Moving the US Air 'Hudson River' A320 to a Hangar

This picture series of 11 Photographs forms a follow-up to the post on the 26th January 2009:
Recovery of US Air Airbus A320 from the Hudson River

This post covers the transport of the Aircraft Fuselage through the streets of Red Hook New York State during its transfer to a Hangar for detailed examination:






















Copyright Unknown.

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Banks Continued Failure to Provide Loans makes a UK Depression Inevitable

Article Updated: 11th February 2009 at 0600 GMT

Having contacted the Author Mark Jago, he has given me permission to post his article.

In the financial world they have saying that a rising tide lifts all ships. US and UK government policies by deregulating financial industries and neglecting to provide responsible oversight, combined with Fed Chairman Greenspan's low interest rate policy has brought about an over stimulation of the world economy and the creation of market bubbles. In hind sight it's easy to see why this happened, the 2001 technology bubble should have been a wake-up call to US and UK policy makers. However, as we now know they did not heed the warnings.

Mortgage companies made money by selling large mortgages at low "teaser rates" without regard to the fact that their clients would not be able to make the monthly payments at normal interest rates. Banks made high profits by leveraging up their subprime mortgage loan portfolio and packaging them with high quality debt that was sold on as high quality debt into world debt investment markets.

US Federal Chairman Greenspan retired and was replaced by Dr Bernanke. Dr Bernanke immediately instituted a policy of interest rate hikes that led to the collapse of the US housing market bubble. This exposed the fraudulent excesses of the US and UK financial systems which in turn led to a rapid stock market crash and the freezing of global banking market liquidity.

Subsequent government bailouts of the banking system have been little more than a band-aid solution that have addressed some of the crisis symptoms but have done nothing to mitigate the consequences. The UK government bank bailout was a reactive response and a measure of last resort in an attempt to stave off a financial catastrophe. The US decision to bailout the banks rather than buying the toxic assets came about because there was no understanding about the size of the toxic lone problem.

The tide of global financial liquidity has disappeared the consequences of government's management of the UK economy has now been laid bare for all to see. The symbiotic relationship between the government and the City of London that allowed for the parasitic siphoning of wealth into the hands of a few is broken. However, old habits die hard and it's not surprising that it's been reported the Royal Bank of Scotland now owned by taxpayers intends to hand out a 1 billion pounds in staff bonuses. While at the same time they are calling in business loans, forcing companies into bankruptcy protection, destroying tax revenue and adding to UK workforce un-employment.

The North Sea oil Company Oilexco is an example of the damage being done by the UK banks and by the UK Government's failure ensure the integrity of the banking system. It was one of the UK's most active developers of UK oil and gas has been forced into bankruptcy protection after RBS withdrew its banking line of credit. The New technology that this Canadian oil company had been using had the potential of revitalizing North Sea energy production and providing the UK economy with much needed revenue.

What was initially primarily a US, UK financial crisis has now become a rapidly deepening global crisis. The UK has become an unreliable partner that can't be relied upon to do its part to support foreign investment and investments in the future of its own economy. The party is over in Britain, there is a limit to the number of times investors will accept being burnt. The world now understands clearly how things are in the UK and unless there is significant change in UK policy it is at risk of be viewed in the same way it views a certain failed African state.

The time for talk by the UK Prime Minister is over immediate government action is required NOW. It's clear that are funds available for bank bonuses, then funds MUST be made available to support companies like Oilexco and by doing so to support the UK economy and energy industry. The UK Government and banking industry track record is such that they clearly are un-qualified to make the judgement call on what merits an appropriate investment.


M.J

Related Posts:
5th January 2009:
Banks Risk Scottish North Sea Oil industry and Britain's Energy Future
7th January 2009:
Oilexco In Adminstration - Will other Dominos Fall

If you found this article interesting then the Idle Man recommends the following blogs:

BBC Blog: - Stephanomics - Stephanie Flanders, the BBC's economics editor

BBC Blog: - Peston's Picks - Robert Peston BBC Business Editor

BBC Blog: - Nick Robinson's Newslog - BBC Political Editor

Pondering the Israel, Gaza Situation.

The Idle Man has avoided posting on the recent Israeli Incursion into Gaza, primarily because my thoughts on the entire episode have been contradictary:

Before going further a map of the entire Gaza Strip:

• I fully understand why the Israelis decided to take military action. Having daily rocket attacks into your villages and towns requires action to stop it. As Hamas seems impervious to any diplomatic or economic pressure, military action was the only option left. As to whether the action was proportionate, is not a subject I feel qualified to judge. Unfortunately this has not stopped many just as unqualified as I, making pronouncements in Newspapers, or through Broadcast Media.
• I have immense sympathy for ordinary Palestinians who have been wounded, traumatised, lost love ones, homes, or livelihood.
• I intensely loath Hamas and its core agenda, but admit it has played its few cards extremely well and in many cases has trumped the incredibly slick and well organised Israeli PR Machine.
• I found the British Media's whining about the restrictions placed on them by the Israelis annoying, as none of them apparently tried to report from the Egyptian Side of the Gaza Border and the stalled supplies and medical volunteers stranded there, because Egypt for very good reasons kept the official border crossing closed. Maybe the Egyptians refused them access, if so they didn't mention this. Also none of them tried to get past the Israeli Naval Blockade on the Mediterranean Sea. Perhaps our fearless reporters felt that even if this didn't endanger their lives, it might endanger their careers as if caught they would never work in Israel again.
• In addition Western Media have an unfortunate tradition of endangering the lives of their own servicemen and women due irresponsible reporting and one can therefore understand the Israelis being reluctant to let them anywhere near the front line.
• I agree with the BBC and Sky refusal to broadcast the British Disaster Emergency Committee Appeal. Although this puts the BBC and Sky in a no-win situation, the decision is correct as this is not just another humanitarian disaster, but a political minefield. A minefield involving the fact that the Gaz Strip is governed by a Terrorist Organisation dedicated to the destruction of Israel and is anti-semitic and anti-christian. This coupled with the delicate political situation regarding the other Palestinian Enclave on the West Bank, plus Egypt, Jordan as well as Israel, means that any station broadcasting this appeal is sending a political message, that many will see as a statement of position, rather than simply a request for relief donations. I find it sad that ITV and Channel 4 have decided to Boradcast, but it is a free country, so it is up to them.
  
• At a personal level, whilst I accept that in many disasters some of the donations end up in the hands of the Corrupt, in this case, unless I receive a written guarantee that any monies donated will NOT be accessible by, pass through, or be paid to Hamas Officials, or Agencies, or Agents, then I will not be donating anything. I have never (at least knowingly) donated money, a proportion of which has ended up in the coffers of a Terrorist Organisation and I am not going to start now!
  
• The senior clerics of the Anglican and Catholic faiths in Britain have 'waded in' criticizing the BBC, yet they have been strangely silent over the plight of Palestinian Christians who have been persecuted for decades. I suggest that before having a go at the BBC and Sky, I suggest you start looking at what you should have been doing to help the Christians who live in a climate of persecution and abuse. He who casts the first stone..

Other Posts on Gaza in this Blog:
Hamas and Humanitarian Aid to Gaza, 06/07 Feburary 2008

Recovery of US Air Airbus A320 from the Hudson River

The recovery operation was carried out on the 17th/18th January 2009:








































Copyright Unknown


A reminder how the Crash Landing was reported on the 16th January 2009

There is now a follow-up post covering the Transport of the Fuselage through the streets of Red Hook New York:
Moving the US Air 'Hudson River' A320 to a Hangar

Strike One For Alitalia

The Reborn Alitalia is 7 Days Old and today (20th January) already has had its first strike (as against the mere disruption caused on its first day).
Admittedly this lasted a mere 4 Hours and is more a 'flexing of the muscles' by the union involved, SDL rather than a full scale clash.

This mini-strike still resulted in 22 Flights being cancelled including 6 International services!

So what was this strike over?
According to the SDL Union:
The protest was over new labour contracts and the criteria used to hire employees as part of Alitalia's relaunch.

Surely this was all resolved in the incredibly protracted negotiations between CAI Investor Group, the Unions and the Italian Government prior to the relaunch?

Actually I don't think the answer matters, just the conclusion and that is nothing has changed (so far), and the New Alitalia is the same as the Inefficient, Unsustainable, Old Alitalia.

Previous Posts on Alitalia in this Blog:
14 January 2009: Alitalia - Unions spoil first Day
13 January 2009: Alitalia Reborn - But will it Survive?
Last Year:
06th October 2008:
Alitalia - Is the Opera entering its final act?

13th September 2008:
Alitalia - Have the Unions Killed the only hope?

29th August 2008:
Alitalia Files for Bankruptcy Protection

29th July 2008:
Alitalia - How long before the life support is switched off?

A Soldier's Life Compared with Yours

Introduction
The following is a taken from a chain email forwarded to me.
Whilst it features Canadian and US Army Soldiers and has a distinct Canadian Theme, its message applies just as much to British and other Coalition Troops currently serving in combat zones:

A Soldier's Life Compared with Yours:
Your cell phone is in your pocket.
He clutches the cross hanging on his chain next to; his dog tags:


You talk trash about your 'buddies' that aren't with you.
He knows he may not see some of his buddies again.


You walk down the beach, staring at all the pretty girls.
He patrols the streets, searching for insurgents and terrorists.


You complain about how hot it is
He wears his heavy gear, not daring to take off his helmet to wipe his brow.


You go out to lunch, and complain because the restaurant got your order wrong.
He doesn't get to eat today.


You make your bed and wash your clothes.
He wears the same things for weeks, but makes sure his weapons are clean.


You go to the mall and get your hair redone.
He doesn't have time to brush his teeth today.


You're angry because your class ran 5 minutes over.
He's told he will be held over an extra 2 months.


You call your girlfriend and set a date for tonight.
He waits for the mail to see if there is a letter from home.


You hug and kiss your girlfriend, like you do everyday.
He holds his letter close and smells his love's perfume.


You roll your eyes as a baby cries.
He gets a letter with pictures of his new child, and wonders if they'll ever meet.


You criticize your government, and say that war never solves anything.
He sees the innocent tortured and killed by their own people and remembers why he is fighting


You hear the jokes about the war, and make fun of men like him.
He hears the gunfire, bombs and screams of the wounded


You see only what the media wants you to see.
He sees the broken bodies lying around him


You are asked to go to the store by your parents. You don't.
He does exactly what he is told even if it puts his life in danger.


You stay at home and watch TV.
He takes whatever time he is given to call, write home, sleep, and eat.


You crawl into your soft bed, with down pillows, and get comfortable.
He tries to sleep but gets woken by mortars and helicopters all night long.


The email chain asks you to support your troops and send the email to 7 people. For once I agree and if you do receive it, please forward it on.


Each Day take a moment to remember our troops:

Alitalia - Unions spoil first Day

The New Alitalia was officially reborn yesterday and the Unions couldn't even hold back to allow the relaunch to pass without incident!

• Alitalia workers wary of the impact from a new alliance with Air France-KLM demonstrated at Milan's Malpensa Airport by chanting slogans and waving union banners, causing delays.
• At Rome's Fiumicino Airport, delays of more than two hours were reported as workers marched outside.
  

The above does NOT bode well for the future of the reborn airline.

See the previous post: Alitalia Reborn - But will it Survive?

But on a lighter note, the following is what I think is a great quote on why the original Alitalia went bankrupt:
"Alitalia died of grandeur," Augusto Fantozzi, who ran it during its bankruptcy told L'Espresso magazine. "It paid triple for everything. To give you an example: it would send three cars to pick up cabin crew, in case the first got a flat tyre and the motor broke down in the second. It was a waste."
Whilst this was part of the problem, a less colourful, but more encompassing summary of the reasons for the failure of Alitalia from Airwise/Reuters:
The state-controlled carrier soon became a vehicle for political favours, and its unionised staff, who enjoyed lavish perks, prevented efforts to restructure to meet the 21st century challenges of an aviation downturn and low-cost competition.

Alitalia Reborn - But will it Survive?

Today the 13th January 2009 Alitalia is officially reborn. Now owned by the Investor Group Compagnia Aerea Italiana, shorn of its non-Airline Operating activies and having absorbed the commercially oriented and efficient Air One, the new slimmer Carrier is officially relaunched.

Also although not yet signed and sealed, the Air France-KLM offer to take a 25%, 320 million euros stake in Alitalia seems almost a certainty. The previous front runner for this investment, Lufthansa, lost its position when it annouced it was starting its own Italian Airline, Lufthansa Italia. Although Lufthansa may, even at this late stage make a bid to top Air France-KLM, this seems unlikely.

Whilst it is a miracle that Alitalia has reached this point (the Pope's prayers for the Airline seems to have helped), and the investment from Air France-KLM (or Lufthansa) will keep the company going for a while, the factors that will determine whether Alitalia has long term future are complex and many are not under its control.

• The ongoing Global Economic Crisis and its effect on the Airline Industry.
• The new labour contracts with the Alitalia Unions must produce the cost savings and productivity they are designed to produce.
• Those same Unions must not revert to their old ways of immediately launching crippling strike action whenever a problem, however minor occurs between them and the company.
• How Alitalia copes with the new commerical realities with Ryanair increased presence in the Italian Market and the launch next month of Lufthansa Italia, which will cement Lufthansa's already major presence in Italy.
• Currently Alitalia is a member of the Skyteam Alliance (includes Air France-KLM), but due to not integrating its computer systems, it does not maximise the benifits. It also retains a 'foot in the door' with the Star Alliance (includes Lufthansa). Once the 25% Stake deal is signed, upgrading and profiling the Computer Systems has got to be a major priority.
• Getting Passengers to Fly Alitalia is also going to be a major problem. The frustration over the Airlines history of long delays, cancellations, poor in-flight service, and a 'take it or leave it' attitude when dealing with customers, is a major hill to climb, in regaining passenger loyalty.
• Although it no longer controls its Ground Handling and Heavy Maintenance operations, industrial action in these organisations will be just as crippling to the new Alitalia, as it was to the old one (70 Flights from Rome were cancelled due a Ground Handling Strike last Wednesday).
• Finally, the European Low Fares Airline Association filed a complaint with European Commission last Thursday over the €3 tax, levied since October on passengers leaving Italian airports under Italy's "Save Alitalia decree," amounted to €100 million of
  illegal state subsidies to Alitalia each year.

So will Alitalia Survive in the long term?
As an independent entity, probably not!
As the Italian Division, after been absorbed by a major European Carrier, probably yes!

Other Posts on Alitalia in this blog:
06th October 2008:
Alitalia - Is the Opera entering its final act?

13th September 2008:
Alitalia - Have the Unions Killed the only hope?

29th August 2008:
Alitalia Files for Bankruptcy Protection

29th July 2008:
Alitalia - How long before the life support is switched off?

Oilexco In Adminstration - Will other Dominos Fall

As has been expected, Oilexco North Sea Limited has gone into administration. Oilexco was used as a case in point in Mark Jago's Article:
Banks Risk Scottish North Sea Oil industry & Britain's Energy Future
published in this Blog on Monday the 5th. We now have to wait and see if this is the start of a domino effect and other Oil Exploration Companies and those who supply them discover their funding has dried up.

British North Sea Oil and Gas provides the United Kingdom with some level of independence in Energy Needs.
No Exploration, No Infrastructure Expansion and No Innovation, due No Funding is going to have a disastrous impact on Energy Costs and indeed stability of Supply (if Russia keeps playing Games) in the next few years, let alone in the Medium and Long Term.

As Mark said in his article:
Successive British Governments have enjoyed massive tax revenues from North Sea Oil, now is the time to put some back into to those companies working to ensure a more efficient means of maximizing existing fields and using advanced technology to exploit new resources. As the banks seem to be unwilling to invest in the future, the Government should transfer some of the money earmarked for the rumored further bank bail-out into more equitable funding of North Sea exploration.

Electricity Supply Independence by New Generation Nuclear Power Stations and significant contributions by Alternate Technologies are years away. Gas will be a primary requirement for many decades in Industrial and Consumer Applications and however much research is being done in finding suitable alternatives to oil for Vehicle use, Oil is going to be the mainstay for the foreseeable future.

So HMG get some serious money into supporting North Sea Exploration and Extraction and while your at, it starting thinking about rebuilding the Coal Industry for synthetic oil, using technology to make coal gas, appear as if it is natural gas and finally using the new technologies to build the new 'greener' coal fired power stations.

Related Posts:
5th January 2009:
Banks Risk Scottish North Sea Oil industry and Britain's Energy Future
10/11th February 2009:
Banks Continued Failure to Provide Loans makes a UK Depression Inevitable