Thursday
Apr302009
Chrysler Throws In The Towel
By Suzia van Swol, University of New Mexico-Talk Radio News Service
One-time giant Chrysler filed for bankruptcy protection today, but President Obama says he has every confidence it will emerge from this process stronger and more competitive.
After speaking with the President today, U.S. Rep. Marcy Kaptur (D-OH) said that the auto industry is important to the U.S. defense industrial base and the economic power of Northern Ohio. “Most important are the 30,000 jobs saved at Chrysler,” said Kaptur.
Kaptur said that the auto industry was brought down by Wall Street and it deserves to flourish. “The government will stand behind the working capital for Chrysler in the form of working capital and loans,” said Kaptur.
Striking comparison with other bailouts, Kaptur said that if you look at who got the big money, “the AIG gets 70 billion, one company?” She went on to say that TARP should have been opened up for vehicle sales
and for the financing of dealership showroom floors. Instead, there was a total credit strangle hold, which still is impacting this industry, and unemployment started to tick up all across the country.
The federal bankruptcy court will ultimately determine Chrysler’s immediate future, but Jeeps might still get a chance to four-wheel over mountains.
One-time giant Chrysler filed for bankruptcy protection today, but President Obama says he has every confidence it will emerge from this process stronger and more competitive.
After speaking with the President today, U.S. Rep. Marcy Kaptur (D-OH) said that the auto industry is important to the U.S. defense industrial base and the economic power of Northern Ohio. “Most important are the 30,000 jobs saved at Chrysler,” said Kaptur.
Kaptur said that the auto industry was brought down by Wall Street and it deserves to flourish. “The government will stand behind the working capital for Chrysler in the form of working capital and loans,” said Kaptur.
Striking comparison with other bailouts, Kaptur said that if you look at who got the big money, “the AIG gets 70 billion, one company?” She went on to say that TARP should have been opened up for vehicle sales
and for the financing of dealership showroom floors. Instead, there was a total credit strangle hold, which still is impacting this industry, and unemployment started to tick up all across the country.
The federal bankruptcy court will ultimately determine Chrysler’s immediate future, but Jeeps might still get a chance to four-wheel over mountains.
tagged AIG, Barack Obama, Chrysler, Congress, March Kaptur, TARP, Wall Street, bailout, bankruptcy, democrat, economic crisis, economy, jeep, jobs, ohio, president in News/Commentary
DOD Official: Sailors Should Fight Somali Pirates Themselves
The most effective way to deal with piracy off of the Somali coast is for the sailors to defend themselves, according to a Defense Department representative testifying to the Senate Armed Services Committee today.
Michele Flournoy, Under Secretary of Defense for Policy, said that of the recent pirate attacks in Somalia the most effective means of fending off the pirates came from actions taken by the crews themselves.
“The single most effective short-term response to piracy will be working with merchant shipping lines to ensure that vessels in the region take appropriate security measures themselves,” Flournoy said. She continued that it is not possible for the U.S. military to prevent or intervene in every pirate attack, but if crews take appropriate measures, “the vast majority of pirate attacks can be thwarted without any need for military intervention.”
There were 122 attempted pirate attacks in 2008, of which only 42 resulted in crewmembers becoming captured. Of the unsuccessful attacks, 78 percent of them were stopped by the crews actions, with the others being stopped by military intervention, according to Flournoy.
Flournoy divided crew countermeasures into two categories: passive and active defense measures. Passive measures are those which don’t necessarily require direct confrontation with the pirates, and can include physical obstructions to boarding points, avoiding high-risk waters, creating fortified “safe rooms” in the ship, posting lookouts at all times, and maintaining contact with maritime security forces. Active defense measures can include using fire hoses and small arms to repel pirates and a military presence on the boat. Both of these defensive measures are important for crews to talk to defend themselves, Flournoy said.
She believes that the complexity of this situation necessitates a multifaceted approach, which is why the aforementioned measures should be combined with greater military patrols and economic development. Additionally, the Defense Department would like to see more states willing to prosecute the pirates. Presently, Kenya is one of the only nations to actually place Somali pirates on trial.
According to Flournoy, since August 2008 36 pirate vessels have been destroyed or confiscated, small arms have been seized, and 146 pirates have been turned over to law enforcement officers.