, including as yet unspecified support for motorsports such as NASCAR. GM is also planning to defer a $1.7 billion payment to the special trust created last year to cover the cost of health care for retired blue-collar workers; it would also expedite the shutdown of four truck plants originally announced at the company's annual meeting in June. GM plans to raise another $4 billion to $7 billion by selling off assets like its Hummer brand. That is all part of the company's realization that it will be difficult to raise cash from...
...shutdown will affect more than 10% of Toyota's 43,000 employees in the U.S. Toyota is also scrambling to rebalance its manufacturing operations to accommodate its best sellers. The company said it will build hybrid Priuses at a plant now under construction in Blue Springs, Miss. The Blue Springs plant is scheduled to open in 2010. The Highlander crossovers that were supposed to be made in Mississippi will be made in Indiana instead, and all pickup trucks will be made exclusively in Texas, according to Toyota...
...year. That's what's behind the troubles of ATA, Skybus, Aloha and Frontier Airlines, which have all filed for bankruptcy protection within the last three weeks. The FAA is continuing its by-the-book campaign with audits of other airlines, but there may not be another inspection-related shutdown of this magnitude anytime soon, since no other carrier is as dependent on the MD-80 as American. Having made its point to the industry, the FAA can still choose to allow airlines (particularly those in more precarious financial health than American) to take just a few planes...