ATA Urging Congres To Swiftly Stabalize Financial System

[Bullwinkle]

The primary trade group representing the U.S. trucking industry on Thursday urged Congress to swiftly stabilize the country's financial system, pointing to severe consequences for the sector and the broader economy.

American Trucking Associations President and Chief Executive Bill Graves said in a statement that without legislation, the tightening credit markets will make it difficult for all kinds of trucking companies to finance the purchase of new trucks or equipment.

"And, easing the financial crisis and its impact on pensions and retirement savings accounts is also crucial to protecting the trucking industry's employees and their families," Graves said.

Source: Businessweek

[Bullwinkle]

Here's a thought:

If trucking companies can't afford to purchase new trucks without financing, maybe they shouldn't be purchasing trucks.

Fronting loans to companies and individuals that can't afford to pay it back is why these idiot financial institutions are in the mess they are in. The last thing we need to do is bail them out.

[rebel]

Amen, that goes for this latest fiasco. We're already $10 trillion in debt, THAT'S the reason our economy is in the ditch.

[SilverSurfer]

Does everyone now understand how the big trucking companies have been able to survive thus far? It had nothing to do with their method of purchasing fuel on futures prices. It was all about lines of credit, and now their world is crumpling like ours and what does this government of ours do...try to bail them out.

-ss-

[lunachic]

let them sink...........No, bail out for the big boy's..................
They should be with the rest of us.....................

[gearjammer]

I saw somewhere where JB. has been downsizing quite a bit because of their shrinking bottom line and being they are a large part of the Anti Trucking Association I am sure that they are wanting to make J.B. happy by showing that they are on top of things, too bad the ATA is so anti trucking they could really do a lot to bring change to this industry that would help us all instead of just a select few.

[lunachic]

Quote:

Originally Posted by gearjammer I saw somewhere where JB. has been downsizing quite a bit because of their shrinking bottom line and being they are a large part of the Anti Trucking Association I am sure that they are wanting to make J.B. happy by showing that they are on top of things, too bad the ATA is so anti trucking they could really do a lot to bring change to this industry that would help us all instead of just a select few.

He can sell that big house in the keys.......................

[Bullwinkle]

Quote:

Originally Posted by SilverSurfer Does everyone now understand how the big trucking companies have been able to survive thus far? It had nothing to do with their method of purchasing fuel on futures prices. It was all about lines of credit, and now their world is crumpling like ours and what does this government of ours do...try to bail them out. -ss-

This is exactly it. They subsidize these companies in several ways, right down to paying them to take trucking school graduates

[lunachic]

Quote:

Originally Posted by Bullwinkle This is exactly it. They subsidize these companies in several ways, right down to paying them to take trucking school graduates

And it's wrong, wrong , wrong! a danger to the people , and unfair to the gen. labor force.(trucking industry)

[Bullwinkle]

The funding isn't so much dangerous, it is the lack of proper training that some of these students get as they are shoved into the trucks with nowhere near enough training. I am glad to see steps are being taken to monitor training better.

[2xR]

There are only certain groups who want to see this bail out. First, and probably foremost are the Dimocrats who used Fannie and Freddie as a way to give houses away to their constituents all the while dipping into the cookie jar when they needed some campaign funding. They own this mess. They started it, they "regulated' it, and they've enabled the former executives to exit profitably. Now the creeps are trying to blame Bush, or, whichever Republican needs a political bashing.

Second is Wall Street. Times are gonna' get tough for them if they don't get some cash. I understand their motivation, but, not their stupidity. Yeah, they're praying for this to happen. I guess the ATA falls into this group.

Last is Bush. I think he must be feeling the heat from Wall Street. I dunno'. I wish he was a conservative.

Keep in mind, the Dimocrats have the power (votes) to make this happen, right now, and, the POTUS is ready to sign it into law. So what's the problem? The public (us) hates this crap and don't want to see it happen. If the Dimocrats go forward without a significant number of Republicans voting "YEA", it will be political suicide. I say, hand them the gun. Let those who "shit in the tub" clean up their own mess, or, wallow in it. And, someone should start naming names and calling an ace, an ace. The politicians who engineered this debacle ought to be at least investigated, if not tried as a criminal.

Maybe our economy needs to falter (I didn't say fail). It will make things more relevant and real.

From a trucking prospective, maybe it will wipe out a good number of the mega carriers who rely heavily on the capital markets. This will, in turn, lower the overall capacity, meaning that those who remain in business will have less competition, enabling them to haul more freight for higher rates. There might also be a glut of used equipment for sale driving that cost down, as an added bonus.

2xR, finding the silver lining....