http://www.nytimes.com/interactive/2008/11/28/world/20081129_mumbai_graphic.html
On Wednesday night in November, Mumbai, India was attacked by terrorists who raided two- five star hotels, the city’s largest train station, a Jewish center, a movie theater and a hospital leaving dozens killed and several wounded.
Although India has had its fair share of attacks this has been one of the worst terrorist attacks yet. The terrorists used boats to transport themselves to Mumbai and made sure that the sites they hit were popular with tourists making sure they walked away doing as much damage as possible. On Thursday it was reported by the Mumbai police that a minimum of 101 people were killed and at least 250 wounded.
For those who were inside the hotel and who managed to escape during the time of the attack, reported that the attackers were taking hostages singling out Americans and Britons. In the early morning the Taj Mahal Palace and Tower Hotel was in flames.
The other attacks that had happened in India were less planned and were not as grand as the attacks that occurred on Wednesday night. These attacks were well planned and the terrorists had specific ideas to what they wanted to accomplish. Vilasrao Deshmukh the chief minister of Maharashtra State, where Mumbai is located, “told CNN-IBN station that the attacks hit five to seven targets, concentrated in the southern tip of the city, known as Colaba and Naiman Point. But even hours after the attacks began, the full scope of the assaults was unclear.
At midnight another attack began at a local movie theater, where tourists as well as locals ducked for cover as they heard gunshots going on around them, a nearby gas station was also blown up as well as the landmark Leopold, a favorite spot amongst tourists. With all of the attacks that are going on in India the American people as well as the rest of the world have India and its people in their hearts.
http://www.nytimes.com/2008/11/27/world/asia/27mumbai.html?pagewanted=2
Tuesday, December 2, 2008
General Motors Falling Faster Than They Thought
Following the General Motors crisis the company announced on Tuesday that it is in dire need of financial assistance and is requesting $34 billion dollars in federal loans and lines of credit. The three major motor vehicle companies, General Motors, Ford Motor Company and Chrysler have all underestimated the slum that they are now enduring since their last evaluation in November. General Motors has told Congress that they plan to drastically shrink the companies “operations to ensure its long-term survival,” but with everything that is happening in the stock market can the country afford to loan such an immense amount of money?
Congress responded that the plans that had been put forth to revive the company was unimpressive and that dramatic changes had to be made in order for them to receive any kind of loan. General Motors retorted that, “it was in such sire straits that it would deeply cut jobs, factories, brands and executive pay as part of its plea to get $12 billion in federal loans and an additional $6 billion line of credit.”
General Motors in the worlds largest automaker in the United States so what is happening to the rest of the motor vehicle companies? Chrysler another major business, is also asking Congress for similar requests and has asked for $7 billion dollars by the end of December in order to keep afloat. Although these two companies are suffering it is Ford Motors that seemingly has its priorities in order, but Ford’s chief executive, Alan R. Mulally said, “the prospect of a failure of G.M. would cascade through the entire domestic auto industry and put millions of jobs at risk,” he went on to say, “We are very, very concerned, and that’s why we went with G.M. and Chrysler to Congress even though we think we have sufficient liquidity.” Ford Motors has asked Congress for $9 billion dollars to be readily available if they enter the same situation as the other companies.
The plans and requests of these businesses are now being looked over very carefully by the White House and although no statement has been made yet on what to do but one thing is certain all of these companies must have a definite plan of what actions they wish to take in the future to avoid these kind of problems in the future.
Of course each of these companies would not be in a state of crisis if it were not for the fall of the stock market, and both chief executives of General Motors and Ford said, “they would sell their corporate aircrafts, and both said they would work for $1-a-year salary if federal assistance was forthcoming. But General Motors is planning on doing more to show that they seriously need the money that are asking for; it planned to, “reduce the number of salaried and hourly workers in the United States to 65,000 to 75,000 by 2012 from the current 96,000. The company also said it would reduce its number of factories to 36 from 47.” But with all of these cuts will it be ultimately beneficial for the American people?
http://www.nytimes.com/2008/12/03/business/03auto.html?pagewanted=2&hp&adxnnl=1&adxnnlx=1228266174-BMPbr3j4lElJEKz53KIaQg
Congress responded that the plans that had been put forth to revive the company was unimpressive and that dramatic changes had to be made in order for them to receive any kind of loan. General Motors retorted that, “it was in such sire straits that it would deeply cut jobs, factories, brands and executive pay as part of its plea to get $12 billion in federal loans and an additional $6 billion line of credit.”
General Motors in the worlds largest automaker in the United States so what is happening to the rest of the motor vehicle companies? Chrysler another major business, is also asking Congress for similar requests and has asked for $7 billion dollars by the end of December in order to keep afloat. Although these two companies are suffering it is Ford Motors that seemingly has its priorities in order, but Ford’s chief executive, Alan R. Mulally said, “the prospect of a failure of G.M. would cascade through the entire domestic auto industry and put millions of jobs at risk,” he went on to say, “We are very, very concerned, and that’s why we went with G.M. and Chrysler to Congress even though we think we have sufficient liquidity.” Ford Motors has asked Congress for $9 billion dollars to be readily available if they enter the same situation as the other companies.
The plans and requests of these businesses are now being looked over very carefully by the White House and although no statement has been made yet on what to do but one thing is certain all of these companies must have a definite plan of what actions they wish to take in the future to avoid these kind of problems in the future.
Of course each of these companies would not be in a state of crisis if it were not for the fall of the stock market, and both chief executives of General Motors and Ford said, “they would sell their corporate aircrafts, and both said they would work for $1-a-year salary if federal assistance was forthcoming. But General Motors is planning on doing more to show that they seriously need the money that are asking for; it planned to, “reduce the number of salaried and hourly workers in the United States to 65,000 to 75,000 by 2012 from the current 96,000. The company also said it would reduce its number of factories to 36 from 47.” But with all of these cuts will it be ultimately beneficial for the American people?
http://www.nytimes.com/2008/12/03/business/03auto.html?pagewanted=2&hp&adxnnl=1&adxnnlx=1228266174-BMPbr3j4lElJEKz53KIaQg
U.S. in need of a recovery plan and fast...
Now that the presidential race is over, President-elect Barack Obama is focusing all of his attention on the declining stock market and the ways that it can be improved. Since the fall of Lehman Brothers and the bankruptcy of General Motors, businesses as well as the general public are walking on egg-shells in the stock market. Although the stocks for Ford Motors rose about 10 percent and General Motors rose 5 percent, both car dealerships report that their sales declined dramatically during the month of November; General Motors sales were down 41 percent, Ford’s sales were down 30.6 percent and Toyota’s sales down 33.9 percent. With all of this loss of revenue, what can the country expect for the future?
President-elect Barack Obama spoke to the National Governors Association in Philadelphia on the problems that face the country as well as making everyone aware that he is open to ideas whether from Republicans or Democrats, on how to solve this crisis. Although Obama is making himself readily available to good ideas on how to go about this problem other pressing issues are slowing the process as well as making the issue of how to solve the stock market crash more difficult. For example the recent attacks in Mumbai have now made the situation in Iraq more complicated and have made people question if taking all American troops out of the area is the right thing to do.
On the issue of the stock market Mr. Obama said, “to solve this crisis and to ease the burden on our states we need action, and action swiftly, that means passing an economic recovery plan to help both Wall Street and Main Street, and this administration does not intend to delay in getting you the help that you need.” Action does not to come as a rapid rate as Gov. Arnold Schwarzenegger reiterated when he made a statement on Monday saying that “the state could run out of cash within two months.”
The fall of the stock market is not just causing problems for Wall Street but also for the employees who worked for the big businesses who are now going bankrupt. On Friday the report from the Labor Department regarding the unemployment rate, which is “arguably the most important update on the health of the economy,” is thought to report that businesses will have to shed another 300,000 jobs adding more stress to the country. With these statements it comes as “no surprise, investors were told this week that the United States economy is officially in a recession, according to the nonpartisan National Bureau of Economic Research.”
http://www.nytimes.com/2008/12/03/business/03markets.html?ref=business
http://www.nytimes.com/2008/12/03/us/politics/03transition.html?_r=1&hp
http://www.nytimes.com/2008/12/03/business/03sales.html?ref=business
President-elect Barack Obama spoke to the National Governors Association in Philadelphia on the problems that face the country as well as making everyone aware that he is open to ideas whether from Republicans or Democrats, on how to solve this crisis. Although Obama is making himself readily available to good ideas on how to go about this problem other pressing issues are slowing the process as well as making the issue of how to solve the stock market crash more difficult. For example the recent attacks in Mumbai have now made the situation in Iraq more complicated and have made people question if taking all American troops out of the area is the right thing to do.
On the issue of the stock market Mr. Obama said, “to solve this crisis and to ease the burden on our states we need action, and action swiftly, that means passing an economic recovery plan to help both Wall Street and Main Street, and this administration does not intend to delay in getting you the help that you need.” Action does not to come as a rapid rate as Gov. Arnold Schwarzenegger reiterated when he made a statement on Monday saying that “the state could run out of cash within two months.”
The fall of the stock market is not just causing problems for Wall Street but also for the employees who worked for the big businesses who are now going bankrupt. On Friday the report from the Labor Department regarding the unemployment rate, which is “arguably the most important update on the health of the economy,” is thought to report that businesses will have to shed another 300,000 jobs adding more stress to the country. With these statements it comes as “no surprise, investors were told this week that the United States economy is officially in a recession, according to the nonpartisan National Bureau of Economic Research.”
http://www.nytimes.com/2008/12/03/business/03markets.html?ref=business
http://www.nytimes.com/2008/12/03/us/politics/03transition.html?_r=1&hp
http://www.nytimes.com/2008/12/03/business/03sales.html?ref=business
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