Jet Set Banksters vs. Upset Congress

Joe Six Pack has a lot to say about that subject. Listen to his first 'point'.

http://www.youtube.com/watch?v=42IUg2NXwoU

Warning: he certainly feels comfortable with using expletives, so keep the volume down with kids/coworkers around.

What if they had given someone else a loan to buy the jet?

Isn't this bad for the economy? Think of all those guys they'll have to lay off the Falcon production line.

Reverse Engineer

Good point. I'm certainly no fan of Citibank, but this strikes me as something that could have saved or even created jobs at Falcon and their suppliers.

I don't think the people in Congress understand an economy. They seem to jump on corporate jets because that's something they can comprehend.

In the meantime, the same politicians forge ahead with idiotic ethanol mandates that cost taxpayers and consumers billions while degrading the environment and produce a negligible amount of new energy.

It is true, of course, that in a market economy the luxuries of the rich do in fact provide jobs for the workers who provide those luxuries.

But the more that wealth gets concentrated into the hands of the few, the more problems set in. You see, a wealthy person can only consume so much. Its the consumption that creates jobs, remember. So, the extra money that the rich person could never manage to use for consumables gets plowed into the markets.

Capital investment is crucial, of course. But there is a point when it's too much. When too many rich are throwing too much money into the markets (vs. using that money for consumption) then all they end up doing is creating asset bubbles which then burst.

Now that I'm thinking about this, it occurs to me that the real problem is that investment money chases the highest yield possible, and that's what creates the bubbles. We really need more money in old-fashioned savings accounts. (and commercial and municipal bonds -- this is here money is needed, not a huge Google stock bubble)

So in hard times, no, we really do not need the rich to save the economy by living the high life. It would be more effective to distribute the wealth downwards.. send out stiumulus checks to the poorest of the poor.

The poor would actually spend every last red cent, which would create and support jobs. The poor will not plow the money into the markets and create bubbles.

I've been lurking on peakoil.com for the last few years, but I have never posted until now.

The reason I'm posting now is to let everyone know that business aviation is a big industry in the U.S. It is an industry that employs a lot of people. I'll use the company I work for as an example. I work for a "small" family-owned operation that services/maintains/modifies business aircraft. My company employs people in the following fields: accounting, human resources, maintenance (aircraft mechanics, interior specialists, cabinet specialists, upholstery specialists, paint specialists), engineering, marketing, non-destructive testing, electronics/avionics, PMA (parts production), design, computer applications, professional development, and the list goes on.

On Tuesday of this week, my company announced Phase 2 of it's Recession Plan: Reduction of salary for non-production employees, reduction of hours for production employees, and elimination of 401k matching.

Do you know what I've walked by 5 days a week for the last eight months?

A Dassault Aviation Falcon 7X Jet.

My company has a contract with Dassault Aviation to finish the jets. We currently have two of them in one of our hangars. The cancelled jet from Citigroup adversely affects myself and all those people around me.

I think it is important to point out that my company employs 1,400 people in a small midwestern city of 210,000. Layoffs would definitely hurt our local economy. This bad attitude that is developing about companies and their corporate jets could cost a lot of people their jobs throughout the country.

Just something to think about when you hear somebody talk about the big boys and their toys (jets).

Everyone who works on a Falcon probably makes a pretty decent income, so yeah...this is probably really stupid.

I swear its a huge conspiracy to destroy our entire economy...

That's all well and good, but our childrens' taxes and future should not be used to buy corporate jets right now since we, the taxpayers, basically footed the bill to save their ass from imploding. New jets are definitely not what is needed right now, so it was a foolish decision overall.

The corporate airplane industry was bound to downsize anyway. Corporate air travel has been over-extended anyway, same as over-extended executive benefits, for the past 12 years or so.

I do not feel sorry for the elimination of any jobs related to jet aircraft.

Jets are the most energy intensive, most environmentally-destructive form of transportation.

You should have found something else to do.

Here's something you should try: hold your breath while thinking "my oxygen does not come from factories, I am completely dependent on nature for my existence, yet I feel it is OK for me to destroy nature in order to "make a living". Don't breath again until you really, truly accept your place on the food chain.

Watching the video, I can understand the frustration of joe "six pack" but I could not notice in the back ground there was what appeared to be a flat screen TV of some sort.

If I were to post a response video, I might ask dude is that flat screen TV made in america, and did ya buy it with cash? If it's not an american made flat screen TV and was paid for with some kind of revolving credit, then I'd say as Jon Steward has said often, "what the Frak where ya thinking, you're just another douche bag hipocret" for contributing to the problem of shipping jobs off shore, adding to the balance of trade problem, and contributing to the problem of a low national savings rate.

That's exactly what my friends said, lol.

what I found interesting is the comments section of the you-tube section, that never brought up the points I thought were obvious.

BTW anyone know how to apply for a CEO job? Even though I don't have an economics or finance background, I'm pretty sure I can't loose as much money as those "educated" finance and business types. Instead I'd use my analytical skills in math in physics to try and build a sustainable system.

Besides in this era of frugality, I'd be willing to fly my self in something more fuel efficent than a Falcon 7X. Personally this is what I'd want myself for a personal business tool, to get around the USA, otherwise I'd charted a G550 for international travel.



The Piaggio P.180 Avanti II is one of the most unusual, even exotic, looking airplanes in production today. When you look at the airplane and wonder "why did they do that," the answer is always the same -- to fly the biggest cabin the fastest for the least fuel. Efficiency drove every decision Piaggio engineers made when the airplane was created in the late 1980s.

Let me say that I understand all the negative views concerning Citigroup buying a $50 million jet after receiving billions from the government. I actually have the same negative opinions. The purpose of my post was to get people to think about the negative effects this will have on the economy. I used my situation to help illustrate this.

Now I know all the effects peak oil will have on the aviation industry as a whole. I know aviation (as we currently know it) is doomed. That is why I'm graduating next summer with a degree in the medical field.

I just think the situation is kinda ironic. Spending money is what keeps our economy running (I'm not saying that's right). The goverment WANTS people to spend money to get the economy back on track. Now they are telling these companies to get rid of their jets/not buy jets (causing people in the aviation field to lose their jobs) at the same time they are trying to create jobs and bolster the economy.



Are you serious? I don't want to hear anything about destroying nature from someone who is typing on a computer. If you use any type of technology (home heating, transportation, communication, entertainment, etc.), you are just as guilty for your part in destroying nature as anyone else. Just because you don't drive an SUV or own a McMansion, doesn't mean you don't play your part in the grand scheme of raping our world. EVERYTHING we do has an adverse effect on the environment. Some of us are just more efficient at it than others.

StargazerNE I hear your points loud and clear and I think it was very well said. True, Jets may be "killing the environment" or whatever was said... but yeah, we're all doing it. And I don't know any nature lover that hasn't flown once or twice in their life. Oh well enough said...

But to everyone else... I would like to defend the "people that work on the Falcon 7X". No, just because someone works on this aircraft does NOT mean they make a wonderful salary. Geez, my husband works for a "small mid- western company" as well, and just because he works on corporate jets does NOT mean he gets paid like the people who own them for crying out loud! He makes no more than an average diesel mechanic, car mechanic.... etc... it's definitely not a glorified salary that's for sure. My husband's company too had to cut hours and they are talking pay cuts, trying to reduce costs on benefits, not matching 401k.... hiring freeze... you name it. And it sucks. They are going to be very affected by this because they were really relying on the 7X program.

Bratticus.. I don't think it needed to go so far as to say that people in the field should have thought about it before they entered it. Negatives can be found in pretty much any line of work one would choose to go in to. But you know... those in the Aviation Industry are not idiots, it takes a lot of work even to be a mechanic in that field. Some go the college route, but many get their experience in the military, where they gained the skills and knowledge to pass a test and get their FAA license, while at the same time defending your right to be a judgmental tree-hugger. I am really curious to know where exactly you are on the "food chain" and how you get off talking to someone like that just because they work in aviation?