August 10, 2015, (c) Leeham Co. Government interference: While right wing Republicans and Tea Party members decry supposed ExIm Bank interference with private industry, there is now a bill in Congress to sell millions of barrels of oil from the USA’s Strategic Oil Reserve in order to raise $15bn.
Unlike the ExIm Bank’s participation in the global capital markets, Congress’s action–if it passes–won’t create jobs. It will compete with jobs and companies trying to sell oil in the global market place. It will help drive prices down.
Once more, the hypocrisy of Congress is glaringly evident.
Bombardier: Pierre Beaudoin should have left Bombardier last February when he relinquished the title of president and CEO to Alain Bellemare instead of assuming the chairman’s title. This is the opinion of a few people with whom I’ve talked just in the last week.
Furthermore, the Beaudoin family needs to step out of the company entirely and give up its voting control (it has 54% of the voting stock) if BBD wants to attract new investors, says one Canadian aerospace analyst who hasn’t written any of this publicly.
“I can’t even see how they’re going to raise money for BT. I can’t imagine European investors would like subordinate shares either. Equity markets won’t be supportive unless the Family gives up control,” this analyst wrote me.
Book review: Flight 232: It was a beautiful day in 1989 when United Airlines Flight 232, a McDonnell Douglas DC-10-10, was at cruise altitude when the No. 2 engine blew up. Shrapnel cut the three hydraulic lines, destroying control except for the Nos. 1 and 3 engines. In a remarkable feat of airmanship, cockpit crew members brought the airplane in for a crash landing at Sioux City (IA). While 110 were killed, 186 survived.
The story is well known. It’s been the subject of several television shows and a made-for-TV movies. Now comes a book entitled simply Flight 232, by Laurence Gonzales, available on-line and in book stores.
Gonzales spent nearly 20 years researching the book. He interviewed the crew, passengers who survived and families of passengers who didn’t. He takes the reader into the cabin before and after the engine exploded and describes what those on board saw and felt during the crash landing, when the plane up-ended, as seen in that famous video we airplane geeks have seen so often.
For me, the most gripping read is what happened in the cockpit after the engine blew right up until landing and as the cockpit was sheared from the fuselage. The cockpit resource management was key to landing the airplane and Capt. Al Haynes’ intuitive use of left and right throttles in the moments immediately after the No. 2 engine exploded saved the airplane from rolling on its back and diving into the ground.
Gonzales weaves the crash investigation in with the stories of passengers, those who survived and those who didn’t. It was unsettling as he walked us through the cabin during the fateful descent and introduced us to passengers who were going to die.
Flight 232 is a gripping read with loads of information not known before.