This article is a reason to subscribe to The New Republic.
If you have been sick of watching the takeover of American education by entrepreneurs, professional managers, management consultants, and Wall Street, you will see parallels between the managerial culture at Boeing and the management culture that has permeated large sectors of American educators. At Boeing, crucial decisions were made by managers, not engineers; in education, crucial decisions are made by managers from the business world, not educators. The results in both cases are disastrous, but especially so in aviation where people were killed by bad decisions.
In this stunning, gripping, frightening article, Maureen Tkacik explains how Boeing was ruined by financial decision makers, which ultimately led to two crashes of its new 737 MAX jets.
She begins:
Nearly two decades before Boeing’s MCAS system crashed two of the plane-maker’s brand-new 737 MAX jets, Stan Sorscher knew his company’s increasingly toxic mode of operating would create a disaster of some kind. A long and proud “safety culture” was rapidly being replaced, he argued, with “a culture of financial bullshit, a culture of groupthink.”
Sorscher, a physicist who’d worked at Boeing more than two decades and had led negotiations there for the engineers’ union, had become obsessed with management culture. He said he didn’t previously imagine Boeing’s brave new managerial caste creating a problem as dumb and glaringly obvious as MCAS (or the Maneuvering Characteristics Augmentation System, as a handful of software wizards had dubbed it). Mostly he worried about shriveling market share driving sales and head count into the ground, the things that keep post-industrial American labor leaders up at night. On some level, though, he saw it all coming; he even demonstrated how the costs of a grounded plane would dwarf the short-term savings achieved from the latest outsourcing binge in one of his reports that no one read back in 2002.*
Sorscher had spent the early aughts campaigning to preserve the company’s estimable engineering legacy. He had mountains of evidence to support his position, mostly acquired via Boeing’s 1997 acquisition of McDonnell Douglas, a dysfunctional firm with a dilapidated aircraft plant in Long Beach and a CEO who liked to use what he called the “Hollywood model” for dealing with engineers: Hire them for a few months when project deadlines are nigh, fire them when you need to make numbers. In 2000, Boeing’s engineers staged a 40-day strike over the McDonnell deal’s fallout; while they won major material concessions from management, they lost the culture war. They also inherited a notoriously dysfunctional product line from the corner-cutting market gurus at McDonnell.
And while Boeing’s engineers toiled to get McDonnell’s lemon planes into the sky, their own hopes of designing a new plane to compete with Airbus, Boeing’s only global market rival, were shriveling. Under the sway of all the naysayers who had called out the folly of the McDonnell deal, the board had adopted a hard-line “never again” posture toward ambitious new planes. Boeing’s leaders began crying “crocodile tears,” Sorscher claimed, about the development costs of 1995’s 777, even though some industry insiders estimate that it became the most profitable plane of all time. The premise behind this complaining was silly, Sorscher contended in PowerPoint presentations and a Harvard Business School-style case study on the topic. A return to the “problem-solving” culture and managerial structure of yore, he explained over and over again to anyone who would listen, was the only sensible way to generate shareholder value. But when he brought that message on the road, he rarely elicited much more than an eye roll. “I’m not buying it,” was a common response. Occasionally, though, someone in the audience was outright mean, like the Wall Street analyst who cut him off mid-sentence:
“Look, I get it. What you’re telling me is that your business is different. That you’re special. Well, listen: Everybody thinks his business is different, because everybody is the same. Nobody. Is. Different.”
And indeed, that would appear to be the real moral of this story: Airplane manufacturing is no different from mortgage lending or insulin distribution or make-believe blood analyzing software—another cash cow for the one percent, bound inexorably for the slaughterhouse. In the now infamous debacle of the Boeing 737 MAX, the company produced a plane outfitted with a half-assed bit of software programmed to override all pilot input and nosedive when a little vane on the side of the fuselage told it the nose was pitching up. The vane was also not terribly reliable, possibly due to assembly line lapses reported by a whistle-blower, and when the plane processed the bad data it received, it promptly dove into the sea.
Boeing’s defenders blamed the pilots for the crashes. They said that the pilots needed more training. But the engineers knew otherwise.
The article ends like this:
No one who knew anything about anything thought it was a good idea to slash research and development spending, lay off half the engineers, or subcontract whole chunks of a plane without designing it first. It hardly mattered. “It was two camps of managers, the Boeing Boy Scouts and the ‘hunter killer assassins,’” remembered Cynthia Cole, a former Boeing engineer who led the Society of Professional Engineering Employees in Aerospace (SPEEA) during the 787 saga. “How do you merge those two management philosophies? The hunter killer assassins will destroy the Boy Scouts. That’s what happens.”
That’s what happened on an exponentially more ruinous scale in mortgage lending and pharmaceutical sales and at General Electric, which over the past decade has spent more than $50 billion buying back its own stock even as its staggering insurance business losses threaten to bankrupt the company. (And none of this has diminished GE’s zeal for deindustrialization, which has disemboweled places like Fort Wayne and Erie and Schenectady and put tens of thousands of people out of work, both permanently and on furlough.) It’s what happens to every well-intentioned half-measure to mitigate the catastrophic effects of climate change.
None of these things had to be ideological wars, said Cole, a lifelong conservative who now chairs the King County Republican Party in Washington state and first joined the union—membership in SPEEA had been voluntary when she joined—because not a few months into her first engineering job she had watched a space shuttle land in a control room full of engineers who had built the shuttle. The shuttle bounced, there was a massive collective intake of air, and one of her colleagues let it slip that the landing gear wasn’t strong enough to withstand certain weather conditions, and that if she wanted to keep her job she’d keep her mouth shut about it; she was laid off a few months later. “I thought to myself, oh my gosh! This happens in the movies.”
She had no idea then how sick she would get of watching the same movie.
But a month later, back in the same room on a biblically hot day, a son of Kenyan farmers restored a bit of moral clarity to proceedings: “As an investment professional, allow me to inform Congress as to how Boeing has viewed this whole crisis.” Noting that the stock had surged from $140 four years earlier to $446 right before the crash that had killed his wife, and his son, four-year-old daughter, nine-month-old daughter, and mother-in-law, Paul Njoroge laid out the sequence of 737 MAX orders, ten-figure stock buybacks, and dividend hikes that had dealt out this horrible fate to his family.
“Could that be the reason Boeing did not feel obliged to ground the MAX even after the second crash of the Boeing 737 MAX?” he asked. “Back to my very essential question, why wasn’t the MAX 8 grounded in November after the first crash in the Java Sea? One hundred and eighty-nine lives were lost, and executives at Boeing cared more about its stock price than preventing such a tragedy from occurring again,” and so had begun “a pattern of behavior blaming innocent pilots.”
“I am empty,” he told the committee. “My life has no meaning.” He had met his wife studying finance at the University of Nairobi. The family had been spread across Bermuda, where Paul worked as an investment manager at Butterfield Bank, and Ontario, where his wife and children were settling down. Paul was expected to join them later. The distance had been hell, and he had never even had a girlfriend before her; his family was literally everything, he explained, and every single one of them was gone. “I have nightmares about how they must have clung to their mother, crying, seeing the fright in their eyes as they sat there helplessly. It is difficult for me to think of anything but the horror they must have felt.”
After his testimony, a dead-eyed Njoroge stood in the hallway for nearly three hours, granting interviews to the dozens of journalists who needed exclusive footage to anchor their packages. He told me he wasn’t surprised that Boeing’s stock hadn’t suffered more since the company had killed his family. He would never buy it himself, of course, but even now it would be hard to justify leaving it out of a client’s portfolio.
If you read one article today or this week, read this one. It is fascinating, horrifying, and an indictment of the managerial culture that treats all problems as the same–whether it is building an airplane, educating children, or developing new medicines. A management problem, where professionals don’t matter.

I remember the Challenger crash, the investigation, the results, and the fact that none of this is being taught in school. Only the (unnecessary) death of the teacher onboard.
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If it had not been for Richard Feynman, the Challenger report would have been a complete whitewash. In fact, he had to write a minority opinion to get his voice heard at all.
Things have gotten much worse since then. There are no Richard Feynmans around today.
Our universitiy faculties are populated with yes men and yes women who won’t speak up even about the most repulsive corruption.
Just look at what went on at MIT for years.
And it was a lowly “alumni coordinator and development associate” for the Media lab who blew the whistle, NOT a faculty member. In fact, the faculty had no problem taking the Epstein money and remaining silent about it.
It’s a very sad state of affairs.
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“Our universitiy faculties are populated with yes men and yes women who won’t speak up even about the most repulsive corruption.”
This is a gross generalization, SDP, but, unfortunately, not far from the truth. Just when our budgets are cut, when our numbers decimated, when our research gets corrupted, we have become meek. At least students should shake us up, but they haven’t so far. What are we waiting for?
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A sense of powerlessness makes people meek.
Students have no reason to be meek but they are not as aware as faculty of the cuts and how they are affected.
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At my university, students are simply too busy—most of them work, many two jobs.
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MIT and Harvard certainly did not need to take the Epstein money.
Both have multi-millibillion dollar endowments and get several hundred million dollars EVERY year from the Federal government.
Personally, I think their federal funds SHOULD be cut after the way they have behaved. There are far more deserving public institutions that don’t deal with people who sexually abuse girls. Perhaps even the threat of yanking theE funds to Harvard and MIT would make them think twice next time.
And while the issues might be related in some cases (but certainly not
for MIT, Harvard, Cornell, Columbia, Princeton, or any of the other billion dollar endowment club members), funding cuts are never a legitimate excuse for the willful disregard of unethical behavior or truth.
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How much longer can this country survive before we have some sort of drastic changes or revolution of some sort. i mean the rule of law has been eroded.
Whether it be in the streets with our policing, the schools with our teaching and now in corporate america with egotistic managers making decisions they have no idea about.
My feelings are we are being sabotaged from outside our sytems and this is able to happen in a digital world none of us understand
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Unless you consider corporate America to be “outside” our system (and I guess they kind of are their own nation in a way), then, no, these attacks are not from “outside”. This is the greed of Americans like Bill Gates, the Koch brothers, these Boeing guys and every other billionaire and mega-corporation.
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We see both long- and short-term “results” of putting corporate greed before actual intelligence in both education and in the airline industry (and all others, like in Flint Michigan?).
However, whereas passenger deaths (and poisonings) are immediate and immediately felt, distortions in education (including egregious omissions) are pervasive and long term; and so it seems the “blood on the hands” of corporate thinkers is much less visible in education than in some public institutions and private/corporate industries.
This is why Diane Ravitch, and others who carry the torch for education, and for the public good and its commonwealth, are ESSENTIAL to the LONG-TERM health of democracy itself and its foundations in education.
In privatizing education, no one actually dies. And so the long term but similarly-HORRIBLE effects of corporate takeover of public concerns can go forward only if the public fails to understand what’s at stake when one fork in the road is taken over another. That takeover is actually dependent, then, on relatively bloodless political, educational, and spiritual ignorance rather than on anything closely related to the same intelligence that would have saved the lives of so many people who trusted the corporation to watch out for their safety–FIRST. CBK
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Amen to this.
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I’ve seen this culture first hand.
It permeates the engineering field.
Sales drives everything, and product quality and safety take a back seat. Are not even in the same vehicle, in fact.
And don’t forget Rigoberto Ruelas , the LA fifth grade teacher who, despondent over his VAM score that the LA times vermin … I mean journalists … made public, committed suicide.
How many other teachers have quietly done the same over the last decades in response to VAM and other idiotic and cruel policies of the deformers?
How many have been fired and had their lives ruined by people like Bill Gates, Raj Chetty, David Coleman, Etik Hanushek, Michelle There, Arne Duncan and other VAMbots?
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Self correct strikes again
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For thousands of years, the Chinese documented their history in serious details, and two things brought about the collapse of almost every dynasty: greed and corruption.
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Yes. We are just like Rome in the second century CE. A country that formerly had consisted of small farms was now one of vast estates–the latifundia that served as the model for the feudal system–owned by a few oligarchs. Completely unsustainable. This history keeps repeating itself, and it never ends prettily, does it?
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As I recall, Rome collapsed ushering in the dark ages for a thousand years.
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And over and over again, it’s been the same. A few at the top relegating more and more resources to themselves and using increasingly violent suppression to support that until it all explodes.
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The main difference — and it is a very big one — is that this time, human civilization will not recover because we are destroying the ecosystem that supports all life on Earth.
There will be no Fall of the American Empire written about in history books.
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Are you saying, Bob, that America is too big to be manageable?
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Rome was built by legions of soldiers who grew up on small family farms. As these disappeared–as the wealthy increasingly owned all the land and ordinary citizens were reduced to tenet servitude, yeomen soldiers had less reason to fight for what they literally thought of as their homeland. The wealthy dispossessed ordinary people of their homes.
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I am brought up straight by your word “manageable.” The greater the resources concentrated in a few hands, the more need there is for those with the ownership to use command and control techniques–surveillance and violence. And now, of course, the means for doing both are far more powerful than ever before in history. Of late I must say that I find myself fantasizing about the red states splitting off from the Union and leaving the rest of us the hell alone to create a more equitable and just country.
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I think there is a way for Blue America to stay linked after the red states become Trumpland with their president always being a member of the Trump Family Dynasty.
To stay unified as the Blue United States, BlueU.S. will sign a treaty with Canada allowing the Northeast to move cargo and/or travel by rail and/or highway between coasts and also sign a mutual defense treaty with Canada and the EU in case Trumpland’s fascist, hate-filled, racist military starts a war with Blue U.S.
Trumpland will, of course, to counter the alliance between BLUE U.S. Canada and the UE, sign a military pact with Russia, Cuba, Venezuela, and North Korea.
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Ivankalalandia? Trumpistan?
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Trumpistan —- YES, that fits perfectly.
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Trumpistan it is. 🙂
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I’m not serious about that. Just a fantasy. But it’s insane that we can’t even get a serious consideration of universal healthcare because of the number of ignorant rednecks in our Congress.
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“But it’s insane that we can’t even get a serious consideration of universal healthcare because of the number of ignorant rednecks in our Congress.”
This is what I mean by not being able to manage: the interests seem too varied. Many people long for unity. Is it possible in such a big country?
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You have an excellent point.
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A crazy president in a small country can do small damage, a crazy president in a big country can do big damage. If this big country is also powerful, the damage can affect the whole world as we see it now.
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Curious about your thoughts about your own question, Mate.
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“Curious about your thoughts about your own question, Mate.”
Small nations are much simpler to manage, imo, but it’s useful to combine them into a union (like the EU or Lloyd’s Blue and Red Americas) to make sure, none of them become rogue, or are left behind much in economy, education, healthcare. It seems the US as it is, is most useful for big companies: they have a huge market of 300 million people, and this gives them way too much power; all they have to do is lobby at the central authority (Congress) for tax cuts, min wage and such.
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Oh my lord, so many typos in that last post!!! Embarrassing. I typed their for there!!!! Aie yie yie!!!
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Corporations will always put profit ahead of people as this post illustrates. Our broken private healthcare system is a perfect example. I have been watching a TV show called “Chasing the Cure.” The idea behind the show is to use “crowdsourcing” and a team of medical experts to help people that present with medical mysteries.
While the show has been fascinating for medical conditions presented, it has also pointed out the inadequacies and inequity in our for profit healthcare system. Many of these people on the show have seen numerous specialists. Their medical investigations end when an expensive option like genetic testing is recommended. The insurance company denies access.
Our so-called system has lots of flaws. People in rural areas do not get the same type of care as those get that live in cities. People without insurance often suffer in silence because they have no money to pursue treatment. Some people with insurance are still losing their homes when a chronic condition hits them, and these formerly middle class people can no longer pay for treatment. One young woman lives in Washington State near Portland, but she cannot be treated there. She has to find a provider in Washington because she had Washington state Medicaid. This system allows many people to fall through the cracks.
We need healthcare that works for people, not the insurance companies. Bernie has said that the goal of our system is to make insurance companies rich, and it is working. The insurance companies make money when they deny claims. Private insurance works well for healthy people, but it fails to provide adequate care for those that need it the most.
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No one wanted to listen to the Doctors and nurses as healthcare was being privatized and now we are stuck with a system that only the rich can afford to use while the people in the middle are paying the most….both monetarily and physically. But our politicians keep negotiating with the billionaires and the privatization will continue. All we have to show for our tax dollars is greed and corruption at the highest levels. Something tells me that a great depression is looming on the horizon.
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And a Biden linked firm is poll testing attacks on Medicare for All
“The centrist group Third Way is focus-testing attacks on Medicare for All to see what will stick, using a firm with close ties to former Vice President Joe Biden’s 2020 Democratic presidential campaign. ”
“The poll was conducted by Lisa Grove of Anzalone Liszt Grove Research. Her partner, John Anzalone, is the chief pollster and an adviser to Biden, who opposes Medicare for All and wants to make government-run insurance optional.”
https://www.commondreams.org/news/2019/09/23/unfortunate-not-surprising-sanders-responds-report-biden-linked-firm-poll-testing
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We spend TWICE as much, per capita, on healthcare as the average in the OECD, but we arguably have worse outcomes. Why? Because half our healthcare dollar goes into the profits of the healthcare RICOs in the United States. It goes to paying for the repaving of the tarmac on the heliport of the hunting lodge belonging to that C-level health [sic] insurance [sic] company. We have the existence proofs of all these systems that work better and much, much more cheaply. But the oligarchs spent billions to keep the people ignorant. And they control much of the media. Notice, for example, that the Wall Street Journal, formerly the US business newspaper of record, is now, under Murdoch, running daily opinion pieces to argue that Democratic Socialism of the kind one finds in so many European nations is indistinguishable from Soviet era Communism and that Medicare for All is an evil Socialist plot. Keep the people ignorant and riled up about the culture wars. That’s the game plan.
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cx: that C-level health [sic] insurance [sic] executive
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“Corporations will always put profit ahead of people as this post illustrates. ”
So what you are saying, RT, is that the basic problem is Capitalism.
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There was a time after World War 2 when business felt a responsibility to their workers. The average CEO lived in the same community as his workers and made 20 times as much as the average worker. Now corporations are global, feel no responsibility for the well-being of workers, automate their jobs out of existence, destroy the community, and make 200 times as much as the average worker.
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The question is, what happened here in the US, while in Western and especially in Northern Europe, raw capitalism have been controlled quite well.
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Mate
Here’s my theory
All the “out of control” free(for all) marketeers migrated from Western and Northern Europe to the New World where they ran amuk (and ate still running amok) slashing and burning everything in their path (including the natives).
After the mukers left, the gene pool in Europe was largely depleted of the “,rapacious capitalist” gene and hence Western Europe was able to establish a more reasonable economic system and society.
Just my theory.
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If the Puritans were carriers of the ” rapacious capitalist” gene, it would explain not only their atrocious treatment of the Native Americans but also explain why the people of England did not want them around and were glad to see them go. One really has to wonder who was persecuting whom?
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The prosperity gospel definitely goes all the way back to the Puritans.
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“Stonecipher’s other big cultural transformation was focused on maligning and marginalizing engineers as a class, and airplanes as a business. ‘You can make a lot of money going out of business’ was something he liked to say. Welch had been famous for transferring upper managers from, say, GE’s locomotives division one year over to plastics the next, and to jet engines after that.”
My, my. Maybe now I understand. Meaning, I once did a voluntarily short consulting engagement with the GE company that manufacturers jet engines. A mostly offshore “team”—to use the word in the sense the article does—was in charge of data management. In reviewing their data model, I noticed the thing called “nacelle” was not represented, so I proposed adding it. Their response? “There’s no need to introduce any new fancy terminology.” My response: “You mean to tell me you don’t know that engines are mounted inside nacelles attached to the airframe?” They did not know and kept insisting it’s a new fancy term. Worse, they had declared each particular aircraft to be a component of each of its particular one or more engines! Believe it or not.
So, as I said, “voluntarily short consulting engagement.”
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What an astonishing story, Ed!!!
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Talking about management culture will not bring back the lives lost. It will also have little effect on the fixes that Boeing performs on the 737, which is more important right now. Clearly, the way MCAS was designed was flawed in may ways. Boeing says that it has updated the software, rewired the sensors to use two of them instead of one, but the stab trim switches, which are essential to stop runaway trim, have not been rewired back to the NG configuration.
Thing is, the Max has these switches wired differently than on prior generation. If the switches were wired as on the NG, the pilots could turn off ONE switch that controls STS/MCAS, and still use electric trim switch to bring the airplane back to trim. Instead, on the Max two switches are wired in sequence, so with the new wiring when you turn MCAS off, you also turn electric trim assist off, and then the pilots have to manually turn the small wheel beside their leg, which is impossible at the speed and angle of attack the airplane was flying. Bam. You’re dead.
The question is, whether Boeing will re-wire the switches back to the NG configuration or not. If not, I will NEVER fly the Max, it is a death trap.
Also, for a different angle you can read https://www.nytimes.com/2019/09/18/magazine/boeing-737-max-crashes.html which, actually, reads like Boeing’s PR. It came out just in time for the re-certification. It blames the pilots, who are not as good as white Anglo-Saxon pilots, and the lawless culture of Indonesia. Does not say much about culture at Boeing.
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I would like to say that I am surprised by the content of the article, but I am not. As the daughter of an aerospace engineer and the sister of a scientist working in the corporate world, I have heard too many stories of bad management decisions. Of course higher Ed is not immune either.
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While pushing the sale of Boeing planes around the world, the Obama administration was at the same time fast tracking a dangerous deregulatory process at the Federal Aviation Administration (FAA) that effectively put the corporations in charge of the safety certification process — and that in effect put Boeing in charge of certifying it’s faulty MCAS software that led to the tragedies in Indonesia and Ethiopia.
The same unthinking mentality that sees regulators as a dispensable encumbrance who clutter the operations of “the free market”; or safety is an optional feature that mustn’t be allowed to interfere with the bottom line; where the needs of employees are subsidiary to the profits of shareholders and management; and the military is prioritized over the needs of the civilian economy. Boeing embodies our economic and social dysfunction with predictably deadly consequences.
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Oh, come on: the Obama administration, the Trump administration… The President is just a face, a puppet. President is useful for the public to keep hoping every four years for a change when a new face is put into White House. In reality, the President doesn’t make any difference. You think that the current policies are done by Trump alone, unilaterally? This country is not a kingdom yet. And even it were, the politics is done by bishops, not by the king.
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You are breathtakingly ignorant.
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What the last 3 years have taught us is that the US president is much more powerful than we thought. That office may be more powerful than any king’s or emperor’s.
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Noam Chomsky: “Trump is a canny demagogue and manipulator, who is managing to maintain the allegiance of the adoring crowds that believe he is standing up for them against the hated elites while also ensuring that the primary Republican constituency of extreme wealth and corporate power are doing just fine, despite some complaints. And they surely are, in fact, making out like bandits with help from Trump and his associates.”
https://truthout.org/articles/noam-chomsky-trump-is-consolidating-far-right-power-globally/
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“Chomsky argues that Trump is a distraction, a showman drawing attention and occupying the media with his antics, “while in the background, the wrecking crew is working… systematically dismantling every aspect of government that works for the benefit of the population.” He points to the two most pressing dangers facing humanity: nuclear war and climate change, and how little coverage they get because of all the other chaos.”
https://boingboing.net/2018/07/17/noam-chomsky-calmly-explains-w.html
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Trump leads the wrecking crew. They are his Cabinet and suB-Cabinet.
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We have yet to see the horrific consequences of the dramatic gutting of regulations done by the Trump administration. Basically, we have an utter fool in office and a lot of jackals around him taking his administration as an opportunity to maximize short-term profits by their oligarchical puppet-masters. Everywhere you look, there are now disasters waiting to happen. Fewer government inspectors in meat plants. Removal of regulations on carbon emissions and pollution of waterways. Trump will be gone before we see the horrors unfold. Think the Flint water supply writ large–on a national scale.
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Trump has basically issued a blanket prescription: deregulate everything in sight, and give businesses whatever they want. Sure, let’s increase the rate at which food animals can be processed in slaughterhouses. Sure, let’s let the slaughterhouses do their own “inspection” under such circumstances. Sure, let’s reduce the number of government inspectors. Sure, let’s let factory farmers use more and more powerful anitbiotics.
So what will be in Trumpty Dumpty’s “hamberders”? Don’t ask. What happens when all our available antibiotics are no longer useful? Don’t imagine this. It’s too horrific for contemplation.
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What an irony that conserving nothing should be the modus operandi of “conservatives”!!!!
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The so-called “conservatives” are actually anarchists.
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Richard Holsworth Another thing is that corporations too-easily become insular environments where, like gangs or “godfather families,” those involved too-easily share a common set of moral and social frameworks and horizons.
If corporate culture is built around a transactional-only “get-mine” set of ideas, then not only do those involved easily come to think that way, but they also assume that everyone else does to, or should; and so the corporate “culture” that, in reality, is a moral slum, too easily defines themselves and the rest of the world from that horizon–in that way, justifying their own depravity by making it the ultimate measure of all things human, and everyone else as ignorant outsiders. CBK
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In the early ‘70’s when I was a young adult learning about loans and investments, parents/ grandparents/ teachers/ bankers/ brokers counseled quite differently. Their advice reveals how much things have changed in 45 yrs. Stick mainly to “blue-chip” stocks, they said—which were by definition outfits which “innovated incrementally.” They could be counted on for long-term steady growth and reasonable dividends. What has changed? Not that wisdom, not that biz model. The changes came not because US mfr’s suddenly became “mature” & had to be converted to “supply-chain mgt.” The changes were (a)sudden acceleration of automation [digital revolution] and [related] (b) swift globalization of the market place. [The 1st death-knell change I observed in early ‘80’s was in publishing. A little-noticed acctg rule was changed under Reagan that turned the industry on its head, making it impossible to hoard printings for long-term demand (literature!); it was quick-big-sale or trash/pulp the remainders.] The supposed change to “supply-chain mgt” is biz-jargon code for “sauve-qui-peuve” (every man for himself): cut costs by whatever means available, dang the public, devil take the hindmost. We see this biz model’s incursions on public ed, jails, parks, libraries et al for only one reason: there’s a new source of revenue there, the endlessly-open spigot of public taxes.
I shared this article w/my engrg-mgr husband, who has over 40+ yrs watched his orig co, a once-highly-prized cadre of 3500 prof’l engrs, get bought out multiple times by successively more-rapacious owners, who first stripped the original 75-y.o. co of its RE assets, then merged it again & again w/ competitors until no more $ could be squeezed from there in OH, then went global, bringing in lowest-common-denominator engrs, first insourced then outsourced, to do global biz [they are currently 50k engrs]. When I shared my thoughts on how things once were in terms of investor expectations, he said the short-term view has ruled engrg for over 25yrs: no longer are long-term results based on expected age of facilities/ eqpt even calculated—which means safety is out the window.
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I am not fond of flying. Are you guys saying, Boeing is unsafe we should all fly Airbus?
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BOEING 737 crash = the FAULT of Boeing and FAA. Boeing didn’t fully TEST and FAA let BOEING do the testing because of a “TIME and $$$$$ crunch”. BAD MOVE. FAA administration who are close friends with BOEING did not do their jobs. They literally let the plane fly “by the seat of the passengers’ pants.”
https://www.cnn.com/2019/05/23/business/american-airlines-boeing-pilots-union/index.html.
https://www.theguardian.com/business/2019/may/23/boeing-737-max-crashes-american-airlines-pilots-union-mcas
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