Category Archives: Economy

Manufacturing in Thailand – the “Detroit of the East”

Emily Halgrimson, Today’s Machining World’s Managing Editor, was invited to join 11 other journalists from the U.S. and Canada (six in the automotive sector and six in the food industry sector) by the government of Thailand’s Board of Investment (BOI) on a four-day media tour to promote Thailand’s industry around Bangkok and the Southeastern seaboard.

Saturday, January 14th 10 a.m. – Left Chicago’s O’Hare International for Thailand on American Airlines. It’s not comforting to fly a bankrupt airline’s 757 over the Pacific. The distance is a drawback to North Americans doing business in Southeast Asia – 15 hours to Shanghai and another six to Thailand is a haul. I was pleased to find PBS’s excellent series, Downton Abbey, on the inflight entertainment, but slept most of the way thanks to Benadryl.

Sunday 10:30 p.m. – Arrived at the airport in Bangkok, and while waiting for the other journalists to arrive, ate some of my favorite Thai food of the trip – deep-fried pork with a red coconut curry sauce and Tom Yum soup. Made a vow to eat only Thai food for the duration  –  was not a problem. Transferred to our five-star hotel, Novotel, and were welcomed with plates of Thai deserts, wine and palm-to-palm bows by all.

Some of the journalists after a tour of Western Digital’s hard drive production facility

Monday 8 a.m. – Totally jet-lagged. We visited Western Digital’s (WD) plant in a recently flooded industrial estate near Bangkok and were met by John Coyne, President and CEO. Forty-five percent of the world’s hard drives are produced in Thailand, and WD, worth $10 billion, is the largest company. Their plant was under 1.9 meters of water only weeks before our visit. Divers come in for the most valuable equipment and moved it to a kind distributor’s facility 100 km away so they could decontaminate and repair it while the floodwaters lingered. WD employs 38,000 Thais, most who make under $10/day. I’m not sure what I was expecting, but the modern clean plant was a total surprise. It contrasted heavily with outside the industrial parks, where the country’s poverty is more obvious. Western Digital’s projections for 2011 were $176 million; because of the flood they reached $119 million. No word yet on the cost of the cleanup.

The journalists preparing to enter the Board of Investment’s (BOI) Fair

Monday 11 a.m. – Headed across town to the Thailand Board of Investment’s (BOI) Fair. This was interesting. When Westerners hear the word “fair” we think animals and Ferris wheels. In Thailand, a fair is a showcase of the country’s industry direct to the consumer. The fair happens only once every 10 years and was a huge deal. The King of Thailand – whose authority and respect are reminiscent of Kim Jong-ll – is a “green nut,” and the green theme is seen country-wide. The “Royal Pavilion” showcased a “green themed” 3-D film, complete with a tree growing up from the middle of the room, and the finale – a real rain shower (watch your camera). Huge exhibits in the outdoor park included Toyota, the most popular carmaker in Thailand; Chevy, which had its own 3-D show about the evolution of the American-born automobile; and CP, a huge frozen food conglomerate born in Thailand who’s big in Costco. The show also had a beer garden (hint-hint IMTS organizers) and a joyous sort of “look what we have in Thailand” feel to it. The people of Thailand are proud of what they’ve done in attracting these international companies over the last 20-30 years, but seem cognizant of environmental mistakes the U.S. and China have made during their development, and are making an effort to not repeat them.

Tony Blair speaking at the CEO Forum Bangkok

Tuesday 8:30 a.m. – Attended the BOI CEO Forum. Guest speaker: Tony Blair. A very inspiring and encouraging speech. Interestingly, he noted strongly that America would not be where it is without its open immigration policies. Mr. Blair encouraged Thailand to create this immigration-friendly atmosphere now, and noted that Thailand has “enormous potential” – its people, geography, and relative stability. He emphasized that Thailand’s job was to let the world know that it’s “open for business.”

 

 

Tuesday 3:30 p.m. – Left Bangkok for Pattaya, a tourist city next to the Eastern Seaboard Industrial Estate (ESIE) and checked into our spa hotel on the beach – filled with Russian vacationers. Two Thais told me that the Russians are disliked, they are stereotyped as being cheap.

Dinner on the beach in Pattaya

Development in the industrial estate was shocking, in a good way. The government invested millions in infrastructure to attract international companies interested in supplying the Eastern Hemisphere. Roads, electricity and water supply are new, modern and reliable. Ate a fresh seafood dinner at a beach restaurant while the sun disappeared over the ocean and the beer and conversation flowed. Beautiful.

Wednesday 9 a.m. – Visited American Axle & Manufacturing’s  (AAM) Rayong Manufacturing Facility in the Eastern Seaboard Industrial Estate. AAM opened its Thailand operation in 2008. 2010 sales were $2.3 billion. They produce mostly axle systems, but also drivelines, drivetrain and chassis, and other metal-formed products for automotive. The plant is 124,000 square feet and is located in one of Thailand’s many “free zones,” (tax-free). They currently exclusively supply GM’s Thailand operation, but plan on doubling the size of their plant, as they will be supplying Volvo soon. The Auto Alliance Thailand (AAT) manufacturing facility, a joint venture with Mazda, which wouldn’t welcome us for a tour, produces the Ford Fiesta and lightweight trucks for that particular half of the world. I was told that Thailand can’t compete with China’s steel prices, so asked what Thailand’s advantage is over China and India. I was told that it’s Thailand’s supplier base. When GM orders a part, AAM must deliver within 70 minutes.

Journalists after a tour at the Thai Summit Group

Wednesday 11 a.m. – I was very interested to tour our first Thai-owned company, the Thai Summit Group, which started in 1977 and makes auto parts for major auto companies. The stamping and injection molding facility makes mainly front and rear bumpers for Mazda and Ford. The plant was impressive and had six 3,000-ton presses and can produce 800,000 bumpers and 6,000 chassis per year. Annual sales are about $10 million. There was a large difference in the atmosphere of the plants from the Western owned companies and this completely Thai run company. They have a basketball court just outside of the main office and President, Mr. Shigeo Sakaki, commented that the workforce there is young and has lots of energy, so they need to have activities for them. It was much more relaxed than Western Digital and American Axle. Young people roamed the grounds like on a college campus. It was nice. They’re obviously making money, but it felt like it would be a nice place to work.

A night out in Pattaya

Wednesday 2:30 p.m. – Visited Celestica Thailand, Celestica’s largest location in terms of revenue. They employ 5,630 people and are five minutes from the large port on the Eastern Seaboard and one hour from the airport. They mainly make networking equipment, high-end storage and servers and teleconference equipment (Web cams, phones, digital photo albums, etc.). They see their future in optical device assemblies for the Internet. The Senior Vice President, Mr. Duangtaweesub, was impressive. Thai born, he had studied 30 years ago in Washington State. He started the company, which was bought by Celestica a few years later. He has been running Celestica’s Asia operation ever since.

Thursday 9 a.m. – We were scheduled to visit Magna Automotive and Asia Precision Co. Ltd. in the Amata Industrial Estate, but Magna canceled because they couldn’t get permission from the U.S. office to let us in. Asia Precision was fascinating. It employs about 800 workers (mostly women, Mr. Karoonkornsakul, the CEO noted, because they’re patient, are very good with detail, and there’s little heavy lifting needed) and has over 400 CNC machines, almost all Japanese. They make parts for automotive and camera and their 2011 sales were $30 million, with $40 million expected in 2012. Most of their business comes from the East, but they are a key supplier for Emerson in the U.S., who has asked them to consider building a plant in Mexico, which they are researching now. They are also considering expanding into Indonesia, which the CEO commented would be “the next Thailand,” with production projections of 2 million autos in 2012.

Asia Precision hires mostly women because they are “patient, detail oriented, and the parts are light”

When the automotive crisis hit in 2008/9 they began making rollers for printers. In response to their foreign clients’ needs, they are trying to expand into medical and aerospace, and are facing many of the same hurdles American companies face: the need for skilled employees and regulatory know-how.

Thailand’s Buddhist culture was obvious at Asia Precision. They have weekly company-wide meetings followed by meditation and a singing of their national anthem, and are heavily involved in giving back to their community through projects. They also had the first recycling center we saw, the proceeds of which are donated to the poor. Most of the employees, who are typically age 20-25, are recruited from villages in the north, and once a year they return home for the holidays. They are also very into exercise and health, recently holding a company marathon to raise money for flood victims. The atmosphere of the company was relaxing and the CEO mentioned they have very little employee conflict. It was refreshing to see a company that makes money but has quality of life at the forefront.

A training room at the Thai-German Institute

Thursday 3 p.m. – Visited the Thai-German Institute, a government training program for industry. This was interesting – I kept wondering why the U.S. isn’t doing something similar, it seemed so obvious. This organization started in 1992 with German funds with the goal of providing high-tech workers to industry. It is now run by Thailand’s Minister of Industry and trains 2000-3000 young people per year, mostly in mold and die technology, but also in automation and machining. It provides workers to the industrial estates in the south, who pay a fee for each worker they hire. Recruiters from training programs like these go to the north in search of competent, bright, high school graduates whom they lure to the south with the promise of decent salaries, subsidized lodgings, and per diems for the duration of training. Then they find them jobs. It appears to be a very win-win system that’s working for Thailand.

Question: Would you consider moving your business or finding suppliers overseas to save money?

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Industry Scuttlebutt

Maddie Parlier of Standard Motor Products in Greenville, South Carolina

The news that Japan will show a net deficit in trade for 2011 is another signal of a shifting economy that currently favors North American manufacturing. Europe is in a mess, and with the Euro still hanging in at $1.30 and no real structural changes yet, it is also losing competitiveness.

The Mori Seiki plant now being built in Davis, California, near Sacramento is a clear sign of the sea change happening now. Equally significant is Honda’s announcement that it will be building its first Acura in Ohio in three years.

Mori plans to build 20 percent of its production in the U.S. and interestingly, 20 percent in Europe, indicating that its partnership with DMG appears to be working. With Mazak entrenched in Kentucky, I am expecting Okuma to once again manufacture machines in the U.S. They used to produce in Charlotte, which has quietly become one of the machine tool centers of America, and it would make sense for them to start building in that neighborhood again.

Would it be a stretch to see companies like Citizen, Star, even Doosan and DMG begin production in North America? Romi of Brazil, which made a pass at Hardinge, is another candidate. And when is Hardinge going to finally move out of Elmira?

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I highly recommend Adam Davidson’s cover story on manufacturing in the current Atlantic. Davidson is one of the finest economic journalists around today, and this piece is one I wish I had written. He wrote about the people of Standard Motor Products, a manufacturer and distributor of after-market automotive products, based in New York City with a big plant in Greenville, South Carolina. It is run by Larry Sills, 72, third generation of the founding family, but publicly held.

I loved the way Davidson focused on Maddie Parlier, a 22-year-old “level one” operator working in the clean room of the company’s fuel injector assembly line, and 27-year-old Luke Hutchins, a “level two” operator who oversees a 7-axis Gildemeister turning center.

Maddie has worked for the firm for three years and is considered a topnotch employee, but she is held back by lack of sophisticated education. Pregnant at 17 in high school, she had to forgo college to work and take care of her baby. As much as she would like to enhance her training now, she cannot afford the time away from her job and child. So she is stuck, and worried that a robot might take her job. And it could happen, if demand picks up enough to justify the capital investment by the company.

Hutchins, the Gildemeister operator, had the family backing and the time to choose his career path. He went to a four-year college, taking biology to become a dentist. He got bored and then thought he would follow his mother’s career path in radiography. Then a friend told him he could made $30/hour if he learned to run complicated machine tools, so he shifted gears and enrolled at Spartanburg Community College where he took a lot of math and learned CNC programming.

Now he is a key guy at Standard Motor in Greenville and doesn’t worry about his job.

I strongly recommend that you read this piece and share it with your friends and family. Even if you know and live this stuff like I do, you will still get a lot out of the article.

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The Peyton Manning-Indianapolis Colts-Andrew Luck drama is one of the most fascinating sports, business and human stories to come along in a while. Manning, probably the greatest pro-quarterback ever, sat out this season with a neck injury. The team went 2-14 giving them the #1 draft pick, almost surely quarterback Andrew Luck of Stanford.

Luck, whose father played in the NFL like Peyton’s Dad, Archie, could be the next great NFL quarterback. But – maybe he’ll be Ryan Leaf instead. Manning will require $28 million if he comes back to the Colts. But he’s 36 and recovering from surgery and a stem cell procedure.

If you were Manning, would you play again? If you were Jim Irsay, owner of the Colts, would you risk $28 million on him? If you were as good as Luck, would you want to apprentice to Manning for a few years like Aaron Rogers did with Brett Favre?

In business we are often faced with tough calls about bringing in the “next big thing” and letting go of the “horse that brung you.”

 

Read Adam Davidson’s cover story on manufacturing in the Atlantic here.

Question 1: Would recruiting as is done for high school athletes work for recruiting new manufacturing talent?

Question 2: Would you release Peyton Manning if you owned the Colts?

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Why is my business so good if the economy is so bad?

CBS news announced in January that Austin, Texas, leads the U.S. in job growth and CNN has it in its list of the 10 fastest growing cities

I attended the Precision Machined Products Association’s annual meeting in Austin over the weekend. The question I heard often was, “Why is my business so good if the economy is so bad?” Unfortunately the speakers hardly addressed this topic, so I will try to explain it.

1) Structural changes in the world economy now favor American manufacturing. A lot of businesses have gone away in the last 10 years. They’ve closed, moved to China, downsized, gone bust, or merged—and not much has started up in the last decade and a half. Manufacturing was downsizing in the ’90s but it was masked because of the Internet and telecom boom.

2) Automotive is coming back, but we mistakenly think of automotive as just GM, Ford and Chrysler—American vendors are doing a lot of work with Toyota, Honda, and Mercedes, too. High yen and Euro values relative to the past make America a low cost producer.

3) Relentless productivity advances in manufacturing makes for better margins. The press mistakes “restructuring” and cutting people as indicative of bad business. It may be the reason for continued good business. Head count and profits no longer rise together and even the Wall Street Journal misses it.

4) Contrary to popular opinion we are starting to get better young people to join manufacturing. Old people always think the younger generation is shiftless and inept, but I think that the notion that you cannot recruit capable new people is obsolete in this labor climate. Nonexistent desk jobs no longer look appealing next to $80,000 machinist jobs with benefits.

5) China is struggling to compete—wages are rising 15-20 percent per year, the workforce turns over constantly, there is a shortage of skills, and high-energy costs. The realization of what it really costs to make things in China with the travel, logistics, and quality issues has made outsourcing to China less attractive for American firms.

6) Innovation. If you look at big companies like Apple, Cummins and Amazon.com you see that America still has game. Add the brilliance of our farmers and the revolution in oil and gas production with horizontal drilling and you see a core economy that is thriving and world class, but one does not necessarily hire unemployed 56-year-old bankers.

All of this does not mean that Europe is not a mess and that retired Chicago teachers are going to get the pensions that were promised them for the next 50 years. The world economy is in the throes of a nasty restructuring not that different than what American manufacturing has gone through for the last 15 years. I like our odds. I wouldn’t bet on the French though.

Question: Do you feel optimistic about 2012?

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More Employed, but Same Unemployment

By Lloyd Graff

The $64 billion dollar question for the economy is, what happens to employment? What happens to unemployment is related, but the two numbers do not always shift in tandem.

We are seeing a strengthening in manufacturing now and the overtime strategy seems to be waning. Productivity stats are still impressively bullish but they are starting to level off. You can only squeeze so much juice out of the lemon. The Labor Department acknowledges that people are being hired in manufacturing and my anecdotal evidence confirms this.

New construction is still pathetically soft in most markets, but we are seeing a weird anomaly in the most devastated markets of Nevada, Arizona and Florida. Builders are starting to build houses. According to an article in last Saturday’s New York Times, the most devastated housing markets are starting to get hot. It appears that some buyers just want a new home and hungry builders with low cost lots are providing value. Buying out of foreclosure or employing a short sale is such a hassle it is pushing buyers to brand new. According to the article, individual buyers are losing out to out of state buying syndicates who are picking up large collections of foreclosures at cheap prices and paying cash. Perhaps the dreaded foreclosure overhang will prove to be similar to a mild flue season, which bodes well for employment—but not necessarily unemployment.

Juan Williams, the astute Fox and NPR commentator recently did an interesting piece on the composition of today’s long term unemployed. The stubborn unemployment is in older white, blue-collar workers. He compares this demographic slice with black factory workers laid off in the early 1980s downturn. That group was very slow to get new work, saw families dissolve and higher levels of drug abuse and births out of wedlock. According to Williams, we are seeing similar trends now from the blue-collar white male demographic.

When I talk to people in the machining world I often hear confirmation of this employment issue. Company owners do not necessarily want to retrace their steps on new hiring. They may be looking for difference skills and younger workers who are willing to start at a cheaper wage and be less insistent on health insurance. Immigrant works with a strong work ethic may look more appealing than a 50-year-old former union guy who has been out of work for nine months.

I think the recovery of 2010 will be a little different than past rebounds. Companies will be hiring, but not necessarily rehiring. Unemployment will be sticky, but millions of people will be finding jobs.

Question: Is it a mistake to lengthen the eligibility period for unemployment benefits?

A party for a new development in Las Vegas, Reserve at Coronado  Ranch (New York Times)

A party for a new development in Las Vegas, Reserve at Coronado Ranch (New York Times)

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Starbucks Betrayed My Wife

By Lloyd Graff

Call it the frap flap but Starbucks is pulling the New Coke.

Evidently the Buck is feeling the pain from McDonald’s competitive and cheaper McCafé, in tampering with one of its most successful products, the beloved Frappuccino. My wife Risa was addicted to the mocha, light, double blended Grande Frappuccino with easy whip. Along with the shortbread cookie it was the break in her rigorous workday that usually goes to 8 p.m. (The shortbread replaced her former staple, the Rice Krispy Treat, after Starbucks ruined that by taking out the Trans Fats a few years back). The baristas at our local Starbucks all knew her order and started making it when they saw her approaching the store. If I came in they asked me if I was there for the Missus.

And now they’ve ruined it. According to Risa the new process using pumps is so inconsistent they’ve lost her recipe and cannot seem to recover it. From store to store the variance is enormous. I would compare this to McDonald’s using different hamburger grinds and ketchup at each store.

Fast food depends on consistency. White Castle makes the slider the same way everywhere, and Wendy’s chili is always reliable. A Frappuccino is not a Domino’s Pizza, which was so uniformly awful everywhere that it begged for a redo.

Risa is appalled. She’s furious. It is a topic of conversation daily. She feels like she’s been robbed of something dear to her without warning. She says she beat the New Coke debacle by buying cases of old Coke ahead of time. But there is no old Frappuccino to be had.

Starbucks you were stupid. Let’s see how long it takes before you realize it.

Question: If you were Starbucks CEO Howard Schultz what would you do to compete with McDonald’s?

From Blog Will Starbucks Die soon?

From Blog Will Starbucks Die soon?

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Is Efficiency Sometimes Unhealthy?

By Noah Graff

For the May issue of Today’s Machining World, I interviewed Carl Hoffman, author of the new book, the Lunatic Express. The book chronicles Hoffman’s travels throughout Asia, Africa, South America and the U.S., during which he attempted to use the modes of transportation commonly used by natives, notorious for discomfort, tardiness and poor safety.

One thing Hoffman described to me is how the concept of time in Third World countries differs from that in the First World. In countries like India, the Congo and Columbia, people generally have a different expectation of what it means for things to start “on time.” People never know whether a train or bus is coming in one hour or three. Waiting for things for long periods of time, and arriving to destinations late is just an accepted way of life.

It’s mind boggling to me how anything gets done at all in places with such a low priority on punctuality. How can businesses operate if it’s unknown if workers will show up?

One would think the people of these countries would be happier if things functioned the way they do in the U.S.? It’s always so frustrating to me, knowing that precious time has slipped away that could have been used for things I care about. After all, time is a limited commodity. Once you lose it, it’s gone forever.

Yet many people I know from these places where things move so sloooooowly say they often feel more relaxed and centered when they return home to Slowville. And more and more it seems like us First Worlders in our civilized, efficient habitat are stressed out and paying top dollar for shrinks to help us chill out. We pay money to go to yoga classes and lie on the couch watching reality shows to slow ourselves down.

Is total efficiency sometimes unhealthy?

Jeepney Stop in Manila, Philippines

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Is an advanced degree still a key to prosperity?

By Emily Halgrimson

Not long ago completion of an advanced degree was assumed to lead to a higher wage, but this isn’t always the case today.

With jobs hard to come by in today’s economy, lately there’s been an influx of people headed back to school for the piece of paper they feel will eventually lead to that coveted high-paying job.

Unfortunately for them, some companies are bypassing the well qualified but expensive employee for less expensive, less educated workers who they can train on the job. Companies are also realizing the benefits of hiring people with real world job training over academic excellence.

In her story “Valuing Another Degree” on Yahoo.com, Jonnelle Marte uses the example of entry-level teachers with master’s degrees, often having a harder time finding a job than those with bachelor’s degrees because of the higher wages expected by teachers with master’s degrees.

For some advanced degree candidates, the cost of school doesn’t seem worth the benefits now. With the average advanced degree costing more than $50,000 to acquire, many out of work people are not interested in piling on more debt, especially with no promise of a job on the other side. In some cases a master’s degree may make sense, but not if you’re just out to delay the inevitable and difficult task we all face at some point in our lives, the job search.

Question: How important is a job candidate’s education in your decision whether or not to hire them?

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To Your Good Health – Insurance

By Lloyd Graff

First of all, I consider myself an Independent fiscally conservative Republican. I voted for Reagan, Dole and George Bush (both of them). But I am disgusted with the negativity of the Republicans on health care reform. The decision to demonize the Democrats for political gain saddens me. As I read the key features of the final law, it is a lot more centrist than the “sky is falling” GOP partisans have labeled it. There is no public option, it gives help to small businesses and aids less affluent uncovered people. It eliminates the insurance blackball for a pre-existing condition, which has imprisoned so many people in jobs they do not want. This new law could unleash an entrepreneurial rush, because a lot of people will feel empowered to start a practice or a business if they know they can still obtain health insurance.

Am I worried about the unintended consequences of health care reform? Sure. Will the lefties regard this as the nose of the camel under the tent and attempt to expand it into a Canadian system? Of course. But the present system stinks. It begs for reform. The Republicans were cynical Rovians to turn their backs on the process. I fear it will backfire on them—badly.

Question: Do you think the new law will help you or hurt you, personally?

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Obama’s Subsidies will Benefit Foreign Manufacturing more than Us

By Lloyd Graff

"Broc Obama" from greenupgrader.com

The cross currents of job growth, environmental protection, energy and raw material security for the United States make for a public policy jumble.

The Obama administration is showering incentives to build alternative energy facilities using wind and solar under the “green jobs” theme and some Republicans have joined in the chorus. The sad fact is that the subsidies usually benefit foreign manufacturing more than domestic. Bloomberg recently ran an informative piece talking about a $2.1 million subsidy for Suntech Manufacturing to build a poly-silicon solar panel plant in Goodyear, Arizona. It will employ 70 workers to assemble 30 megawatts of power. In China, Suntech plans to boost production 40 percent to 1,400 megawatts.

In Wuxi, China, where the Suntech plant is located, minimum wage is $141 per month, about 15 percent of the U.S. minimum wage.

The stimulus package contained $2.3 billion in tax credits for renewable energy manufacturers. Obama wants to expand it to $5 billion next year.

The unfortunate fact is that the big solar producers are making their stuff in China and Malaysia. It will be installed here by “green workers,” but the incentives will benefit big multinationals more than American manufacturing companies.

Question: Do big subsidies for alternative energy make sense?

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Feeling Groovy

Productivity in manufacturing rose an unprecedented 13. 5 percent in the third quarter. It means business is rising but the number of employees isn’t. The inflation vigilantes do not accept these numbers. But I’m feeling groovy about productivity gains which will give a big chill to the dollar killers and gold hoarders. Sell your bullion unless you’re going to make soup.

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After discussing murder in the workplace, Tuesday, how about some good news?
Chrysler is breaking even now despite its third grade styling. Costs have been pared to the femur. Fiat’sMarchionne is a serious guy and he has brought in a young, aggressive team to turn the joint upside down. With money in the bank (taxpayer’s) and minimal cash burn, Chrysler has a fighting chance to make it when its Chef Boyardee Italian-American line hits the market in two or three years.

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Ford made a billion dollars last quarter and gained market share. They have 23 billion in cash. GM gained market share in the quarter. Toyota made money in the quarter after predicting a loss. Automotiveland is producing at the rate of 10.5 million units per year and making some money. At 12 million they will feel good. The emasculated supply base will need to rebuild capacity.

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Ninety yen to the dollar, and a 1.45 Euro will make American suppliers tasty dollops for acquirers. The Canadian dollar has risen .80 to .93 to the U.S. dollar. We are seeing Canadians in Ontario stepping up for CNC lathes here because they look like bargains with the almost 20 percent swing in the relative value of the respective currencies and because of the upswing in automotive.

Question: Are you feeling happy today?

533-fiat

Jerry Seinfeld’s 1967 (Summer of Love) Fiat 500 that he crashed in 2008

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