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01 Jun 2009 08:44

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Biz, U.S.: Big auto news #2: GM files for bankruptcy protection

  • One of the country’s greatest icons of industry is no longer independent. After years of mounting losses and an inevitable couple of weeks, General Motors filed for bankruptcy this morning. source
  • The automaker, which has been eroding market share since the ’80s and lost $30 billion last year alone, will likely be 60% owned by the federal government, which is sarcastically awesome. source
Posted by Ernie Smith • 0 Comments • Permalink

30 Apr 2009 21:13

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Biz, U.S.: OK, so someone doesn’t like the name “swine flu.”

  • The real issue is that anything is bad now because producers for the past 19 months have already lost money. On average they’ve lost about $20 a pig. So even if they lose $2 more, it’s hard on them.
  • Dave Warner • Communications director for the National Pork Producers Council, on how the “inaccurate” name for the flu strain, swine flu, has already hurt their industry. Swine flu, they say, is a combination of swine and human flu strains that you can’t get through eating pork. WHO has heard their criticism and changed the name to H1N1, but it’s terrible. So whatever. • source
Posted by Ernie Smith • 0 Comments • Permalink

27 Apr 2009 20:43

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Biz, U.S.: Newspapers fall deeper and deeper into oblivion

  • -7.1% circulation decline in the last six months o_O source
Posted by Ernie Smith • 8 Comments • Permalink

22 Apr 2009 22:33

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Biz, Politics: Expect GM’s decision to screw over all sorts of industries

  • There could be failures in lots of different industries as a result of this. One lost job at GM can result in up to 10 lost jobs elsewhere.
  • Mark Zandi • Chief economist at Moody’s Economy.com, on the potential mushroom effect this GM taking a break business could have on the freaking economy. We recommend that those 10 lost jobs elsewhere stock up on the Peanut Butter Crunch, because there’s gonna be a run on it because of all the middle aged men watching cartoons on a Tuesday afternoon. • source
Posted by Ernie Smith • 0 Comments • Permalink

16 Apr 2009 10:29

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Biz: That guy who bought Tribune, Sam Zell, regrets his decision

  • By definition, if you bought something and it’s now worth a great deal less, you made a mistake and I’m more than willing to say I made a mistake. I was too optimistic in terms of the newspaper’s ability to preserve its position.
  • Sam Zell • Who bought Tribune in 2007, then, burdened by debt, was forced to massively reorganize the company, laying off thousands and bankrupting the company in the process. Good show, chap. • source
Posted by Ernie Smith • 0 Comments • Permalink

16 Apr 2009 10:25

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Biz: A group of people want to buy Saturn from G.M. Whoo.

If you were an investor, wouldn’t you be interested in taking these cars off the hands of a failed auto giant? source
Posted by Ernie Smith • 2 Comments • Permalink

06 Apr 2009 12:17

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Biz: The foreclosure industry: Your misery is our good luck

  • Things are going tremendously. It has never been this good.
  • Darren Johnson • A “real estate owned” foreclosure agent from Detroit, talking about how well the foreclosure industry is going at the moment. Glad to know that someone’s doing OK. • source
Posted by Ernie Smith • 0 Comments • Permalink
 

30 Mar 2009 00:30

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Biz, U.S.: The bailed-out auto companies are pretty much screwed

  • 60 days for General Motors to restructure in a way that doesn’t suck; if it doesn’t, the bailout funds go dry. source
Posted by Ernie Smith • 0 Comments • Permalink

25 Mar 2009 10:40

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Biz, U.S.: Pre-existing conditions may cease to exist at health insurers

  • If you happened to have a pre-existing condition, you were charged higher premiums by your health-care provider. They sucked for millions of people. source
  • If Obama’s insurance plan goes through, insurance companies will drop the premiums like a bad habit. This is really good news for millions of people. source
Posted by Ernie Smith • 0 Comments • Permalink

20 Mar 2009 13:02

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Biz, Music: The music industry sees a customer gap unfolding

  • -17 million fewer customers bought CDs in 2008. That’s pretty bad for the music industry, friends. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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