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The F-35


CF-1 Flight 32. First C-model flight for Lt Cd...

CF-1 Flight 32. First C-model flight for Lt Cdr Eric Buus. Local area over Chesapeake and RTB to Runway 14 at PAX on 11 Feb 2011. Eric "Magic" Buus flew the F-35C for two hours, checking instruments that will measure structural loads on the airframe during flight maneuvers. (Photo credit: Wikipedia)

The F-35

Establishing air superiority in today’s complex global security climate requires the unprecedented capabilities and versatility that only the F-35 Lightning II can offer.

Conceived in the mid 1990s, the tri-variant F-35 represents the pinnacle of more than 50 years of fighter development technology. Designed to dominate the skies, the F-35 combines the 5th Generation characteristics of radar evading stealth, supersonic speed and extreme agility with the most powerful and comprehensive integrated sensor package of any fighter aircraft in history.

The bailout has failed


The lower house of the US Congress has voted down a $700bn (£380bn) plan aimed at bailing out Wall Street.
The rescue plan, a result of tense talks between the government and lawmakers, was rejected by 228 to 205 votes in the House of Representatives.

About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats. Shares on Wall Street plunged within seconds of the announcement, after earlier falls on global markets. A White House spokesman said that President George W Bush was “very disappointed” by the result.
He would meet members of his team in the coming days to “determine next steps”, spokesman Tony Fratto said. The vote followed a day of turmoil in the financial sector. Wachovia, the fourth-largest US bank, was bought by larger rival Citigroup in a rescue deal backed by US authorities.

Benelux banking giant Fortis was partially nationalised by the Dutch, Belgian and Luxembourg governments to ensure its survival. The UK government announced it was nationalising the Bradford & Bingley bank. Global shares fell sharply – France’s key index lost 5%, Germany’s main market dropped 4% while US shares also lost ground.

So grave are the consequences of this decision, reports the BBC’s Kevin Connolly from Washington, that the speaker of the house paused for several long minutes after the vote was taken before declaring it official.
The no vote plunged the world of Washington politics into turmoil and the markets into deep and instant chaos with rapid falls on Wall Street, our correspondent says. Mr Bush had argued that the bail-out plan was a “bold” one which he was confident would restore strength and confidence to the US economy.

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Geroge Bush blames the financial crisis substaintial foreign investment and a subsequent increase on bad consumer credit from greedy Wall Street bankers


 

 

President George Bush

President George Bush

A state of the afairs to squash fears amongst citizens in the United States of Amerca is sure to send ripple affects around the world; as we are all intertwined in this financial mess. President George Bush tonight spoke directly to U.S citizens, and candidly explained the situation in America. 

 

  • Housing prices that were valued more than they were actually worth
  • Banks that borrowed too much money
  • The decline in the housing market
  • Securities became unreliable leaving companies stuck with unsellable products
  • Banks began holding on to their money and dening credit to the everyday American citizen

President Bush said that the “irresponsible actions of some…bad decisions” is causing “the market is not functioning properly”. He warned that if action is held up by congress “the stock market could drop even more”. We could end up with “more expensive for credit, even with good credit history”. However he was optimistic and said that there is a spirit of cooperation betweens Democrates and Republicans. This bill will commit a large amount of tax payers money. But given the situtation, if the bill is not passed, it will cost more later for the American economy and the world. His key points to the ballout was to (1) remove risk possed by mortgage back securities, (2) protect tax payers and (3) ensure that there will be no winfall for “Wall Street” executives.

     

George Bush beleives that the plan will solve the financial problem and allow the “flow of credit” to Americans. He beleives that the vast majority of Americians will pay off their mortgages. But what does this mean for the future of America? The first part is to safeguard the financial system. He promised that every savings account will continue to be insured for up to $100, 000. In addition, he said that the laws governing the American financial system are outdated; needing change and modernization. The government should be able to observe, control and ensure that “Wall Street” will never put the system or the American people at risk again. He still beleives that the democratic financial system is the best system one available. His final quote stated that “together we will show the world what kind of country America is”. The world will definately wonder! The question you may ask, if it is the best system, than what makes the U.S different than any other socialist system now that they are essentially owning these companies? Is the problem with America greed? Did they simply learn from history and the depression and wanted to make sure to avoid a global depression?

 

American Wall Street Greed

American Wall Street Greed

One has to wonder, although America is only a portion of the worlds population, they consume the largest amount per-capita basis. Is America’s excess caused by world greed and foreign investment? Is it time for America to learn to live with less? Or is it time for America to embrace a more socialist style of financial system? Has republican or conservative styled economics failed? Or are Western societies just too credit happy, beleiving that they “deserve” to have all of the luxuries of life? Will we ever learn?

 

By Andy MJ
a.k.a. The G.T.A Patriot

Lehman Files for Biggest Bankruptcy in American History, rumors of warnings with AIG and Citibank and the coming market meltdown


Sept. 15 (Bloomberg) — Lehman Brothers Holdings Inc., the fourth-largest U.S. investment bank, succumbed to the subprime mortgage crisis it helped create in the biggest bankruptcy filing in history.

The 158-year-old firm, which survived railroad bankruptcies of the 1800s, the Great Depression in the 1930s and the collapse of Long-Term Capital Management a decade ago, filed a Chapter 11 petition with U.S. Bankruptcy Court in Manhattan today. The collapse of Lehman, which listed more than $613 billion of debt, dwarfs WorldCom Inc.’s insolvency in 2002 and Drexel Burnham Lambert’s failure in 1990.

Lehman was forced into bankruptcy after Barclays Plc and Bank of America Corp. abandoned takeover talks yesterday and the company lost 94 percent of its market value this year. Chief Executive Officer Richard Fuld, who turned the New York-based firm into the biggest underwriter of mortgage-backed securities at the top of the U.S. real estate market, joins his counterparts at Bear Stearns Cos., Merrill Lynch & Co. and more than 10 banks that couldn’t survive this year’s credit crunch.

“There is likely to be a domino effect as other firms and individuals who relied on Lehman for financing feel the effects of its meltdown,” said Charles “Chuck” Tatelbaum, a bankruptcy lawyer with Lauderdale, Florida-based Adorno & Yoss and former editor of the American Bankruptcy Institute Journal. “The whole thing is frankly frightening for the U.S. economy.”
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TTC streetcar deal to Alstom?


Alstom Trams and Streetcars for Toronto

Alstom Trams and Streetcars for Toronto

By Christina Blizzard

It’s a contract worth $3 billion in tax dollars and thousands of jobs for the provincial economy. The TTC’s bid to buy 204 low-floor streetcars is the largest public transit contract in the world right now. Yet it’s hard to avoid the conclusion that the way it’s been negotiated is more like a soap opera than a massive public transit deal.

In what would be a major upset, it seems likely the deal will go to a French company, Alstom, and not to the Bombardier plant in Thunder Bay.

Last year, the TTC issued a request for proposal (RFP) from bidders. It’s a two-phase deal worth $1.4 billion in the first part and up to $3 billion by the time it is finished.

There were only three serious bids at the time — Siemens, the big German corporation, Bombardier, and Tram Power, a small British company whose bid, according to TTC Chair Adam Giambrone, was deemed “not commercially viable.”

In July, it was thought Bombardier was a shoo-in when Siemens abruptly withdrew from the bidding. Industry insiders were shocked when the TTC announced the Bombardier bid didn’t meet their technical requirements. Not just that, they made dire warnings that the Bombardier streetcars would derail, a claim Bombardier says is ridiculous.

In a July 26 press release Bombardier called for TTC commissioners to conduct a review of the decision after a team of Bombardier engineers and experts reviewed the TTC’s reasons for the disqualification and “found no acceptable rationale.”

The TTC threw the deal open for all to come and negotiate. Giambrone told me yesterday there are three finalists for the deal: Bombardier, Siemens and a last minute entry, Alstom, which built the Washington subway. Between the three companies they have 90% of the world public transit market.

All this comes at an embarrassing time for the provincial government. They recently instituted a 25% Canadian content regulation for public transit projects.

The TTC will make a mockery of that requirement if it awards the deal to an off-shore company at a time when the manufacturing sector in this province is in such dire straits. Thunder Bay has been particularly hard hit with the loss of jobs in the forestry sector.

“It is not the obligation of the TTC to do province-wide economic development,” Giambrone said in a telephone interview yesterday.

He pointed out the TTC pioneered the 25% Canadian content requirement even before the province mandated it.

“It was a realistic and a reasonable compromise that allowed us to have fair competition while at the same time ensuring that economic benefits come back to the Toronto area. The automobile industry is centred around the GTA so that will produce a lot of parts for it. There is also the possibility of assembly in Thunder Bay,” he said.

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