Given the current economic conditions, it isn't surprising that people are cautious and fearful.
Like this week, for example, when Chrysler announced that it was closing down operations for a month.
"The company said the plants, which employ 46,000 union workers, would resume production no sooner than Jan. 19," reports Nick Bunkley in the New York Times. "Some will remain closed for several more weeks."
The announcement sent ripples of shock waves through an already apprehensive workforce — "If I were a Chrysler worker, I'd be worried that the plant won't reopen," Brian Johnson, a Barclays Capital analyst, told the Washington Post — but is that the appropriate response?
I'm certainly no expert, but I did work for Citigroup for several years and we had a working relationship with Chrysler in the last few years I was there.
I had no direct dealings with the manufacturing end of things — my role was to perform verifications on customer information — but there were certainly times when I saw loans cross my desk that I would not have approved for any one of a number of reasons.
There was always someone, whether in the office or on the other end of the telephone line, who had the authority to overrule any issues that came up and permit the deal to proceed.
A friend of mine (who also no longer works for Citi) was much more involved with the manufacturers than I ever was.
I asked him, by e-mail, what he makes of this month-long shutdown.
"I don't think it is a big deal except for employees of the factories," he replied. "Normally, they are off two weeks at Christmas. Then another two weeks usually during the summer for re-tooling. This is basically for that duration. They may extend it, but it is okay for now."
Automakers are having trouble selling what they've already produced, he told me. That's certainly not a surprise.
"There is a glut of cars and nowhere to put them," my friend said. "Why not stop for a while, save some money, and get the inventory down which costs the dealers and manufacturers money? The employees will get paid a little from Chrysler and from the state for temporary unemployment.
"Makes sense, but it does stink as a sign of the overall market."
In today's economy, the hardest thing to do is advise people to be calm and patient.
But, if my friend is correct — and I have no reason to believe he is not — what auto workers need to do is be patient for a month and see what happens. That's what their employer plans to do.
"No one will return to work any earlier than Jan. 19," Chrysler spokesperson Shawn Morgan told the Washington Post. "I don't want to get into speculating about what may happen after that. ... We're going to continue to monitor the situation."
Showing posts with label shutdown. Show all posts
Showing posts with label shutdown. Show all posts
Thursday, December 18, 2008
Sunday, September 7, 2008
The End of an Era
There was a time when Coney Island was a true recreational destination in southern Brooklyn, N.Y.
It became a resort area after the Civil War. The arrival of the railroads and streetcars made it easier for people to get there, bringing hotels, the establishment of public and private beaches and amusement parks. It wasn't long before Coney Island was attracting large numbers of city dwellers who wanted to escape the heat of summer.
(By the way, if you're in the habit of watching the hot dog-eating contest from Nathan's Famous hot dogs on ESPN on July 4, the original Nathan's hot dog stand was established on Coney Island more than 90 years ago.)
After the last of the major amusement parks on Coney Island closed in the mid-1960s, Coney Island began its journey through a variety of development schemes that never really panned out. Some subsidized apartments for low-income families have been built on Coney Island, but mostly the property has changed hands as one development plan after another failed.
At various times in the last 40 years, someone has thought of restoring the area to its former glory, re-establishing the old-fashioned amusement parks and concessions that were the lifeblood of Coney Island in its heyday.
There was even a time when property on Coney Island sold for high prices in anticipation of the legalization of gambling in the area — after which, the properties would be developed into casinos and be worth even more than had been paid for them. But gambling was never legalized for Coney Island, which wound up with a bunch of vacant lots.
In the last 40 years, only one of the original amusement parks, Astroland, has attempted a revival. That attempt is ending this weekend.
Associated Press
Oddly, not all of New York's newspapers found this event worthy of staff attention.
Sewell Chan's article in the New York Times reminded readers that this conflict over the lease was actually a continuation of a showdown that began in the summer of 2007.
"Fans of Coney Island," wrote Chan in the lead paragraph on Thursday, "here we go again."
But, on the actual last day of operation for Astroland, the Times is more preoccupied with the closing, after a 12-year run, of the musical "Rent."
The New York Post somberly proclaimed on Thursday, "Astroland is dead," then followed that announcement with a flippant article about an "Astro-'Not' Park Sale" today.
"Want to buy a 275-foot-high space tower? It's only $99,000," wrote the Post's Rich Calder. "How about a water ride for $199,000?"
If nothing else, Calder underscored how difficult it is to operate an amusement park in today's economy — even if a space age-themed amusement park seems more retro than futuristic in the 21st century.
The most recent entry about the amusement park in the New York Daily News came in the form of a letter to the editor on Thursday, running under the headline "Astroland memories," which was a response to an article on Labor Day weekend that reported that Astroland's lease appeared to be running out for the last time.
Long Island's Newsday apparently could not spare a staff writer to lend a personal touch to the end of Astroland.
A search of Newsday's website found only Associated Press articles on the demise of Astroland.
I grew up in the South. I've never visited Coney Island. But I've heard about it all my life. It's had a cultural impact that few can match.
"Coney Island" used to be slang for a chili hot dog. Even as a child in the 1960s, I heard hot dogs referred to as "Coney Islands."
O. Henry's stories often mentioned Coney Island, and it plays a role in "The Great Gatsby" by F. Scott Fitzgerald.
As a movie buff, I remember the confrontational scene in "Paper Moon," in which Addie (Tatum O'Neal) has demanded her $200 from Mose (Ryan O'Neal), who tells her, "Eat your Coney Island and drink your Nehi!"
A few years later, New Yorker Woody Allen paid homage, in "Annie Hall," to the amusement parks of Coney Island by making the lead character's childhood home a house underneath a Coney Island roller coaster. The house would shake violently whenever the roller coaster ran overhead.
Coney Island also figured in the plotlines of movies like "Sophie's Choice," "Brighton Beach Memories," "9 1/2 Weeks" and "A.I.: Artificial Intelligence."
On TV, fans of "Seinfeld," "The Simpsons," "Soap," "Ugly Betty," and the soap opera "General Hospital" heard references to Coney Island.
And Coney Island is where the lead characters from "The Jeffersons," George and Louise, got engaged.
What happened to respect for historic sites?
It became a resort area after the Civil War. The arrival of the railroads and streetcars made it easier for people to get there, bringing hotels, the establishment of public and private beaches and amusement parks. It wasn't long before Coney Island was attracting large numbers of city dwellers who wanted to escape the heat of summer.
(By the way, if you're in the habit of watching the hot dog-eating contest from Nathan's Famous hot dogs on ESPN on July 4, the original Nathan's hot dog stand was established on Coney Island more than 90 years ago.)
After the last of the major amusement parks on Coney Island closed in the mid-1960s, Coney Island began its journey through a variety of development schemes that never really panned out. Some subsidized apartments for low-income families have been built on Coney Island, but mostly the property has changed hands as one development plan after another failed.
At various times in the last 40 years, someone has thought of restoring the area to its former glory, re-establishing the old-fashioned amusement parks and concessions that were the lifeblood of Coney Island in its heyday.
There was even a time when property on Coney Island sold for high prices in anticipation of the legalization of gambling in the area — after which, the properties would be developed into casinos and be worth even more than had been paid for them. But gambling was never legalized for Coney Island, which wound up with a bunch of vacant lots.
In the last 40 years, only one of the original amusement parks, Astroland, has attempted a revival. That attempt is ending this weekend.
The owner of Coney Island's Astroland said Thursday she is calling it quits and the historic amusement park will close for good on Sunday.
Carol Albert, whose family has owned the Brooklyn amusement park for nearly a half-century, said she gave up on negotiating a two-year lease with Thor Equities after the developer missed [Wednesday's] deadline to reply.
Associated Press
Oddly, not all of New York's newspapers found this event worthy of staff attention.
Sewell Chan's article in the New York Times reminded readers that this conflict over the lease was actually a continuation of a showdown that began in the summer of 2007.
"Fans of Coney Island," wrote Chan in the lead paragraph on Thursday, "here we go again."
But, on the actual last day of operation for Astroland, the Times is more preoccupied with the closing, after a 12-year run, of the musical "Rent."
The New York Post somberly proclaimed on Thursday, "Astroland is dead," then followed that announcement with a flippant article about an "Astro-'Not' Park Sale" today.
"Want to buy a 275-foot-high space tower? It's only $99,000," wrote the Post's Rich Calder. "How about a water ride for $199,000?"
If nothing else, Calder underscored how difficult it is to operate an amusement park in today's economy — even if a space age-themed amusement park seems more retro than futuristic in the 21st century.
The most recent entry about the amusement park in the New York Daily News came in the form of a letter to the editor on Thursday, running under the headline "Astroland memories," which was a response to an article on Labor Day weekend that reported that Astroland's lease appeared to be running out for the last time.
Long Island's Newsday apparently could not spare a staff writer to lend a personal touch to the end of Astroland.
A search of Newsday's website found only Associated Press articles on the demise of Astroland.
I grew up in the South. I've never visited Coney Island. But I've heard about it all my life. It's had a cultural impact that few can match.
"Coney Island" used to be slang for a chili hot dog. Even as a child in the 1960s, I heard hot dogs referred to as "Coney Islands."
O. Henry's stories often mentioned Coney Island, and it plays a role in "The Great Gatsby" by F. Scott Fitzgerald.
As a movie buff, I remember the confrontational scene in "Paper Moon," in which Addie (Tatum O'Neal) has demanded her $200 from Mose (Ryan O'Neal), who tells her, "Eat your Coney Island and drink your Nehi!"
A few years later, New Yorker Woody Allen paid homage, in "Annie Hall," to the amusement parks of Coney Island by making the lead character's childhood home a house underneath a Coney Island roller coaster. The house would shake violently whenever the roller coaster ran overhead.
Coney Island also figured in the plotlines of movies like "Sophie's Choice," "Brighton Beach Memories," "9 1/2 Weeks" and "A.I.: Artificial Intelligence."
On TV, fans of "Seinfeld," "The Simpsons," "Soap," "Ugly Betty," and the soap opera "General Hospital" heard references to Coney Island.
And Coney Island is where the lead characters from "The Jeffersons," George and Louise, got engaged.
What happened to respect for historic sites?
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