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Hubble Stops Sending Data, Mission On Hold
mknewman writes to tell us that NASA is no longer receiving data from the Hubble Space Telescope, which could possibly delay the shuttle launch planned just two weeks from now. There is a backup system installed which may be used instead of training the astronauts on the installation of the new component, but that would itself leave no fallback option. "NASA is reviewing whether the mission should be delayed a couple of months so that plans can be made to send up a replacement part for the failed component, said NASA spokesman Michael Curie. It would take time to test and qualify the old replacement part and train the astronauts to install it in the telescope, Curie said. NASA also would have to work out new mission details for the astronauts who have trained for two years to carry out five Hubble repair spacewalks."
OT, but thank goodness for the sudden breakout of common sense in the congress. Sadly, I expect the corporate welfare will eventually happen, saddled with a workable mix of 10s of billions to the pockets of Democratic supporters, and 10s of billions to the pockets of GOP supporters. This is the biggest cookie jar since social security, and I can't imagine the congresscritters keeping their hands out of it.
I don't usually use the phrase "corporate welfare" but there's no other way to describe this. Yeah, the government should act where it can to stop market panicks from taking out the good companies with the bad, but the bad companies need to die here. There are (relatively) honest and responsible banks out there, and they need to come out way ahead from this mess, to send the proper lesson to corporate officers industry-wide.
Socialism: a lie told by totalitarians and believed by fools.
Agreed. I'm nervous about what the ramifications are of letting these companies fail. If we can let them fail, let the stock market adjust reasonably, and not dry up the credit markets, then I fully support this.
Unfortunately, most of the "experts", most of whom support this bill, also have significant stakes in getting the government to pump 700 bil into the market.
Their stock certainly isn't doing well. But, you are correct. There are market forces that should be allowed to play out here. Some poorly run companies need to be allowed to fail, and the market will adjust to move around these securities.
The question is how much damage it'll do to the market in the interim. That said, it'll do far less damage if the government makes their position clear and allows the market to do it's thing, rather than the limbo we're in now.