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Rich
The US economy was poor in the fourth quarter but it is probably worse now so it is unlikely yields are improving. In addition the low profit was not caused by inefficient hedges. In fact RCI reported its fuel costs were higher than expected..
The RCI report indicates capacity increases of 6.7%, 12.9% and 7.1% over the next three years. In the current economy this is potentially a problem that will drive down yields for RCI and the wider cruise industry.
Like all of us, RCI will be hoping the economic crisis is a short, sharp decline not a lingering 4-5 year recession.
Brad
They are fairing worse then Carnival Corp. I have no doubt they will survive, but I think they will abondon some lines (Amazara ) and some ships to pay for their debt or be bought out MSC?
Don't kid yourself, the US and EU economies are heading south and China will be joining us soon. The global economy will be contracting into the 4th quarter of 2009 / 1st of 2010 before a turn around starts. If a GM or Citibank fails it will take longer.
They have also received official approval to operate chartered cruises between Shanghai & Taiwan.
Pam
[ 03-04-2009: Message edited by: PamM ]
quote:Originally posted by Frosty 4:CEOs/banks etc. should be going to jail for all the BS they have caused.
And add various politicians from BOTH parties to the list for jail time. We only have ourselves to blame for these messes as most people voted for them and continue to do so! Here in California we're 42 billion in the hole and most people still vote the lame brains into office!
Trust me, it's in a lot of people's interest that OASIS OF THE SEAS sails on time for Royal Caribbean. If the shipyard had any doubts that financing could not be secured, then construction would have stopped a long time ago.
Ernie
quote:Originally posted by Frosty 4: It was once said you don't solve a financial problem by throwing $$$$$$ at it!!!. Granted it's only 1 month since BO is in office --BUT????Frosty 4
What do you suggest Obama do? Do you have a better plan? People don't want more of the same. That didn't work. We know that already. Perhaps you prefer what the previous administration did such as cut taxes for the wealthy and promote a minimal oversight and accountability culture which helped get us into the mess? Personally I think criminal charges should be brought up against certain members of the previous administration. I realize this mess is not entirely their fault, but they were in office the past 8 years and many of their policies got us where we are today.
quote:Originally posted by eroller:I realize this mess is not entirely their fault, but they were in office the past 8 years and many of their policies got us where we are today.Ernie
I agree and most fiscal conservatives were never fans of George Bush. On the other hand social conservatives were big fans of his administration to the end. I am no fan of so-called socially progressive policies. It has failed miserably in the US's largest testing ground-California. We are 42 billion in the hole and nothing to show for it but exploding social programs and overcompensated union state workers. We spend fully 1/2 of our state budget (60 billion dollars) on public schools and our once top-ranked schools are currently ranked 49th-just above Mississippi! President Obama need only look to California as THE giant failure in this form of far-left (by US standards) government and quickly steer the country to the middle like Bill Clinton did.
I am not a dem and don't agree with the path Obama and company are taking, but I hope it helps rather then makes things worse for all our sakes.
Good news is that CCL had one of their best wave seasons ever. . Princess bookings were up 6% (mine included) due to great deals (especially in Europe). I haven't seen the RCI results but I hope they too saw increases. It's good for the industry and let's face it, we need to Escape Completely for sure this year!
quote:Originally posted by sunviking82:Actually, the policies that got us were we are today are from the Clinton administration. The programs were ignored due to the 9/11 attacts and the unfortunate war in Iraq. This is a bi-pardison (sp?) mess.
Not totally true. Up until 2003, all investment banks were allowed only 12 to 1 leverage. Then in 2004, the Bush Administration basically gave five banks (and only five banks) the ability to lever up 30 or even 40 to 1. Bet you can guess the five banks. Bear, Lehman, Merrill, Morgan and Goldman. Three down, two left.
Back on topic, it would likely cost more to shut down the Oasis project than to continue the building. Who would buy the unfinished ship without having to totally unbuild large parts of it to fit with another cruise line's format and operational ability?
Another milestone happened in around 1980 when banks started to sell off their mortgages. Prior to that if you had a mortgage w/say Bank of America, that mortgage stayed w/BofA for the life of the loan. W/new technologies and limited restrictions, banks and S&Ls could begin selling off their mortgages and the seed for today's mess was planted.
If you want to go back and place blame, how about Ronald Reagan and "trickle down economics". Basically helping the rich get richer and this will somehow help the poor and middle class. Then we have the anti-labor policies from the same administration. I think much of what we are dealing with today are the prolonged effects of "Reaganomics".
As I have posted before, the real problem w/all this financial mess (and how it will get paid off) will be really felt when the Baby Boomers start to retire. There simply are'nt enough qualified people coming up in the ranks to take their positions and that problem will become apparent all over the country in the not so distant future. There will also be a transistion from taxpayers to more and more 'taxtakers' relying on the government for their income like we are seeing in California. In L.A. County, 20% of the population is on government assistance and that was before the downturn!
[ 03-06-2009: Message edited by: lasuvidaboy ]
Frosty 4
quote:Originally posted by Frosty 4:But once things get rolling again I think seniors will be the prime targets for employment--- at a low rate Frosty 4
And many seniors (and Baby Boomers for that matter!) have a much stronger work ethic than most youngsters! In a way this recession might be good for the younger generations-as a reality check!
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