Treasury Department approves $5 billion for GMAC

The Treasury Department has said that it would invest $5 million dollars in GMAC LLC and would loan as much as $1 billion to General Motors Corp. as part of its effort to aid the struggling U.S. auto industry. General Motors owns 49% of GMAC, which provides financing for auto dealerships and auto buyers. It has been hurt lately due to the week economy. GMAC request to be turned into a bank holding company was granted by Federal Reserve last week. They did this so they can tap into the $700 billion Troubled Asset Relief program that was passed by Congress in October. The Treasury Department said it would loan money to General Motors so that it could participate in the $1.25 billion rights offering that is part of GMAC's transition to a bank holding company. The term sheet of the GMAC deal states that the Treasury Department will get preferred stock paying an annual dividend of 8 percent. This loan is completely different from the $17.4 billion that George W. Bush and Henry M. Paulson Jr. announced on December 19th.

Personally I am glad that they are getting this loan so they can stay in business, but will this work? If no one was buying their cars before why would they buy it now? I would hope that they will take a better approach with their cars then they did before if they want to stay in business because I dont think the government can keep bailing them out if it happens again.

Health Care That Puts a Computer on the Team

New York Times Article

In today's world, can computer memory surpass the capabilities of the human mind? This article suggests inputting all paper medical records into computer databases so that they can analyze what's best for the  patient? However, this also has many further implications like: the impact of the industry, laws discerning the privacy of medical records between patients and doctors, and ultimately the moral issue of whether computers should have more knowledge than people. Currently there is only one company with a feasible program that allows the computer to analyze the illness, prior medication used, the outcome of that patient and then compare it to other techniques. In a sense, it would be a huge warehouse of tests, and the computer would tell you which solution worked best. In this sense, a child could type in the symptoms, and prescribe the best medication. Moreover, because there is only one company with working software, this would create a monopoly in the industry. Also, the cost of the instrument hasn't convinced doctors that it is worth purchasing. Another problem with this is patient-doctor privacy. There are laws, like the privacy act, that secure your privacy as a patient in regards to giving out information about yourself. Currently, the computer database complies all information put into it. The article doesn't specify whether or not the doctors consulted with the patients or not before giving all information. Lastly, there is a moral issue or whether a computer should hold more knowledge than a person of a very high degree. Although everyone makes mistakes, should doctors be able to rely 100% on computers to be able to correct them 100% of the time? 

Cell Phones- How they got Started

We have been using Cell phones for years now, but does anyone know what the first one was like? I wanted a cell phone ever since i was at least nine years old. Though I am sure I probably was not born when the first one came out into the market. That is how old Cell Phones are, but the fact of the matter is from the first kind of phone to all the many ones there are now, no one can put there is down for two seconds. I am a victim of this, my phone is in my hand 24-7, just like everyone else who has one. The cell phone is not just a word we call the device we use to contact people as you can read about, by clicking the link. The thought that anyone could have come up with such a device to talk to someone no matter how far away they are is incredible. How these people even came up with such an idea sounds crazy or at least I'm sure the public did when they first brought it up. People such as Samuel Morse, who introduced the concept of wireless contection. Many others such as Martin Cooper. Who was raised in Chicago, went to the Institute of Technology in Illinois and got his degree in electrical engineering. Worked on the first portable handheld police radio. The first to make a cell phone using a cellular phone. The first cell phone was created in 1973. The first cell phone comercail didnt come out till 1989 as seen blow. Ever since we have created the first cell phone our lives changed and soon companys started, creating new and more cellphones. http://www.youtube.com/watch?v=fgBcGDO9WFk

NASCAR Merger

The horrible state of the economy has even begun showing up in the sports world. Teams are losing money and need to part ways with drivers or join with other teams to support themselves. Many teams have been merging lately because they need to do so to survive, including legendary Petty Enterprises. Co-owner Richard Petty had already sold control of the business to an investment firm in an effort to get enough money to remain competitive, but the situation didn't improve due to a worsening economy.

Since Petty retired in 1992, the team has been getting worse, and they haven't been to Victory Lane since 1999. They are talking about a merger with Gillett Evernham, which includes Kasey Kahne and Elliott Sadler. Teams are limited to four cars, and if the merger fails, Petty Enterprises may only have one car. Dale Earnhardt Inc. and Chip Ganassi Racing have already merged to stay comptetitve with stronger teams. Automakers' struggles in the economy worry NASCAR even more.

Former champion Bobby Labonte, who used to be part of Petty's team, said, "I can't remember a time when the sport's landscape looks as it does today," according to this article from The Chicago Tribune. It's sad and shocking that so many teams are struggling and that the economy is so drastically affecting sports.

Obama Is Named Time's Person of the Year

http://www.time.com/time/specials/2008/personoftheyear/article/
After just being elected president of the United States, Barack Obama is already getting much praise from important people. His impact on the US and the world has earned him the award 2008 Time Person of the Year. This could be not a surprise to many, but also could be a surprise to some. In my opinion he deserves this honor because the other candidates aren't as nearly strong and influential as Barack Obama. The runners-up were Secretary of Treasury Henry Paulson, vice president nominee Sarah Palin, President of France Nicolas Sarkozy, and Olympics director Zhang Yimou. Barack Obama had clearly more impact on 2008 than these people because of how different a candidate he is. He strongly wants change for this country and this world. He realizes that we need to take baby steps to get to our ultimate goal of being a power house country again. Another reason why Obama is the right choice is being of how big of an impact it has on African-Americans and blacks in the world in general. It shows that this country can have a strong leader who is of a minority. The world is thrilled by this because he represents something new and fresh for the issues in our world. Overall though Barack Obama is without a doubt in my mind the Person of the Year and really starts off his campaign well. His leadership and the want to make this world better is why he deserves this honor.

Video Example

Courthouse and FedEx Bombing Conspirer Brought to Justice

Ella Louise Sanders, a 59 year old woman, pleaded guilty to bombing a federal courthouse and FedEx building. The explosion of the courthouse spread potentially dangerous debris around a two block radius. Fortunately, in both of these bizarre incidents, no one was harmed. From what her attorney coined “misguided vandalism” her maximum sentence will be up to 30 years in prison. She also informed police with information that she worked with others to create and plant the bombs.

What I cannot believe about this whole situation is that she believes she’s committed an act of vandalism. In no way would anyone in their right mind consider bombing a building let alone a government building. Another thing I found hard to understand was how her attorney got away with terming her inexcusable acts as “misguided vandalism”. This is terrorism. An explosion that causes debris to reach a distance of two blocks is in no way vandalism. Spray painting on signs is vandalism. There is not a fine line between the two. Finally, having admitted to working with others to create and plant the bombs, hopefully she will cooperate with the police and bring the other conspirers to justice.

Wal-Mart Death

A Wal-Mart employee, Jdimytai Damour, died on November 28th, Black Friday in Long Island, NY. With about 2,000 costumers waiting anxiously in line, Damour unlocked the doors and was trampled by all the costumers. This is shocking to see. On a day that is suppose to bring happiness to a family ends up brining nothing but sadness and mourn. The Father, confused and trying to make sense of his sons death, expresses his feelings. I can't imagine having a child and loosing him/her on the day where families get together and enjoy the holidays. It shows how humans can be so cruel and will do anything to get what they want. I am still in shock; I don't understand how one can not notice a person underneath them. Other workers tried helping Damour, but they too were pushed around and trampled over. Bruce Both, president of the United Food and Commercial Wokers Union Local 1500 * said that, "This incident was avoidable." He questioned what safety precautions Wal-Mart took for a large crowd. He blames Wal-Mart for Damour death because they should of been prepared for a large group and should of had safety barriers around the store. I agree with Both; Wal-Mart spends a lot of money to advertise their big sales, and what gets a person's attention better than a 50% off sale? Wal-Mart should of known a big crowd was headed their way, and they should of taken serious precautions to avoid injuries or death in this case. Like Director of Special Projects for Local 1500 Patrick Purcell said, "If the safety of their customers and workers was a top priority, then this never would have happened." Wal-Mart should take responsibility for their actions and do something to prevent it. One thing, I think, Wal-Mart should do is install automatic doors, so that this situation would never occur again. UFCW Local 1500 demanded that a full investigation from Federal Safety Agency and Nassau County Prosecutor to ensure justice and safety to the family members and other employees. UFCW have been hard critics toward Wal-Mart because they believe it is one of the largest retailer that offer low wage and poor health care for its workers. They don't believe what Wal-Mart does it right. To further help their side, they also show other problems and police incidents Wal-Mart has in the past. On top of this death, UFCW state the Wal-Mart stock their products made in Chinese factories and causes American factories to shut down. "Wal-Mart gets ahead, middle class gets left behind," there are two videos that better explain why Wal-Marts extraordinary prices actually hurt American workers.

• Waldemart
• Wal-Mart
  

To conclude, i believe that this was a form of negligence, also known as a civil wrong. It's a tort that results in one person carelessly injuring another.

• Duty of care
• Breach of Duty
• Proximate cause

Wal-Mart was not careful enough than a reasonable person or store should be. Safety of the costumer and workers should be first.



* UFCW Local 1500 is a labor union (group of people/workers that join together to reach a common goal in areas such as wages, hours, and working conditions). More general information can be found here.