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Tuesday, November 18, 2008

[Mostly O/T] Reading Material

There are times when apathy works in your favor. If you're lucky, it can be confused with a moment of zen, and then you really look good.

I read Hoyazo's lengthy rant about the U.S. auto industry and "bailout" (it came to 9 pages when I cut and pasted it). I spent several minutes trying to figure out how to begin to address everything that he's got wrong. Fortunately, I came to my senses and remembered that there is absolutely no reason to do that, nobody gives a rip what I think on the subject. So all I have to do is say Hoy, I respect your opinion, but in mine you're seriously wrong on this collection of issues.

Then again, if one or more of the Big 3 do file Chapter 11, I'm closing the doors and signing on to do bankruptcy stuff full time. That will be single biggest make-work project for lawyers in recorded history - fees will be multiple billions of dollars just for the core companies, and once you factor in the hundreds of suppliers that will fold as well, that's a few billion more. Full employment, here we come!


On a more topical subject, just on the off chance anyone else happens to enjoy Las Vegas-themed reading material, I can give a thumbs up to Tom Breitling's Double or Nothing: How Two Friends Risked It All To Buy One of Las Vegas' Legendary Casinos. You probably remember Tom (of Tim and Tom) from the days of the bubble. They sold their business to Expedia, made a pile and bought the Golden Nugget. They owned it for a year and sold out for a $113 million profit. Great literature it isn't, but the book is written in a very accessible style and it's entertaining enough to be a one shot read. Worth picking up.

I can't give the same recommendation to Winner Takes All: Steve Wynn, Kirk Kerkorian, Gary Loveman and the Race to Own Las Vegas by Christina Binkley. With semi-insider access - she worked for the Wall Street Journal - to such fascinating subjects, it's hard to understand why this is such a hard read. It's not well organized, can be hard to follow and just isn't nearly as interesting as it should be. Thumbs down on this one.

As always, I beat the house edge by checking them out of the library.


I am in for Vegas and bought my ticket weeks ago. Here's hoping that United doesn't go belly up in the next four weeks...


KenP said...

Lets talk presidence!

Been to Vegas? Fly? The airlines went through it and they survived along with many of their suppliers.

Fly over Indiana getting there? Rust belt. Only one of those steel mills you looked down on avoided C11. In central Indiana this week they opened a brand new car plant that will employee 1900. 1000 already hired--nice new jobs.

The difference between the big 3 and all those nimble plants spread across the country is competitiveness. You can give the 3 all our money and it just extends the point of true failure because their current structure makes them non-competitive. Only reorganization will correct that.

"You people" (giggle) talk as though it were a dissolution instead of a reorganization.

Read my blog for today and start getting it right. If you know Obama, send him too.(OK, next wizz contest)

Drizztdj said...

Friday afternoon, staying at the IP.

For those about to rock...

BWoP said...

Interesting . . .

I was involved in the deal when Tim / Tom bought the Nugget. Would be interesting to read!

Joaquin "The Rooster" Ochoa said...

The Rooster says...lay it down when he check raises you on the river...The Rooster always has da nutz...thank you very much.