Connecting the dots in the tragedy ruining lives in East Palestine, Ohio.......

[Boomer]

The 2017 tax law cuts were lauded and applauded by CEOs. corporation boards, and their lobbyists when that change in the law slashed the corporate tax rate.

It did not take long for corporations to decide to increase stock buybacks by using a mind-boggling amount from their new slush funds created by those tax cuts.

I have never liked stock buybacks -- even though I was seeing increases in share prices. I always thought stock buybacks running rampant were causing a bloated market.

I could never understand why those tax cuts did not come with some kind of parameters requiring corporations to use their new-found money for employees and capital improvements -- things to improve the overall economy. Of course, some of that money has been spent that way. BUT I guess nobody told corporate bosses not to use a huge percentage of those piles of money to line pockets by buying back their own stock.

Granted, I am a mere bumpkin, and could be accused of not understanding the wonders of stock buybacks. And, oh my, some might accuse me of being anti-capitalism -- which I absolutely am not. (I have not given up the market.)

I have been questioning stock buybacks for the past few years, but the recent train derailment that has ruined East Palestine, Ohio, sent me on a search to see what Norfolk Southern has been doing with their corporate tax cut money.

What you can read in the following link is an announcement from Norfolk Southern dated almost exactly one year ago. The announcement is for the stock buyback program that began on April 1, 2022 -- on the heels of their previous stock buyback program.

Here's the link to the year-old announcement straight from Norfolk Southern:


Norfolk Southern Announces New $10 Billion Stock Repurchase Program (https://www.prnewswire.com/news-releases/norfolk-southern-announces-new-10-billion-stock-repurchase-program-301512869.html)

And here is the first paragraph from the above link:

Norfolk Southern Corporation (NYSE: NSC) today announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company’s current program will be terminated on March 31, 2022.




10 Billion Dollars!



And, yet, there goes Norfolk Southern, waltzing around trying to buy real people's lives with a few mil thrown in the kitty.

This is about ethics. This is about right and wrong. This is about all of us.

Norfolk Southern must pay up, but never, ever be allowed to make the call as to when and whether East Palestine is safe -- unless that smarmy CEO moves there, with his family, to stay.

Furious Buckeye and Furious American Boomer

[OrangeBlossomBaby]

It isn't just that. A previous administration's rollback on EPA guidelines for hazardous material contributed to the disaster. However - another rollback, which was on the faster brakes for trains with flammable/hazardous cargo would not have applied to this particular train, as it was a mixed-use train and the disaster would've happened anyway since it was a busted wheel bearing that caused it.

[kkingston57]

The 2017 tax law cuts were lauded and applauded by CEOs. corporation boards, and their lobbyists when that change in the law slashed the corporate tax rate.

It did not take long for corporations to decide to increase stock buybacks by using a mind-boggling amount from their new slush funds created by those tax cuts.

I have never liked stock buybacks -- even though I was seeing increases in share prices. I always thought stock buybacks running rampant were causing a bloated market.

I could never understand why those tax cuts did not come with some kind of parameters requiring corporations to use their new-found money for employees and capital improvements -- things to improve the overall economy. Of course, some of that money has been spent that way. BUT I guess nobody told corporate bosses not to use a huge percentage of those piles of money to line pockets by buying back their own stock.

Granted, I am a mere bumpkin, and could be accused of not understanding the wonders of stock buybacks. And, oh my, some might accuse me of being anti-capitalism -- which I absolutely am not. (I have not given up the market.)

I have been questioning stock buybacks for the past few years, but the recent train derailment that has ruined East Palestine, Ohio, sent me on a search to see what Norfolk Southern has been doing with their corporate tax cut money.

What you can read in the following link is an announcement from Norfolk Southern dated almost exactly one year ago. The announcement is for the stock buyback program that began on April 1, 2022 -- on the heels of their previous stock buyback program.

Here's the link to the year-old announcement straight from Norfolk Southern:


Norfolk Southern Announces New $10 Billion Stock Repurchase Program (https://www.prnewswire.com/news-releases/norfolk-southern-announces-new-10-billion-stock-repurchase-program-301512869.html)

And here is the first paragraph from the above link:

Norfolk Southern Corporation (NYSE: NSC) today announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company’s current program will be terminated on March 31, 2022.




10 Billion Dollars!



And, yet, there goes Norfolk Southern, waltzing around trying to buy real people's lives with a few mil thrown in the kitty.

This is about ethics. This is about right and wrong. This is about all of us.

Norfolk Southern must pay up, but never, ever be allowed to make the call as to when and whether East Palestine is safe -- unless that smarmy CEO moves there, with his family, to stay.

Furious Buckeye and Furious American Boomer

Per preliminary report, this was caused by an over heated wheel bearing. If so, this rail road is going to pay big to people and property who were damaged.

[Gpsma]

And the rail workers followed the corrct procedure!

Oh, the evil big corporations. OP, got a pension, got investments?..im guessing you do…and these evil corporations are provising u with an income in retirement.

[Keefelane66]

It isn't just that. A previous administration's rollback on EPA guidelines for hazardous material contributed to the disaster. However - another rollback, which was on the faster brakes for trains with flammable/hazardous cargo would not have applied to this particular train, as it was a mixed-use train and the disaster would've happened anyway since it was a busted wheel bearing that caused it.
Just another loophole to get around any type of regulations. Trains operate today breaking hasn't been upgraded since 1872 developed by Westinghouse

[CoachKandSportsguy]

Boomer!

You are describing corporatism, where the corporation and its stock price come first!
Corporatism is more inefficient as you get towards the mgmt top because the egos lose rational thought and spend shareholder money for their interests, even non buybacks investments start to get self centered as the best for them vs the company
Its the sign of advanced economic financialization of the world, where all that matters are dollars and return stories and shareholder spin.

For the rest of the people who miss Boomer's point completely, just focusing on the cause of either brakes, (not breaks) or bearings (not barings) , the $10 billion of cash being spend on stock should be spent on better maintenance, upgrading brakes to stop faster, replacement cars for old worn out cars, more track inspections and repairs, etc

Just like UHC thinking that insurance company's can't lose money anywhere, and must grow profits by becoming a near monopoly negotiating lower and lower rates for higher profits and bonuses. human greed has been known to wreck nice situations. . .

I have friends who are in accounting and finance in very large companies, in different industries, who have seen corporatism in many ways, and seen people go to the pokey for same, and it just keeps happening. The power ascent occurs in business as well as politics, where ever the perceived power and influence. Jack Welsh was one of the big influences and trend starters, and working with former GE executives, you can see who worshipped Jack and were Jack wannabes, and who hated Jack, there are few in between. .

future former finance guy

[Carla B]

Thank you Boomer, for doing this research and Finance Guy, for putting a name to corporate misbehavior. I wonder if there even is a large corporation in today's environment which has used the tax windfall to improve how it functions.

Are there any corporations that have followed the "primary service objective," as taught in graduate business school, at least in olden days. Rather than just focusing on rewarding themselves, it was a directive to corporate management to do the best they could to satisfy the customer which, in turn, would result in building a stronger corporation.

[Caymus]

Boomer!

You are describing corporatism, where the corporation and its stock price come first!
Corporatism is more inefficient as you get towards the mgmt top because the egos lose rational thought and spend shareholder money for their interests, even non buybacks investments start to get self centered as the best for them vs the company
Its the sign of advanced economic financialization of the world, where all that matters are dollars and return stories and shareholder spin.

For the rest of the people who miss Boomer's point completely, just focusing on the cause of either brakes, (not breaks) or bearings (not barings) , the $10 billion of cash being spend on stock should be spent on better maintenance, upgrading brakes to stop faster, replacement cars for old worn out cars, more track inspections and repairs, etc

Just like UHC thinking that insurance company's can't lose money anywhere, and must grow profits by becoming a near monopoly negotiating lower and lower rates for higher profits and bonuses. human greed has been known to wreck nice situations. . .

I have friends who are in accounting and finance in very large companies, in different industries, who have seen corporatism in many ways, and seen people go to the pokey for same, and it just keeps happening. The power ascent occurs in business as well as politics, where ever the perceived power and influence. Jack Welsh was one of the big influences and trend starters, and working with former GE executives, you can see who worshipped Jack and were Jack wannabes, and who hated Jack, there are few in between. .

future former finance guy

Does Buffet manage his railroad any better?

[manaboutown]

The crew possibly ignored three warnings before acting.

"According to the report, the train contained a detection system that scans for temperature differences and other mechanical warnings. When it passed the first of three mileposts containing heat detectors, the suspected bearing had a recorded temperature of 38 degrees Fahrenheit above ambient temperature. By the second, it was 103 F above ambient.

By the third milepost, the suspect bearing was 253 F above the ambient temperature. Norfolk Southern’s guidelines say that if a difference between bearings on the same axle is greater than 200 F, the situation is determined to be “critical” and engineers need to “set out” the car for maintenance.

The report added that when the train passed a milepost on the east side of East Palestine, the detector transmitted a “critical audible alarm message” due to an overheated wheel bearing. The message instructed the crew to “slow and stop the train to inspect a hot axle.”

The engineer engaged the brake application to further slow and stop the train, but an automatic emergency brake application initiated, causing the train to come to a stop. The crew observed fire and smoke and notified the dispatcher of a possible derailment."


Federal safety board releases initial report on Ohio derailment - Roll Call (https://rollcall.com/2023/02/23/federal-safety-board-releases-initial-report-on-ohio-derailment/)

[Bill14564]

I learned a long time ago, by doing puzzles in books, that just because there are dots on the page doesn't mean there are lines that connect them. Despite the Monday-morning quarterbacking, there is no indication at this point of any negligence on the part of the railroad. Many more facts are needed before this event can be blamed on an otherwise smart business decision.

[Boomer]

Boomer!

You are describing corporatism, where the corporation and its stock price come first!
Corporatism is more inefficient as you get towards the mgmt top because the egos lose rational thought and spend shareholder money for their interests, even non buybacks investments start to get self centered as the best for them vs the company
Its the sign of advanced economic financialization of the world, where all that matters are dollars and return stories and shareholder spin.

For the rest of the people who miss Boomer's point completely, just focusing on the cause of either brakes, (not breaks) or bearings (not barings) , the $10 billion of cash being spend on stock should be spent on better maintenance, upgrading brakes to stop faster, replacement cars for old worn out cars, more track inspections and repairs, etc

Just like UHC thinking that insurance company's can't lose money anywhere, and must grow profits by becoming a near monopoly negotiating lower and lower rates for higher profits and bonuses. human greed has been known to wreck nice situations. . .

I have friends who are in accounting and finance in very large companies, in different industries, who have seen corporatism in many ways, and seen people go to the pokey for same, and it just keeps happening. The power ascent occurs in business as well as politics, where ever the perceived power and influence. Jack Welsh was one of the big influences and trend starters, and working with former GE executives, you can see who worshipped Jack and were Jack wannabes, and who hated Jack, there are few in between. .

future former finance guy


Thank you future former finance guy :) for expanding on my point -- and for adding a new word 'corporatism' to my vocabulary.

Ah, yes, "Neutron Jack" -- I heard a lot about him during his reign at GE because I know people who worked there. Welch ran GE from 1981 to 2001 and eventually pretty much eviscerated the company.......

It was never enough for Welch to stick to jet engines, locomotives, light bulbs, appliances -- all the stuff that had built the company into one of those stocks that let shareholders sleep at night......

But Welch's narcissistic personality drove his unrestrained greed. One of the things he did was position GE in finance. He could see the rah-rah of finance and wanted a piece of the action. He left GE, not long before the financial crisis. He took a record-breaking 417 million severance with him, as he left GE cruising for a fall. And fall it did. Never to be the same.

During Welch's tenure at GE, he had a practice of ranking employees and automatically firing the bottom 10%.

I am from Cincinnati and for decades, if you had a job at P&G which is headquartered in Cincy or at GE, you were well set.

P&G is still moving along, not the most exciting stock, but PG has paid a dividend since 1890 and has increased its dividend for 66 consecutive years. (PG usually announces the increase in April and starts paying at that amount with the May dividend.) PG has been known for its profit-sharing. I don't know if it's what they do anymore, but for many, many years, employees got stock -- and many of PG's retirees have held those long accumulated shares for decades -- for the dependable dividend. I cannot even begin to figure out what the actual dividend yield is on a share of PG held for 50-plus years, through ups and downs and split after split, consistently belching out those increasing dividends.

Long term dividend investing is often misunderstood. People look at the current yield, which is 2.60% for PG at this moment for an annual $3.65 per share check-in-the-mail. But if that share is decades old, the math to see the actual percentage for yield, when figured on cost basis of a really old share, makes some interesting, simple math.

Of course, there is no such thing now as a job for life and company loyalty. A few years ago, P&G streamlined back to their most profitable products. And PG has done stock buybacks, just like all the rest.

But having lived most of my life in a town where P&G and GE were both once THE places to work, and knowing many people who worked for either, I have up-close and personally seen how each of those company's employees and shareholders feel about what is happening or has happened to them.

There is a recent book about Jack Welch. The title is The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America -- and How to Undo His Legacy. (I have not read it. I just heard about it. That long title says a whole lot.)

Again, thank you for picking up on the point I was trying to make. When acknowledging the influence of behavioral economics when choosing investments, the behavior of the CEO should be taken into consideration. All CEOs are not created equal.

I remain needing directions to the vomitorium as I see that CEO of Norfolk Southern spew the company line in the faces of people whose lives have been changed forever. Those who side with him and spew their own broad statements, I guess must think the taxpayers should pick up the bill on this one.

(I have just written a whole lot of words, this morning, and I have lots of things to do in my real life and I need to get out of here.. . .and I hesitate to write this next sentence because I do not want this to turn political. . . But I must say that I keep (probably naively) hoping that the two senators from Ohio will reach across the aisle to join and lead forces to take care of the people of East Palestine. I keep hoping this is Ohio's moment to be an example for what this country needs -- getting back to the people.)

Boomer

[Pairadocs]

The 2017 tax law cuts were lauded and applauded by CEOs. corporation boards, and their lobbyists when that change in the law slashed the corporate tax rate.

It did not take long for corporations to decide to increase stock buybacks by using a mind-boggling amount from their new slush funds created by those tax cuts.

I have never liked stock buybacks -- even though I was seeing increases in share prices. I always thought stock buybacks running rampant were causing a bloated market.

I could never understand why those tax cuts did not come with some kind of parameters requiring corporations to use their new-found money for employees and capital improvements -- things to improve the overall economy. Of course, some of that money has been spent that way. BUT I guess nobody told corporate bosses not to use a huge percentage of those piles of money to line pockets by buying back their own stock.

Granted, I am a mere bumpkin, and could be accused of not understanding the wonders of stock buybacks. And, oh my, some might accuse me of being anti-capitalism -- which I absolutely am not. (I have not given up the market.)

I have been questioning stock buybacks for the past few years, but the recent train derailment that has ruined East Palestine, Ohio, sent me on a search to see what Norfolk Southern has been doing with their corporate tax cut money.

What you can read in the following link is an announcement from Norfolk Southern dated almost exactly one year ago. The announcement is for the stock buyback program that began on April 1, 2022 -- on the heels of their previous stock buyback program.

Here's the link to the year-old announcement straight from Norfolk Southern:


Norfolk Southern Announces New $10 Billion Stock Repurchase Program (https://www.prnewswire.com/news-releases/norfolk-southern-announces-new-10-billion-stock-repurchase-program-301512869.html)

And here is the first paragraph from the above link:

Norfolk Southern Corporation (NYSE: NSC) today announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company’s current program will be terminated on March 31, 2022.




10 Billion Dollars!



And, yet, there goes Norfolk Southern, waltzing around trying to buy real people's lives with a few mil thrown in the kitty.

This is about ethics. This is about right and wrong. This is about all of us.

Norfolk Southern must pay up, but never, ever be allowed to make the call as to when and whether East Palestine is safe -- unless that smarmy CEO moves there, with his family, to stay.

Furious Buckeye and Furious American Boomer

The "evils" of capitalism versus the alternative economies, is an age old debate. You are absolutely correct, most incidents boil down to "ethical" conduct. In this case you identified THE important element....to put it simply, the tax changes did NOT require ONLY reinvestment which, probably, many of us, including myself, was the point !

Look of the many coal mine disasters in our country, and the unethical acts of pharmaceutical manufacturers, auto manufactures, Three Mile Island nuclear tragedy, etc. etc. Then, take a look at the alternatives to a capitalist system, outcome of the many coal mine disasters in China, a communist country, or outcomes of such disasters in dictatorships ? I don't know about you, but I contemplate this frequently. Last night we watched a history of Stalin's reign, from his rise as a philosophical believer in Marx, Trotsky, Lenin, and others, a kind of UP with the oppressed, the workers, an equal share for ALL, to his ACTUAL actions and behaviors. Collective agriculture (government control of food and grain) resulted in millions and millions of deaths from starvation. In Venezuela, one of the most oil rich countries in the world, people resorted and eating domestic and zoo animals as a result of choosing an alternative to the greedy, evil, capitalist system. So, it's a complex choice we make, and it involves qualitative characteristic which can't be predicted. Choosing capitalism, provides a high standard of living, even for the lowest level of society, but the "trade off" is non government owned entities MUST also produce profits for those who invest in them (individuals like you and I, but also unions and organizations who rely on those investments to be able to pay pensions to their members). It all boils down to the ethical (some might term it "spiritual") base of the human beings involved (CEO's, CFO's, board members, share holders, etc.) A LOT to consider in these cases ! Southern is definitely responsible... drip drip drip... with each day that passes we find out more steps they "could" have taken. If this finally results in the demise of one of our major providers of movement of goods in this country, how will it effect each of us in our daily lives ? Remember the "too big to fail" concept (banks, auto makers, and so on) ? As we slowly move to more government control, will that finally guarantee that only highly ethical people will be in control ? ? We have MAJOR decisions ahead of us all !

[Stu from NYC]

The "evils" of capitalism versus the alternative economies, is an age old debate. You are absolutely correct, most incidents boil down to "ethical" conduct. In this case you identified THE important element....to put it simply, the tax changes did NOT require ONLY reinvestment which, probably, many of us, including myself, was the point !

Look of the many coal mine disasters in our country, and the unethical acts of pharmaceutical manufacturers, auto manufactures, Three Mile Island nuclear tragedy, etc. etc. Then, take a look at the alternatives to a capitalist system, outcome of the many coal mine disasters in China, a communist country, or outcomes of such disasters in dictatorships ? I don't know about you, but I contemplate this frequently. Last night we watched a history of Stalin's reign, from his rise as a philosophical believer in Marx, Trotsky, Lenin, and others, a kind of UP with the oppressed, the workers, an equal share for ALL, to his ACTUAL actions and behaviors. Collective agriculture (government control of food and grain) resulted in millions and millions of deaths from starvation. In Venezuela, one of the most oil rich countries in the world, people resorted and eating domestic and zoo animals as a result of choosing an alternative to the greedy, evil, capitalist system. So, it's a complex choice we make, and it involves qualitative characteristic which can't be predicted. Choosing capitalism, provides a high standard of living, even for the lowest level of society, but the "trade off" is non government owned entities MUST also produce profits for those who invest in them (individuals like you and I, but also unions and organizations who rely on those investments to be able to pay pensions to their members). It all boils down to the ethical (some might term it "spiritual") base of the human beings involved (CEO's, CFO's, board members, share holders, etc.) A LOT to consider in these cases ! Southern is definitely responsible... drip drip drip... with each day that passes we find out more steps they "could" have taken. If this finally results in the demise of one of our major providers of movement of goods in this country, how will it effect each of us in our daily lives ? Remember the "too big to fail" concept (banks, auto makers, and so on) ? As we slowly move to more government control, will that finally guarantee that only highly ethical people will be in control ? ? We have MAJOR decisions ahead of us all !

If the upper levels of management were held criminally responsible for negligently not keeping their companies safe for others than perhaps things would be different.

If Norfolk Southern has to fork over say 5 billion dollars to fix what they created the board of directors and major stockholders would and should force a change in management.

I understand why corporations buy back stocks. They do it to make the remaining shares more valuable when internal investments do not look more promising.

Presumably the cash that comes back to stockholders are reinvested in other companies.

Understand the too big to fail concern but when bailouts occur the former management should be shown the door with a quick kick in the ____.

[Johnsocat]

Just another loophole to get around any type of regulations. Trains operate today breaking hasn't been upgraded since 1872 developed by Westinghouse

I have my Grandmother's Westinghouse toaster and it works great!
Brakes on this train were just fine. Not the cause of, nor a contributing factor, in this derailment.

[loweglor]

It is wonderful to see someone post something sensible about those so called tax cuts that made the wealthy wealthier and the rest of us just scratching our heads. It amazes me how so many people are willing to believe that corporations care about them. This is America and it is nothing like what our forefathers wanted. It's become what they came here to avoid.

[loweglor]

Right on, boomer!! This country needs more people who do what is right for people instead of what is right for profit.

[tvbound]

The 2017 tax law cuts were lauded and applauded by CEOs. corporation boards, and their lobbyists when that change in the law slashed the corporate tax rate.

It did not take long for corporations to decide to increase stock buybacks by using a mind-boggling amount from their new slush funds created by those tax cuts.

I have never liked stock buybacks -- even though I was seeing increases in share prices. I always thought stock buybacks running rampant were causing a bloated market.

I could never understand why those tax cuts did not come with some kind of parameters requiring corporations to use their new-found money for employees and capital improvements -- things to improve the overall economy. Of course, some of that money has been spent that way. BUT I guess nobody told corporate bosses not to use a huge percentage of those piles of money to line pockets by buying back their own stock.

Granted, I am a mere bumpkin, and could be accused of not understanding the wonders of stock buybacks. And, oh my, some might accuse me of being anti-capitalism -- which I absolutely am not. (I have not given up the market.)

I have been questioning stock buybacks for the past few years, but the recent train derailment that has ruined East Palestine, Ohio, sent me on a search to see what Norfolk Southern has been doing with their corporate tax cut money.

What you can read in the following link is an announcement from Norfolk Southern dated almost exactly one year ago. The announcement is for the stock buyback program that began on April 1, 2022 -- on the heels of their previous stock buyback program.

Here's the link to the year-old announcement straight from Norfolk Southern:


Norfolk Southern Announces New $10 Billion Stock Repurchase Program (/news-releases/norfolk-southern-announces-new-10-billion-stock-repurchase-program-301512869.html)

And here is the first paragraph from the above link:

Norfolk Southern Corporation (NYSE: NSC) today announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company’s current program will be terminated on March 31, 2022.




10 Billion Dollars!



And, yet, there goes Norfolk Southern, waltzing around trying to buy real people's lives with a few mil thrown in the kitty.

This is about ethics. This is about right and wrong. This is about all of us.

Norfolk Southern must pay up, but never, ever be allowed to make the call as to when and whether East Palestine is safe -- unless that smarmy CEO moves there, with his family, to stay.

Furious Buckeye and Furious American Boomer

You have hit on two very serious/appropriate subjects, regarding this (and future) derailments AND tax cuts for the rich.

The tax law passed that primarily/overwhelmingly helped those who needed it the least, still sticks in my craw. All the bloviating about how companies would use the windfall to reinvest in their infrastructure and not just in stock buybacks to increase stock prices, has been shown to be absolutely false, just like in all the previous tax laws passed helping the richest people and large corporations.

When executive remuneration is tied to only a 1 fiscal year stock price gain, then short-term/myopic decisions will always be made to maximize the year-end bonus of those at the highest levels. I have said for a long time, that executive bonuses tied to stock prices/profits should be on a 3 year sliding scale, that forces upper management to look past just what will make them the most in a single year. And should key executives change in that 3 year period, it would still be easy enough to prorate the bonuses so that those no longer there will still benefit from their longer view/gains of the company.

As for the derailment, the tax cuts could/should have been used to shorten the distance between defect detectors, which have proved to be much more efficient than just adding crew members (many who just slept in the locomotives or on the bunks in the cabooses) to trains, that may or may not have been able to see the bearing getting hot in the first place.

The real issue however, is the fact that the threshold for determining when to stop/inspect a train because of increased temperature for bearings/wheels, is left solely to each railroad - NOT by federal law. Since stopping a train or setting out a bad car can jam up the entire system and cause a major impact to train performance (getting from point A to point B), railroads have decided to roll the dice and set the temperature threshold so high, that these occurrences are rare and only apply to the worst case scenarios. We can see how that has worked out, for the poor residents of Palestine.

My good friend (almost 50 years in the railroad industry, many at the executive/upper management level) predicts that the NTSB will recommend a law that requires all railroads to follow regarding a maximum distance between detectors, as well as a lower delta between ambient and component temperatures on rail cars.

He also mentioned that there has been bad blood between the NTSB and the Federal Railroad Administration (FRA) for many years (re: Positive Train Control), because the NTSB has no regulatory powers and only the FRA can promulgate/enforce federal regulations.

The bottom line is that when the head of the NTSB says "the incident was 100% preventable," yet the crew/protocols were also followed, it becomes pretty obvious that something has to change so that more communities are not so adversely affected in the future - and companies can't just protect/enrich the highest paid already with tax cuts.

[amexsbow]

It isn't just that. A previous administration's rollback on EPA guidelines for hazardous material contributed to the disaster. However - another rollback, which was on the faster brakes for trains with flammable/hazardous cargo would not have applied to this particular train, as it was a mixed-use train and the disaster would've happened anyway since it was a busted wheel bearing that caused it.

Actually, that rule did not cover the chemical tankers. And I believe that Warren Buffett's majority stock holdings control Norfolk Southern and the parties in charge. And he is against pipelines to transport the chemical feedstock in the railcars.

[tvbound]

Actually, that rule did not cover the chemical tankers. And I believe that Warren Buffett's majority stock holdings control Norfolk Southern and the parties in charge. And he is against pipelines to transport the chemical feedstock in the railcars.

"And I believe that Warren Buffett's majority stock holdings control Norfolk Southern and the parties in charge."

Buffett doesn't own any Norfolk Southern stock, as he sold it when he purchased the Burlington Northern Santa Fe (BNSF) in 2010 and took it private.

[manaboutown]

I wonder about the qualifications and capabilities, or lack thereof, of the crew as they ignored at least three warnings before braking the train. Were they hired based on merit and ability or for other reasons?

This is revealing. Inclusion and Diversity | Norfolk Southern (http://www.nscorp.com/content/nscorp/en/inclusion-and-diversity.html)

[Bill14564]

I wonder about the qualifications and capabilities, or lack thereof, of the crew as they ignored at least three warnings before braking the train. Were they hired based on merit and ability or for other reasons?

This is revealing. Inclusion and Diversity | Norfolk Southern (http://www.nscorp.com/content/nscorp/en/inclusion-and-diversity.html)

Any source for that? Of course not. More like they properly handled the signals they received including immediate braking when the signal indicated braking was required.

Even more than the false claims, the racism in this post is appalling.

[manaboutown]

Any source for that? Of course not. More like they properly handled the signals they received including immediate braking when the signal indicated braking was required.

See post #9.

[Bill14564]

See post #9.

I saw post #9 and read both the article and the report. I stand by my post - the engineer and crew appear to have properly followed the guidelines for the readings they received.

[manaboutown]

Since I have not looked into NSC's share repurchases I have no opinion as to whether or not they were wise.

Warren Buffet's thoughts on share repurchases from page 6 of BRK's 2022 annual report that came out today.

"A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.
The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.
Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?
When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive)."

Access Denied (https://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/2023/02/25/2022ar.pdf)

[tvbound]

Any source for that? Of course not. More like they properly handled the signals they received including immediate braking when the signal indicated braking was required.

Even more than the false claims, the racism in this post is appalling.


"Even more than the false claims, the racism in this post is appalling."


You are absolutely dead-on...regarding BOTH points.

Even the NTSB has stated that the train crew reacted exactly as they were supposed to under NS rules and were not to blame - in any way.

Crew tried to prevent East Palestine, Ohio train derailment: NTSB (https://nypost.com/2023/02/23/crew-tried-to-prevent-east-palestine-ohio-train-derailment-ntsb/)

"The sensor “transmitted a critical audible alarm message instructing the crew to slow and stop the train to inspect a hot axle,” which the crew immediately listened to, according to the report by the National Transportation Safety Board (NTSB).

As the crew worked to slow the vehicle, “the train engineer increased the dynamic brake application to further slow and stop the train,” NTSB investigators said."

You are also correct that the additional comment exposes the ugly underbelly, of the constantly denied racism in this country...by a certain demographic.

Simply disgusting.

[manaboutown]

Hiring and promoting preference based on race, gender or other special status, especially without regard to merit and capability is racist. Hiring and promoting based on merit and capability without preference to race, gender or special status is not racist.

[Caymus]

The 2017 tax law cuts were lauded and applauded by CEOs. corporation boards, and their lobbyists when that change in the law slashed the corporate tax rate.

It did not take long for corporations to decide to increase stock buybacks by using a mind-boggling amount from their new slush funds created by those tax cuts.

I have never liked stock buybacks -- even though I was seeing increases in share prices. I always thought stock buybacks running rampant were causing a bloated market.

I could never understand why those tax cuts did not come with some kind of parameters requiring corporations to use their new-found money for employees and capital improvements -- things to improve the overall economy. Of course, some of that money has been spent that way. BUT I guess nobody told corporate bosses not to use a huge percentage of those piles of money to line pockets by buying back their own stock.

Granted, I am a mere bumpkin, and could be accused of not understanding the wonders of stock buybacks. And, oh my, some might accuse me of being anti-capitalism -- which I absolutely am not. (I have not given up the market.)

I have been questioning stock buybacks for the past few years, but the recent train derailment that has ruined East Palestine, Ohio, sent me on a search to see what Norfolk Southern has been doing with their corporate tax cut money.

What you can read in the following link is an announcement from Norfolk Southern dated almost exactly one year ago. The announcement is for the stock buyback program that began on April 1, 2022 -- on the heels of their previous stock buyback program.

Here's the link to the year-old announcement straight from Norfolk Southern:


Norfolk Southern Announces New $10 Billion Stock Repurchase Program (https://www.prnewswire.com/news-releases/norfolk-southern-announces-new-10-billion-stock-repurchase-program-301512869.html)

And here is the first paragraph from the above link:

Norfolk Southern Corporation (NYSE: NSC) today announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company’s current program will be terminated on March 31, 2022.




10 Billion Dollars!



And, yet, there goes Norfolk Southern, waltzing around trying to buy real people's lives with a few mil thrown in the kitty.

This is about ethics. This is about right and wrong. This is about all of us.

Norfolk Southern must pay up, but never, ever be allowed to make the call as to when and whether East Palestine is safe -- unless that smarmy CEO moves there, with his family, to stay.

Furious Buckeye and Furious American Boomer

From article

"Billionaire Warren Buffett says critics of stock buybacks are “either an economic illiterate or a silver-tongued demagogue” or both, and all investors benefit from them as long as they are made at the right prices."

Warren Buffett calls stock buyback critics ‘silver-tongued demagogues’ (https://www.afr.com/markets/equity-markets/buffett-brands-stock-buyback-critics-silver-tongued-demagogues-20230226-p5cnmd)

[tvbound]

From article

"Billionaire Warren Buffett says critics of stock buybacks are “either an economic illiterate or a silver-tongued demagogue” or both, and all investors benefit from them as long as they are made at the right prices."

Warren Buffett calls stock buyback critics ‘silver-tongued demagogues’ (/markets/equity-markets/buffett-brands-stock-buyback-critics-silver-tongued-demagogues-20230226-p5cnmd)

Buffett is referencing only investors and commenting on stock buybacks in general, not the special windfall of the 2017 tax cuts that primarily benefited the wealthy and corporations.

The tax cuts were touted as helping Americans and the American economy overall, but if a company uses their windfall for stock buybacks, instead of for wage increases/personnel hiring/additional infrastructure/Etc., then that 47% of Americans who don’t own stocks in ANY form (pensions/mutual funds/individual/Etc.)…are/were not helped. In other words, that “trickle down effect” they were supposed to feel, is actually from those of us fortunate enough to own stocks - just peeing on their leg.


Access Denied (https://www.usnews.com/news/national-news/articles/2021-03-15/who-owns-stocks-in-america-mostly-its-the-wealthy-and-white)

”In 2019, more than half of American families, 53%, were invested in the stock market.”

Just like the OP said, sure, those 53% of us with stocks saw our portfolio rise, but it was still the wealthiest people and corporations that benefited the most (and needed it the least), when the tax cuts were used to buy back stocks.

Given the demographics of TV, of course there are those that see no problem with what happened, particularly since (as pointed out in the link)..."Although more Americans own stock, that ownership is concentrated among the wealthy and white."

[CoachKandSportsguy]

From article

"Billionaire Warren Buffett says critics of stock buybacks are “either an economic illiterate or a silver-tongued demagogue” or both, and all investors benefit from them as long as they are made at the right prices."

Warren Buffett calls stock buyback critics ‘silver-tongued demagogues’ (https://www.afr.com/markets/equity-markets/buffett-brands-stock-buyback-critics-silver-tongued-demagogues-20230226-p5cnmd)

cherry picking general knowledge financial article support, eh? Have you ever personally benefited from corporate buybacks? Have you ever participated in executing buyback plans? Have you ever seen what happens with the stock after corporate buy backs?

and, yes, I have when working at high levels in corporate america. . . both pricing out buying back stock levels for purchases, and receiving the stock and watching sr executives get those shares for personal gain. . and accounting friends of mine at places like GE relate abuse stories to me as well. . . personally getting dividends from contractual, but UNGRANTED shares. . . as well as seeing executives go to the pokey for illegal financial activities. . it will never stop with corporatism. . .

Here is a link to read about them from a former wall street money manager,

Stock Buybacks!™ and the Monetization of Stock-Based Compensation - Epsilon Theory (https://www.epsilontheory.com/stock-buybacks-and-the-monetization-of-stock-based-compensation/)

About common logic. . .
Sheep Logic - Epsilon Theory (https://www.epsilontheory.com/sheep-logic/)

after years of working on wall street, his view and mine, BITFD IFYKYK

so if your your finance experience comes from, watching CNBC, or listening to wealth management sales pitches, you are probably are just repeating common knowledge, which everyone believes and knows. . which in the financial world is sheep logic . .

[Boomer]

Good morning,


I have just read through all the responses here.


It looks to me like tvbound obviously has an inside track (chuckle) to the railroad industry. Thank you, tvbound, for sharing with us the details from your close friend who has had 50 years in the biz.

Anyway, I want to get back to connecting the dots......

Please take a look at the definition of connect-the-dots:

Dictionary
Definitions from Oxford Languages ·

connect-the-dots:

relating to or denoting a child's puzzle consisting of sequentially numbered dots which form a picture when connected with straight lines in the designated order.
"a connect-the-dots picture"

The picture I get when I connect the dots is a simple one......If Norfolk Southern can buy back 10 Billion Dollars worth of their own stock, they can darned well afford to take care of the people of East Palestine and make them whole again. That needs to happen and it should not be on the taxpayers' dime.

Whoops, the clock is telling me that I don't have time to finish this post now. I will be back later to have a conversation about buybacks, Buffett, and perhaps a certain post here that definitely jumped the track.

Bye for now.

Boomer

[Stu from NYC]

Good morning,


I have just read through all the responses here.


It looks to me like tvbound obviously has an inside track (chuckle) to the railroad industry. Thank you, tvbound, for sharing with us the details from your close friend who has had 50 years in the biz. (Mr. Boomer has been reading your detailed posts, too. He is always interested in the workings of the NTSB. He is a pilot so he reads about the NTSB. His license is private pilot, and it includes IFR and Seaplane and sign-offs in complex and high performance. . .I think I got that right. I just sit in the right seat. . .but, I digress.)

Anyway, I want to get back to connecting the dots......

Please take a look at the definition of connect-the-dots:

Dictionary
Definitions from Oxford Languages ·

connect-the-dots:

relating to or denoting a child's puzzle consisting of sequentially numbered dots which form a picture when connected with straight lines in the designated order.
"a connect-the-dots picture"

The picture I get when I connect the dots is a simple one......If Norfolk Southern can buy back 10 Billion Dollars worth of their own stock, they can darned well afford to take care of the people of East Palestine and make them whole again. That needs to happen and it should not be on the taxpayers' dime.

Whoops, the clock is telling me that I don't have time to finish this post now. I will be back later to have a conversation about buybacks, Buffett, and perhaps a certain post here that definitely jumped the track.

Bye for now.

Boomer

I certainly agree that Norfolk Southern owes the people of E Palestine enough to make them whole again. You do realize that whatever that amount is it will be a writeoff from their taxes so we will all share in that cost.

[Stu from NYC]

"Even more than the false claims, the racism in this post is appalling."


You are absolutely dead-on...regarding BOTH points.

Even the NTSB has stated that the train crew reacted exactly as they were supposed to under NS rules and were not to blame - in any way.

Crew tried to prevent East Palestine, Ohio train derailment: NTSB (https://nypost.com/2023/02/23/crew-tried-to-prevent-east-palestine-ohio-train-derailment-ntsb/)

"The sensor “transmitted a critical audible alarm message instructing the crew to slow and stop the train to inspect a hot axle,” which the crew immediately listened to, according to the report by the National Transportation Safety Board (NTSB).

As the crew worked to slow the vehicle, “the train engineer increased the dynamic brake application to further slow and stop the train,” NTSB investigators said."

You are also correct that the additional comment exposes the ugly underbelly, of the constantly denied racism in this country...by a certain demographic.

Simply disgusting.

How do you throw racism into the pot? Everything in this country is not race related.

[Stu from NYC]

cherry picking general knowledge financial article support, eh? Have you ever personally benefited from corporate buybacks? Have you ever participated in executing buyback plans? Have you ever seen what happens with the stock after corporate buy backs?

and, yes, I have when working at high levels in corporate america. . . both pricing out buying back stock levels for purchases, and receiving the stock and watching sr executives get those shares for personal gain. . and accounting friends of mine at places like GE relate abuse stories to me as well. . . personally getting dividends from contractual, but UNGRANTED shares. . . as well as seeing executives go to the pokey for illegal financial activities. . it will never stop with corporatism. . .

Here is a link to read about them from a former wall street money manager,

Stock Buybacks!™ and the Monetization of Stock-Based Compensation - Epsilon Theory (https://www.epsilontheory.com/stock-buybacks-and-the-monetization-of-stock-based-compensation/)

About common logic. . .
Sheep Logic - Epsilon Theory (https://www.epsilontheory.com/sheep-logic/)

after years of working on wall street, his view and mine, BITFD IFYKYK

so if your your finance experience comes from, watching CNBC, or listening to wealth management sales pitches, you are probably are just repeating common knowledge, which everyone believes and knows. . which in the financial world is sheep logic . .

Some day hope we can sit down and have an interesting discussion on finances.

In the meantime, when corporations do buybacks some interesting things happen with the cash one receives for their shares.

Pay capital gains tax on profits and than either spend the money on goods, or invest the money in new business providing jobs to the rest of us.

As do many of us own shares in mutual funds. The buybacks increase the value of the rest of the shares and fund prices go higher. Makes my IRA and millions of others of higher value. Yours too I would bet. Makes my taxes go up as I must increase my RMD most years. Is this a bad thing?

Is capitalism perfect? Of course not but you want to tell me about a better system?

[tvbound]

How do you throw racism into the pot? Everything in this country is not race related.

"How do you throw racism into the pot? Everything in this country is not race related."



I (and Bill14564) were simply responding to the obvious racism in Post #20.

I suggest you go back and read Post #20 again.

[Stu from NYC]

"How do you throw racism into the pot? Everything in this country is not race related."



I (and Bill14564) were simply responding to the obvious racism in Post #20.

I suggest you go back and read Post #20 again.

To me he asked a question about qualifications. No more no less.

[Bill14564]

To me he asked a question about qualifications. No more no less.

To me, the words he used were more revealing.

[CoachKandSportsguy]

Some day hope we can sit down and have an interesting discussion on finances.

Is capitalism perfect? Of course not but you want to tell me about a better system?


Stu, you bet we will! :highfive:

Its not about capitalism, its about the govt oversight of capitalism, and enforcing the rules of safety and fair trade. Clean and safe has costs, in both time and labor. There are lobbyists bought to influence the govt in favor of corporate desires. . . belief that corporations with record profits can't be held to higher standards of safety carrying higher levels of dangerous materials is corporatism. . all actions are taken to increase the stock price, the ends justify the means. . .

The government is slowly falling down on its regulation of competition and corporations which is generating inequality and resentment that the government is irrelevant. .

there have been many government decisions which at the time many officials thought great, and in the end, many small companies went bankrupt. . . its all about oversight and enforcement of laws and fairness.

[Robbb]

The 2017 tax law cuts were lauded and applauded by CEOs. corporation boards, and their lobbyists when that change in the law slashed the corporate tax rate.

It did not take long for corporations to decide to increase stock buybacks by using a mind-boggling amount from their new slush funds created by those tax cuts.

I have never liked stock buybacks -- even though I was seeing increases in share prices. I always thought stock buybacks running rampant were causing a bloated market.

I could never understand why those tax cuts did not come with some kind of parameters requiring corporations to use their new-found money for employees and capital improvements -- things to improve the overall economy. Of course, some of that money has been spent that way. BUT I guess nobody told corporate bosses not to use a huge percentage of those piles of money to line pockets by buying back their own stock.

Granted, I am a mere bumpkin, and could be accused of not understanding the wonders of stock buybacks. And, oh my, some might accuse me of being anti-capitalism -- which I absolutely am not. (I have not given up the market.)

I have been questioning stock buybacks for the past few years, but the recent train derailment that has ruined East Palestine, Ohio, sent me on a search to see what Norfolk Southern has been doing with their corporate tax cut money.

What you can read in the following link is an announcement from Norfolk Southern dated almost exactly one year ago. The announcement is for the stock buyback program that began on April 1, 2022 -- on the heels of their previous stock buyback program.

Here's the link to the year-old announcement straight from Norfolk Southern:


Norfolk Southern Announces New $10 Billion Stock Repurchase Program (https://www.prnewswire.com/news-releases/norfolk-southern-announces-new-10-billion-stock-repurchase-program-301512869.html)

And here is the first paragraph from the above link:

Norfolk Southern Corporation (NYSE: NSC) today announced that its Board of Directors has authorized a new program for the repurchase of up to $10 billion of its common stock beginning April 1, 2022. The company’s current program will be terminated on March 31, 2022.




10 Billion Dollars!



And, yet, there goes Norfolk Southern, waltzing around trying to buy real people's lives with a few mil thrown in the kitty.

This is about ethics. This is about right and wrong. This is about all of us.

Norfolk Southern must pay up, but never, ever be allowed to make the call as to when and whether East Palestine is safe -- unless that smarmy CEO moves there, with his family, to stay.

Furious Buckeye and Furious American Boomer

I totally agree with you...you are a bumpkin..An overheated wheel bearing is not caused by stock buybacks. Trains have accidents, we live in an imperfect world, get over it.

[tvbound]

To me he asked a question about qualifications. No more no less.

"To me he asked a question about qualifications. No more no less."

I think you, along with most reasonable people, are smarter than that and knew exactly his intent - particularly given his posting history on the subject.

[Caymus]

cherry picking general knowledge financial article support, eh? Have you ever personally benefited from corporate buybacks? Have you ever participated in executing buyback plans? Have you ever seen what happens with the stock after corporate buy backs?

and, yes, I have when working at high levels in corporate america. . . both pricing out buying back stock levels for purchases, and receiving the stock and watching sr executives get those shares for personal gain. . and accounting friends of mine at places like GE relate abuse stories to me as well. . . personally getting dividends from contractual, but UNGRANTED shares. . . as well as seeing executives go to the pokey for illegal financial activities. . it will never stop with corporatism. . .

Here is a link to read about them from a former wall street money manager,

Stock Buybacks!™ and the Monetization of Stock-Based Compensation - Epsilon Theory (https://www.epsilontheory.com/stock-buybacks-and-the-monetization-of-stock-based-compensation/)

About common logic. . .
Sheep Logic - Epsilon Theory (https://www.epsilontheory.com/sheep-logic/)

after years of working on wall street, his view and mine, BITFD IFYKYK

so if your your finance experience comes from, watching CNBC, or listening to wealth management sales pitches, you are probably are just repeating common knowledge, which everyone believes and knows. . which in the financial world is sheep logic . .


Was that an insult?

[JMintzer]

"Even more than the false claims, the racism in this post is appalling."


You are absolutely dead-on...regarding BOTH points.

Even the NTSB has stated that the train crew reacted exactly as they were supposed to under NS rules and were not to blame - in any way.

Crew tried to prevent East Palestine, Ohio train derailment: NTSB (https://nypost.com/2023/02/23/crew-tried-to-prevent-east-palestine-ohio-train-derailment-ntsb/)

"The sensor “transmitted a critical audible alarm message instructing the crew to slow and stop the train to inspect a hot axle,” which the crew immediately listened to, according to the report by the National Transportation Safety Board (NTSB).

As the crew worked to slow the vehicle, “the train engineer increased the dynamic brake application to further slow and stop the train,” NTSB investigators said."

You are also correct that the additional comment exposes the ugly underbelly, of the constantly denied racism in this country...by a certain demographic.

Simply disgusting.

What "demographic" would that be?

I've found that many of the people constantly accusing others of racism are, in fact, the actual racists...

[Boomer]

Looks like my initial post has riled up some poster who thinks I think that stock buybacks cause trainwrecks.

Oh my….and that poster thinks I really am a bumpkin….hahaha.

I don’t know if I should keep laughing at how completely off literal types can be or if I should kindly offer instruction in reading comprehension or just ignore.

This thread has had some well thought out, big picture comments and a couple of real doozies, and one with obvious implications that came out of nowhere — other than the all too familiar reach.

Anyway, we’ll see where this mess in East Palestine goes. That loosening of railroad regulations that happened in 2019 certainly needs to be revisited.

Boomer

[Boomer]

Stu, you bet we will! :highfive:

Its not about capitalism, its about the govt oversight of capitalism, and enforcing the rules of safety and fair trade. Clean and safe has costs, in both time and labor. There are lobbyists bought to influence the govt in favor of corporate desires. . . belief that corporations with record profits can't be held to higher standards of safety carrying higher levels of dangerous materials is corporatism. . all actions are taken to increase the stock price, the ends justify the means. . .

The government is slowly falling down on its regulation of competition and corporations which is generating inequality and resentment that the government is irrelevant. .

there have been many government decisions which at the time many officials thought great, and in the end, many small companies went bankrupt. . . its all about oversight and enforcement of laws and fairness.


Insightful. Sensible. Thank you.

Boomer

[CoachKandSportsguy]

Was that an insult?

All depends if you equate a google degree to an actual educational degree and actual experience in the field.

https://www.amazon.com/Death-Expertise-Campaign-Established-Knowledge/dp/0190469412

You will have to make that decision for yourself.

[tvbound]

What "demographic" would that be?

I've found that many of the people constantly accusing others of racism are, in fact, the actual racists...

"I've found that many of the people constantly accusing others of racism are, in fact, the actual racists..."


I initially wasn't going to respond, but my ethics/integrity just won't let me pass...on such a ridiculous statement.

I've found that many of those who throw that phrase around, are simply trying to deflect from their own prejudice/bigotry/racism and making an excuse for not speaking out when it happens. Particularly those who purport to not even being able to see racism/injustice/prejudice, when normal/decent people can easily identify it when it occurs.

Which is the primary reason it continues in such a destructive/massive amount - and is institutionally baked-in.

Perfect examples are contained in the Netflix series..."The Innocence Files."

https://www.netflix.com/title/80214563

I challenge everyone to watch it - then try to continually deflect.

And this will be my last post in this thread, as I fully expect those who see themselves in what I've said and take umbrage...will come out of the woodwork in droves.

IOW, too much work answering each one of those types...so bye. lol

[JMintzer]

"I've found that many of the people constantly accusing others of racism are, in fact, the actual racists..."


I initially wasn't going to respond, but my ethics/integrity just won't let me pass...on such a ridiculous statement.

I've found that many of those who throw that phrase around, are simply trying to deflect from their own prejudice/bigotry/racism and making an excuse for not speaking out when it happens. Particularly those who purport to not even being able to see racism/injustice/prejudice, when normal/decent people can easily identify it when it occurs.

Which is the primary reason it continues in such a destructive/massive amount - and is institutionally baked-in.

Perfect examples are contained in the Netflix series..."The Innocence Files."

https://www.netflix.com/title/80214563

I challenge everyone to watch it - then try to continually deflect.

And this will be my last post in this thread, as I fully expect those who see themselves in what I've said and take umbrage...will come out of the woodwork in droves.

IOW, too much work answering each one of those types...so bye. lol

That's a pretty good speech...

Of course, it has nothing to do with what I said...

But thanks for the personal insult...

Wanna' see racists in action? Watch this video of people explaining why "voter ID is racist". They think that POC aren't able to obtain IDs because they don't have the ability to use a computer, or know where to get an ID...

https://youtu.be/3JGmKHrWKMQ

[tvbound]

My good friend (almost 50 years in the railroad industry, many at the executive/upper management level) predicts that the NTSB will recommend a law that requires all railroads to follow regarding a maximum distance between detectors, as well as a lower delta between ambient and component temperatures on rail cars.

My buddy knows his stuff.

Norfolk Southern announces six-point safety plan - Railway Track and Structures (https://www.rtands.com/freight/class-1/norfolk-southern-announces-six-point-safety-plan/?utm_source=&utm_medium=email&utm_campaign=38107)

"The initiatives are based on the preliminary findings of the National Transportation Safety Board (NTSB) following the East Palestine, Ohio, derailment."


"Enhance the hot bearing detector network."

"In addition to reevaluating the temperature threshold at which an alarm is triggered, the company plans to work with peers to analyze data for patterns that could provide earlier warnings of potential safety issues."

[Pairadocs]

It isn't just that. A previous administration's rollback on EPA guidelines for hazardous material contributed to the disaster. However - another rollback, which was on the faster brakes for trains with flammable/hazardous cargo would not have applied to this particular train, as it was a mixed-use train and the disaster would've happened anyway since it was a busted wheel bearing that caused it.

Yes, I was interested in that also... if the rollbacks of some of the guidelines were a factor. From all the articles I've been able to find, on line and in the the papers, it seems the unfortunate brake problem (the bearings) were not a result of the "rollback". It does seem that this particular company has more than its share of accidents and de-railings. Personally, I've thought for years our nation's disinterest in the state of our rails and rail beds, was asking for a major disaster. Any country's rail system is it's live blood for sure, and if we had the interest, we could probably increase the availability, speed, convenience, and efficiency of our PASSENGER rail system and save millions, billions, in congested highways, emissions, gasoline, even electricity.

[CoachKandSportsguy]

It isn't just that. A previous administration's rollback on EPA guidelines for hazardous material contributed to the disaster. However - another rollback, which was on the faster brakes for trains with flammable/hazardous cargo would not have applied to this particular train, as it was a mixed-use train and the disaster would've happened anyway since it was a busted wheel bearing that caused it.

The issue is related to regular inspection and maintenance. If one wheel bearing failure can take a whole trail off tracks, seems to me that the cost of regular inspections and maintenance can save a huge amount of time and costs, most likely non linear but i digress regardless of the existence of any laws mandating such . also this can be called risk management

how many of us get our cars fixed when the brakes wear out without waiting for an annual state inspection or crashing your car when brakes fail? how many get your oil changed on a regular mileage / usage basis without waiting for the oil pressure red light to come on?

But we are accepting of corporations who perform less inspection and maintenance on their equipment going through our neighborhoods? no excuses