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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?


To: mishedlo who wrote (41336)11/17/2005 3:16:18 PM
From: Jim McMannis  Read Replies (2) | Respond to of 116555
 
GM up like a rocket. Too much cash to go bankrupt anytime soon, (from n internal memo) they say on CNBC. They are saying $50 billion in cash after the sell off part of GMAC. Hard to get concessions from the Unions when you have all that cash.



To: mishedlo who wrote (41336)11/17/2005 6:00:58 PM
From: xhubx  Respond to of 116555
 
Mish, Thought I would pass this post on to you I saw on another thread from someone who lives near N.O.:
"every year at the beginning of HURRICANE season all the local channels show a special on HURRICANEs. And, they always show the models done at LSU about where the water would be both on the southshore (New Orleans) and the Northshore area under various scenarios. And, they go parish by parish and talk to the officials about how many body bags each parish had on the ready. Everyone in the area knows the score - I mean EVERYONE. And, that is why 90% of the city got out. I want to tell you - that is a miracle. Most of the time we don't evacuate. However, HURRICANE Georges a few years ago and Ivan last year put the fear of God into everyone. So, the problem is this: for some legal mumbo-jumbo reason the city didn't want to declare a mandatory evacuation. And, then when they did, they didn't even follow their own evacuation plan for the poor and indigent. There's no reason 1000 people had to die in New Orleans. Only the foolish would have died in New Orleans, if the city would have executed their own evacuation plan. And, forget the school busses, the news media didn't mention how the city busses were to be used. No, there was a massive failure of local government to care for the indigent.

The lesson of Katrina is this: don't rely on the government to save you. It's what my dad tried to teach me after his having survived the Depression. Every citizen in every city of the United States needs to know what he/she will do to save his own family in whatever disaster they may face. There's too much welfare mentality among all citizens - not just minorities. We expect the government to save us - we need to save ourselves.