News
Wednesday, July 9th, 2008American automotive icon General Motors (GM) is now on the brink of bankruptcy, after Merrill Lynch last wednesday (2July08) slashed the GM price target by a whopping 75% and changed recommendation from “buy” to “underperform”. The market reacted promptly, as the stock dropped 15% on the same day; biggest drop in 20 years, lowest stock value in 54. GM declined to commend, and is now looking for further capital to stay afloat, though the company spokesmen says that they have sufficient capital to survive 2008 (not her words). IOW, no, they don’t.
Now, if this isn’t a pretty visible illustration of the pit the US is sinking into, can you imagine GM is eventually acquired by Toyota or… a Chinese company? Oh, my. The King Nation of Capitalism being propped up by the old COmmunist arch-enemy. That WILL hurt.
(Merril Lynch’s analyst, John Murphy, who announced the lowered expectations and thus apparently caused the crash in GM value also paints a bleak picture of the US car industry, not only in 2008 as a whole, but continuing into 2009 with falling small-vehnicle sales).
Viacom is using the favorite tool of business to get access to the viewing histories of YouTube’s users - the court. Viacom’s message to the users of the world? Translated to english; “Fuck you and your privacy”. (The judge who ordered YouTube to comply is a senile old fart named Louis Stanton - 81 yo… as a commenter noted, past retirement age when the stuff he is ruling on came into existence). Big Corps care only about you as long as they can wring a buck or two out of you. (The YouTube viewing history is worth billions to the media giant). Else, not.
Q posted on /. (typos corr’d) : “This is an interesting question. If privacy laws supposedly protect an individual’s privacy when the data of said individual is in the hands of a business [company A], would it also protect the individual’s privacy from [company B] gaining access to said data, if the individual was not consenting to them getting their hands on it in the first place?”
The US is progressively becoming a very bad place to host any kind of data-providing service, be it BitTorrent, otehr Peer2Peer, user-submitted content etc. When that nation is in the dust 30 years from now, you can look to things like this for the reason.




