Comments:
Ray, thanks for your marvelous rant. vs331, thanks for the link, it was a little over my abilities to comprehend the relationship with a scam. WB, yes, price is a way to cut energy waste. Unfortunately is not an option for those who still have no electricity nor water nor cars nor phones, that is, the majority of the world population. Either we find a way to provide
cheap energy or those people are never going to make it into capitalism. There is a possible (heck, actual) new "economic locomotive" for this world, and
it is the poor people of this Earth becoming part of the global economy. It is happening right now, I think.
I am
allowed to disagree (slightly) on a couple of things, totally un-F1Technical, sorry.
First, as jon tries to explain, if the move by the Feds were socialist, they would have expropriated the banks.
Second, many countries have been surviving by creating money since Breton Woods expired. And their fleets and armies is what they provide in exchange.
On thread:
First consequences for Formula One of the subprime debacle we predicted (ehem...
) years ago:
"
The sponsorship deals are subsidized by car manufacturers. You're going to see spending [cut] back and it has to [be cut] back because it has been madness for years... money hasn't made the show any better, it has made it worse." --
Eddie Irvine --
Is there a more cash-hungry sport than F1? I doubt it.
"
I would struggle to carry on alone [without Red Bull]... I need the backing of a car manufacturer, which isn't there. I think it is going to be difficult times, no question." --
Gerhard Berger --
Just to remind you that when Williams lost BMW and HP as sponsors, they made a $50m net loss the following year.
"
It had become apparent, long before the present economic difficulties, that Formula One was unsustainable... I think it would put the sport in an unsustainable position if we lost two more teams... it would cease to be a credible grid." --
Max Mosley --
Which two teams? Toro Rosso is one, yes.
"
The global economy at the moment isn't in great shape and it affects all areas of the pit lane... It is down to the teams to work collectively with the governing body to make sure that we are responsible in what we do to control our costs." --
Christian Horner --
Then why the sport is not already broken? After all, F1 counts among its sponsors companies like Allianz, Banco Santander, Credit Suisse, ING, Mutua Madrileña, Hamley and Royal Bank of Scotland, which are not precisely buoyant. Let's hear:
"
There is probably no other sport, or sports event, except the Olympics, that has as much contractually obligated income, or COI... this sport is in a better position than most any other sport because of COI and flight-to-quality." --
Christopher Lencheski, SKI, F1 sponsor marketing firm --
And this:
"
... companies under pressure were looking for high-impact advertising. Formula One can deliver... it is really a good chance for everyone." --
Norbert Haug --
Ahhhh... I haven't realized
that. On the other hand, they sound as optimistic as Eddie Irvine, and we all know where optimism took the Ulsterman.
Final wild prediction, for rants to be made at your own leisure:
Formula One will be using gasoline for five years before starting to consider the end of IC engines, because petrodollars will end their "life" as we know it.
