I believe this year will be Toyota’s first loss since they were formed. The 2 billion dollar loss they are claiming is a joke compared to the big three.

it's true, and it is pretty funny...

It's amazing that Toyota and the other japanese auto makers can make money while the u.s. companies are floundering about.

The U.S. companies are so used to lobbying their way around things... they use big muscle and big lawyers to get what they want.

They need to figure out what the car owner wants.

Its a little long but it has a few good points that are relevant.

Subject: A Modern Parable

Japanese company (Toyota) and an American company (Ford Motors) decided to have a canoe race on the Missouri River. Both teams practiced long and hard to reach their peak performance before the race.

On the big day, the Japanese won by a mile.

The Americans, very discouraged and depressed, decided to investigate the reason for the crushing defeat. A management team made up of senior management was formed to investigate and recommend appropriate action.

Their conclusion was the Japanese had 8 people rowing and 1 person steering, while the American team had 7 people steering and 2 people rowing.

Feeling a deeper study was in order; American management hired a consulting company and paid them a large amount of money for a second opinion.

They advised, of course, that too many people were steering the boat, while not enough people were rowing.

Not sure of how to utilize that information, but wanting to prevent another loss to the Japanese, the rowing team's management structure was totally reorganized to 4 steering supervisors, 2 area steering superintendents and 1 assistant superintendent steering manager.

They also implemented a new performance system that would give the 2 people rowing the boat greater incentive to work harder. It was called the 'Rowing Team Quality First Program,' with meetings, dinners and free pens for the rowers. There was discussion of getting new paddles, canoes and other equipment, extra vacation days for practices and bonuses. The pension program was trimmed to 'equal the competition' and some of the resultant savings were channeled into morale boosting programs and teamwork posters.

The next year the Japanese won by two miles.

Humiliated, the American management laid-off one rower, halted development of a new canoe, sold all the paddles, and canceled all capital investments for new equipment. The money saved was distributed to the Senior Executives as bonuses.

The next year, try as he might, the lone designated rower was unable to even finish the race (having no paddles,) so he was laid off for unacceptable performance, all canoe equipment was sold and the next year's racing team was out-sourced to India .

Sadly, the End.

Here's something else to think about: Ford has spent the last thirty years moving all its factories out of the US, claiming they can't make money paying American wages.

TOYOTA has spent the last thirty years building more than a dozen plants inside the US. The last quarter's results:

TOYOTA makes 4 billion in profits while Ford racked up 9 billion in losses.

Ford folks are still scratching their heads, and collecting bonuses...

IF THIS WEREN'T SO TRUE IT MIGHT BE FUNNY

Per average joe Dec 13/08......i fiquired, thanks Pal!!

Trust me. Depending on where the bank teller lives, $13 an hour is crap pay. I live in downtown Toronto, make more than that an hour when you break out my salary, and I'm just getting by.

Let's not pick on the bank tellers. They are bottom of the totem pole. And I mean the bottom part that you can't see because it's underground. If you want to complain about salary and wages in banking at this time, look to the executives.

That's also an article about American bailout money, and American banks. Although I do not doubt that high level Canadian bank executives are getting something similar, it's not our tax dollars referenced in that article. Last I heard, Canadian tax dollars were not going to American bank executives.

Interesting... It's interesting to see the real numbers behind the banks, and their budgets... something that is opaque unless you run into a situation like the current one.

AP study finds $1.6 billion went to bailed-out bank executives
Frank Bass And Rita Beamish, THE ASSOCIATED PRESS
December 21, 2008
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.
The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.

This article answers 3 questions.

Where is my tax bailout money going?
Why are credit card rates heading to 25%?
Why do bank tellers still make $13 an hour?

http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=16155880

Ray

The OPEC made a statement that other day that they are worried about oil cheaters; referring to countries like Venezuela and others that need to pump oil to keep their regimes going. That’s why I can see oil be low for at least another year or more.Opec stated; that a 75.00 dollar barrel would be a happy medium for them.

How can any economist seriously forecast falling oil prices with the upcoming needs of China and India. The upcoming chaos because of Iran, Venezuela and Russia's need for $100 oil prices will certainly raise, not lower prices in spite of short term and sporadic declines. Honestly, how long does anyone expect $40 a barrel oil to last? If it did, all those countries and more would be in chaos. That's why Iran announced it was going to cut ranks, soon to be followed by others.

Economic forecasts change as often as the weather. A short while ago all these guys were predicting $175 to $225 a barrel oil by this summer or even the spring. One day it's a 50 cent Canadian dollar, the next, it's a $1.25. Track the Financial Post every day if you don't believe me.

Ray

The company that "Jamiedude" works for - there's a (golden) shovel ready project.

Ray