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Out Of Range?

albertchampion
post Jun 3 2008, 12:36 AM
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is john mauldin an idiot?

based on what he allowed to be published under his name today, i think that you have to say,YES. JOHN MAULDIN IS AN IDIOT.

consider, in the review of the economy that he allowed to be published under his name, consider the first section: THE AIRLINE INDUSTRY - UNFRIENDLY SKIES.

after reading this paragraph, do you notice something odd? southwest airlines goes unmentioned. how strange is that? pretty strange seeing how it has been, since its inception, that southwest airlines as a business model is beyond reproach. it makes a profit. it pays a dividend. contrast that to all those airlines that john mauldin mentions.

is john mauldin demented?

in my opinion, yes. and i say that based on the next bit in his post, entitled THE AUTOMOBILE INDUSTRY - ONE BIG POTHOLE.

i find it odd how john mauldin refuses to identify the board of directors of GM as the gangsters that they were and are.

i must confess, i have some knowledge here.

so, let us consider the creation of delphi. how did this bit of crooked divestiture play out?

let us study on the AC spark plug operations[devolved into delphi] in flint, michigan, for an illustration.

as we know from a wall street journal article concerning delphi when it began to go south, it cost delphi about $2.54 in average variable costs to produce a spark plug.

this was the burden that GM absorbed prior to the divestiture of AC into Delphi. in other words, prior to that divestiture, when GM produced a V8, there was $20.32 in spark plug costs.

but after AC became a part of delphi, suddenly spark plugs were sold to GM for significantly less than their average variable cost[$1.00 - $1.54].

for all practical purposes, delphi took a significant loss on every spark plug sold to GM. that is why delphi, immediately after its bankruptcy filing, said that it was going to exit the spark plug manufacturing business.

and that little bit of legerdemain is one of the episodes that allowed the GM board of directors to announce that it had reduced its manufacturing costs by some significant percentage.

but, if you were a delphi stockholder, you should be suing delphi and GM management.

it wasn't just spark plugs that were finessed this way.

silently[almost secretly], the bankruptcy court has allowed the AC spark plug operations to be repatriated to GM. an entity that will now have to account for the real average variable cost. NO MORE FICTIONAL COMPONENT COST REDUCTIONS.

and if you think that these fictional cost reductions achieved by the spin-off to delphi were limited to spark plugs, want to talk to me about some bridges.

i can assure you, everything spun off by GM to delphi resulted in illusory component cost reductions.

in a very real sense, all the officers and directors of GM are deserving of jail time.

they are crooks.

and that is putting it mildly.
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bill
post Jun 3 2008, 06:08 PM
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Nooze today

GM to close truck and SUV plants so they can produce more efficient cars

What they can't manufacture efficient cars in the same factories


10,000 jobs at risk
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