More bad news for Boeing.

[red750]

The Federal Aviation Administration has proposed a $19.7 million fine against Boeing for regulatory violations related to sensors on nearly 800 examples of the 737NG and 737 Max.

 

Read article here.

[jackc]

The got off cheap.....

 

Cheers,

 

Jack.

[M61A1]

The Federal Aviation Administration has proposed a $19.7 million fine against Boeing for regulatory violations related to sensors on nearly 800 examples of the 737NG and 737 Max.

 

Read article here.

I read it.......No wonder hardly anyone builds planes any more. If I were Boeing, I reckon I'd just stop all work and pack it up.

[onetrack]

A $19.7M fine to a company that still grosses US$60B annually, despite a massive sales downturn due to the 737 MAX fiasco, is just loose change. In 2018, they grossed US$100B, and made $2.2B profit.

[Guest Machtuk]

Airbus, way of the future!?

[onetrack]

Boeing has now put the bite on the U.S. Govt for a US$60B bailout. This is just after obtaining around US$13B last month in additional loan monies from major lenders, to help with their financial problems.

 

If Boeing was a dog, you'd put it down, as being a terminal case, with no hope of recovery. But this is Boeing, it's the heart of America, they have to keep it on life support.

 

 

[Guest Machtuk]

The trouble is with handing over money to these big grubby corrupt corporations such as Boeing is that the money gets used to prop up the business as usual INCLUDING the huge monies paid to the top end!

[Methusala]

Instead of building a reserve against likely contingencies, the management used loans to buy back shares, propping up the share price upon which bonuses are paid. They now demand more largesse to finance huge losses on the mad dog Max. Let them sink and use the public money saved pay for decent public health.

[Guest Machtuk]

Instead of building a reserve against likely contingencies, the management used loans to buy back shares, propping up the share price upon which bonuses are paid. They now demand more largesse to finance huge losses on the mad dog Max. Let them sink and use the public money saved pay for decent public health.

Cruel but I agree. I feel for the workers at the coal face not the grubby management, they had it too good for too long!

[Jerry_Atrick]

A bailout can come with conditions, including limiting pay and bonuses of execs and ring fencing what the money is used for.. Unf, the greasy pole often extends outside the corporation.

 

Also, let's not forget... Airbus have been found guilty by the WTO of being illiegally propped up bu the EC - by no less than those gladiators and defenders of markets free of subsidies.. Of course, Boeing has been the recipient of such indirect subsidies as well.. My point is they both (and no doubt others) get effective handouts to survive and prospoer.

 

I think the world needs at least two competing airliner manufacturers (they both do a lot more) to keep development going. Once the competition is taken away, the other rests and development such as hybrid transporters stop.. as R&D is a high risk cost.

 

(changed "nor less" to "by no less than")

Edited March 19, 2020 by Jerry_Atrick

[Old Koreelah]

There is no chance of the US government letting Boeing collapse; it's not just their only national builder of airliners, it's a major supplier of their weapons.

[Jerry_Atrick]

And space and cybersecurity and all sorts of other stuff...

[kgwilson]

Boeing is also the USAs biggest single earner of foreign currency for the US government. That just took a major dive.

[bexrbetter]

No one is mentioning the impact of the virus that will send many purchasers of both Boeing and Airbus aircraft to the wall.

 

Boeing and Airbuses biggest competition after the virus is likely to be the glut of used aircraft on the market.

[onetrack]

Boeing is also the USAs biggest single earner of foreign currency for the US government. That just took a major dive.

 

Well, I hope that makes the US$ dive, so we can get some value back in our dollar!

[bexrbetter]

Well, I hope that makes the US$ dive, so we can get some value back in our dollar!

 

If we stopped tying our bloody dollar to the US in the first place making speculators filthy rich, we could get the whole country back on track.

 

Our dollar is such an easy touch that it's the 4th or 5th most traded, even though we are 15th or more largest economy.

 

People rave about Keating and his floating of the dollar, but look what happened to our manufacturing after it ....

[Jerry_Atrick]

The AUD dropped massively after the float in 1983... see here: The Exchange Rate and the Reserve Bank's Role in the Foreign Exchange Market. That would have had the effect of making our exports cheaper... although this would be ameliorated as to cushion the inflationary effect, as I recall wages did rise increasing the cost of inputs to secondary production. On the domestic market, the increased price of imports would have also made Aussie made more attractive (again, this would have been ameliorated by the increase in wages - but there would have been a lag and Aussie manufactured products should have increased. As most of our secondary products have always been imported - in 1965 Aussie manifacturing peaked at 25% GDP.. this is not a strong manufacturing economy: Manufacturing in Australia - Wikipedia.

 

If I recall, Keating and Hawke were the ones to bring in the 150%R&D tax break which at least prolinged some manufacture in Aus.. However, it was Abbot who decided that car manufacturing should stop (you cannot tell me he didn't know the consequences of his actions)... And manufacturing was killed because of the rise of ultra cheap imports from Asia.. the clothing manufacturing industry first and then the rest...

 

Also, the wholesale model if Australia was a buys shop - remember when Whitlam removed a lot of the customs duties to decrease the prices - not much compeition at the wholesale level, prices stayed the same and wholesalers got very rich.

 

Nothing to do with the float.. or at least very little.

[onetrack]

The bottom line is that much of our global financial system is based on pea-and-thimble trickery. Our financial systems are manipulated by those with wealth and power, to unjustly reward themselves, and reward other wealthy investors.

Currencies should be fixed, because they are a store of wealth or value - and as such, that wealth or value should not be manipulated at will.

We have set, fixed standards for weights and measures (with severe penalties for shortchanging) - why is this not extended to currencies?

 

It is only in the "Keynesian" era, where "progressive financial ideas" have proliferated, that the idea that a currency that varies in value, from minute to minute, day to day, week to week, is a great idea.

It isn't. It only allows banks and other exceptionally wealthy entities to trade in currencies and make millions from minor variations in the values of those currencies, by buying and selling tens of millions of that currency, typically in overnight markets. This is a travesty - how does manipulation of currency values, create real wealth? It doesn't - it only shafts everyone who holds any amount of that currency, in the most opaque manner.

 

There is going to be a financial shakeout soon, the likes of which the world has never seen - simply because the financial systems of the world are based on fraud and manipulation - aided by politicians, who gain additional power by currency floating and financial manipulation.

The COVID-19 virus may be the sole factor from out of left field, that will produce a financial values collapse event, which the Omaha Oracle describes neatly, as - "you only get to see who's swimming naked, when the tide goes out".

[Guest Machtuk]

The bottom line is that much of our global financial system is based on pea-and-thimble trickery. Our financial systems are manipulated by those with wealth and power, to unjustly reward themselves, and reward other wealthy investors.

Currencies should be fixed, because they are a store of wealth or value - and as such, that wealth or value should not be manipulated at will.

We have set, fixed standards for weights and measures (with severe penalties for shortchanging) - why is this not extended to currencies?

 

It is only in the "Keynesian" era, where "progressive financial ideas" have proliferated, that the idea that a currency that varies in value, from minute to minute, day to day, week to week, is a great idea.

It isn't. It only allows banks and other exceptionally wealthy entities to trade in currencies and make millions from minor variations in the values of those currencies, by buying and selling tens of millions of that currency, typically in overnight markets. This is a travesty - how does manipulation of currency values, create real wealth? It doesn't - it only shafts everyone who holds any amount of that currency, in the most opaque manner.

 

There is going to be a financial shakeout soon, the likes of which the world has never seen - simply because the financial systems of the world are based on fraud and manipulation - aided by politicians, who gain additional power by currency floating and financial manipulation.

The COVID-19 virus may be the sole factor from out of left field, that will produce a financial values collapse event, which the Omaha Oracle describes neatly, as - "you only get to see who's swimming naked, when the tide goes out".

 

 

Well said 1TRK, I've always maintained that the wealthy & corrupt use us plebs as pawns! When the human race is finished (not too far away in evolutionary terms) all we would have to show is the dead consist of the wealthy, the corrupt and the innocent, all finally equal!

[facthunter]

DEATH .The final LEVELLER.. Nev

[bexrbetter]

 

If I recall, Keating and Hawke were the ones

 

Also, the wholesale model if Australia was a buys shop - remember when Whitlam removed a lot of the customs duties to decrease the prices - not much compeition at the wholesale level, prices stayed the same and wholesalers got very rich.

 

 

Well I'm glad you mentioned Whitlam, because he started it with a 25% reduction. Fraser reigned it in, then Hawke did it again, then Keating.

 

Don't think this is anti-Labor, it's not, Liberals did little about it once they got in after Keating.

 

 

However, it was Abbot who decided that car manufacturing should stop (you cannot tell me he didn't know the consequences of his actions)...

 

 

.. and vice versa, Labor did NOTHING about it.

 

 

And manufacturing was killed because of the rise of ultra cheap imports from Asia.. the clothing manufacturing industry first and then the rest...

 

 

Did you know that Germany, not a cheap country, the Government there supports the car industry to the tune of 5 times per Capita that Australia ever did, and have a look at their success around the globe. Oh and check out their Protection Laws and Tariffs ....

 

Cheap imports from Asia, sure but you don't mention the protection barriers they put up while we opened our doors so that they can flood in ...

 

I will never forgive Hawke and Keating for pretending that we can compete on the World stage, all they did was bend us over and make way for pineapples.

[onetrack]

Keating destroyed the Govt-owned Commonwealth Bank, at the behest of the bankers from the private banks - a move I will never forgive Keating for. He was simply a bankers lackey.

The champagne glasses are still clinking in the boardrooms of the private banks, as they celebrate the destruction of the one thing that stopped them from controlling Australia's banking system completely!

 

The Govt-owned Commonwealth Bank was instituted by King O'Malley, to reign in private banking sector greed, after he saw the greed and ruthlessness in the American banking system in the 1880's.

For over 80 years, the Commonwealth Bank stood as a bulwark to commercial banking greed - and the privately-owned banks hated it with a vengeance.

As it stands today, these banks are still charging anywhere between 14% and 21% for credit cards, when their financing costs are likely to be in the region of less than 2%.

[facthunter]

Banks and corruption are one and the same these days. Maybe MONEY IS the root of all evil after all. Especially when the system is geared to make it unavailable to a large section of society . Nev

[onetrack]

Many people misquote the saying as "money is the root of all evil", but the original saying is "the love of money, is the root of all evil".

 

We need money for our economies to operate, it is when an overwhelming greed for money takes over a persons life, or a corporations aims, that it becomes a cardinal sin.

[Old Koreelah]

Many people misquote the saying as "money is the root of all evil", but the original saying is "the love of money, is the root of all evil".

 

We need money for our economies to operate, it is when an overwhelming greed for money takes over a persons life, or a corporations aims, that it becomes a cardinal sin.