Jerry_Atrick

Agreed, Marty. I was travelling in a London cab and the cabbie remarked how he liked the fact the bankers got bonuses as they spent it and it was a shot in the arm for the economy. I mentioned for the bars, strip clubs, cabs and local drug dealers - yes, but what else? WHen they buy their Porsche or Ferrari, or their second home in Provence, where does the money go? It did get him thinking. I worked for the investment banking arm of a bailed out bank in the UK. I was shocked at the genuine despair the bankers, some of whom made many millions of pounds over the years through their bonuses, were worried where the next (huge) mortgage payment was going to come from once their redundancy money ran out. Seems the Champagne houses and wineries in France made more than their fair share out of those bonuses.

Hedge funds and hedging are two very different things... An agribusiness will hedge using, for example, futures, to lock prices in, or swaps to normalise interest or fx rates.. these are NOT offered by hedge funds. Futures are usually standard contracts offered by traders managed through exhcanges. and your coops/marketing boards would be actively trading in these. I was talking to a commodities trader a while ago, and he mentioned a lot of the larger farmers are more wiley than the traders these days when it comes to futures. There may be off-exchange futures, called forwards and these are rarely traded and can only be done OTC (Over the Counter). Other hedging is usually through some form of interest rate or FX swaps and various incarnations of these. These are normally offered by commercial or investment banks - rarely directly by hedge funds. Hedge funds originated by playing bets against something - or short-selling it. For example, if they thought a stock or commodity was going to tank in price, they would borrow it (for a price) from an existing holder - sell it on the markets, which provides excess supply therefore reducing the price - and then when the price loses enough, they buy it back at the reduced price and return it to the entity they borrowed from. While they have branched into more sophisticated techniques and they bet both ways, they are purely betting houses - calculating the odds and when the odds stack up, taking a punt. The only value they create is for their investors. Often, they destroy value as they are positively acting to do it. THere are other hedging instruments as well - for example credit default swaps, etc. But they operate the same way. CLOs and CDOs are not hedging instruments - but are investment instruments of a form of an asset backed security and these were a problem. Having said that, I would be surprised if hedge funds would have been bailed out... hedging desks - also known as counterparty exposure management desks - may have been the cause of some of the losses of your traditional banks which were bailed out, or they stupidly held CLOs and CDOs and other asset backed securities as part of what were the rules allowing Tier 12 capital.

Back to topic, the CAA instructions here: COVID 19 | UK Civil Aviation Authority say So definitely not a free for all and inhibit where it can be.

Unf, not... Despite being closer, I only rent when I need to from Dunks as the Shareoplane is based in Blackbushe.. So, for me, it is into the flight school (there is no club in the real sense there), book out, fly, book in, pay and go.. Shame, as the airspace around here is so much more open than SE London. But, I know where he is now - so I will look him up!

Yes - UK also has remote areas and some great islands.. and of course, the very big island off to the east (well, continent).. But in terms of reaching remote areas, there are a few that can only be reached by air or boat - most notably the Scilly Isles, Hebrides, and the Isle of Wight. And Lundy Island is popular with permit and smaller ends of certified GA. But generally, when people here say, for example, Exmoor is remote, I do have a chuckle. That said, John O'Groats to Lands End would probably take two - or three days - traffic and wx dependent. [edit = just checked google maps c. 14.5 hrs drive at the moment.. but traffic is very light.. I was on the M5 yesterday and there were literally a couple of trucks each way for the stretch I was on (junction 25 Taunton - Junction 26 - Wellington).

Jodels are very popular inthe UK.. The main flying magazines - Pilot and Flyer - bothof which I subscribe to - have more and more about LAA/permit (RAA equivalent) than GA in them these days. But that is where the industry is heading and Europe as some pretty cool manufacturers...

That has technically always been the case...

G'Day, Mike. VFR flight is not yet banned in the UK (AFAIK), and up to about 2 weeks after the lock down I would see the odd VFR flight (usualy a C150/152 arounf here) Most of the GA airfields are closed to all but emergency services (I fly from both Blackbushe and Dunkeswell). Last week onf FR24 I saw someone flying from near Chilterns to near Membury on FR24 - I am guessing both were private strips. The lockdown allows one to travel only for the permitted reasons - work, exercise (once per day), necessities (food, etc) and medical reasons for self or assisting others (e.g. picking up medicines for elderly neighours). The UK is a small piece of land and GA, expecially in the SE and parts of the SW leave a big footrprint. There is already considerable opposition to GA (lately being led by Jeremy Clarkson - it seems) in the UK and this is borne out by the number of crazy noise abatement procedures because a dairy yard (not the house) is under a flight path where the ac would be min 1000' overhead and other such nonsense. Although, in the flying press, councils are portrayed as wanting to keep the airfields, look at both Fairoaks and Wellesbourne Mountford - when the poop hit the fan, the councils reneged and it was the aviation community who had to step up to stave off closure.. in the latter's case, I think the inevtiable - like Old Sarum - is just being delayed; Fairoaks is safer because none of the residents want the new "garden community" that was to replace the airfield. Yes - it is unfair - but we are in this together.. Golfers could easily meet social distancing rules - and England Golf took the decision, despite being an exercise, to close all courses. It is regrettable and unfair, but, if anything else, it shows unity... People are complying with the spirit of the lock down and for us to be finding ways to get out of it will hurt us more than help. Also, if we start looking at all the exceptions rather than a blanket rule, it becomes impossible to police - and the UK police are beign nowhere near as zealous of the stories espoused on here. And, while flying is allowed, the journey to the airfield is probably not.. except for the below.. Running up the engines to ward off corrosion? Not necessary (I know I am going to get a kicking for saying this). If you are going to go to the airfield or you are lucky enough to have access to a private strip, go there for essental work - inhibiting your engine and protecting your airframe. No need for the once a week excuse to defy the order. Just think - we choose to take this pastime - we don't need to (in the sense of survival). Lose that £20K engine - pay a LAME to inhibit it for a lot less - compare that to people whose businesses were needed for survival and will lose everything and usually a lot more than £20K... Playing a bit of devils advocate as well, but sometimes we have to think outside the Lo Presti box. edit: Not meaning to come across as self-righteous.. I am more frustrated than most as the shareoplane came back 5 months late on the Monday of the week the lockdown was announced. But, these are not normal times.. when the curve is flattened, then we should look at it again..

I read both Pilot and Flyer, am on three UK forum sites and check all sorts of websites and never heard of them untl today - an Aussie forum. Maybe I was wilfully blind to them. They are looking for a liaison officer - may give them a call to keep my brain going at the moment.. No time like the present to start one... Need to get some funds and a structire and register the organsation. I can imagine many people and hospitals/emergency services needing support anyway. I guess, though, as Aus has less demand relatively speaking than the UK for PPW etc as COVID-19 has largely been contained, the demand in this case would be a lot less.

Holding steady.. Was decreasing, but since stuffing up my leg, returning to normal. Have to check what I eat at the moment. "Yeah, looks good.. go for it!"

Doesn't the forced landing at night in a SE include "Landing lights - on If you don't like what you see, landing lights - off"

Onlhy one thing to say.. "Bloody Nora!"

I was fleeced at my last service - lesson learned. I have n XC90 - 2014 model - last of the previous range - have it dealer serviced - usually around £300 but they update the GPS and provide breakdown cover across Europe; also it holds its resale value slightly better. But normally, I get any repair work done at the local garage. I put it into its last service knowing that the brakes needed doing... and had a lapse... They came back with a quote - £600 for the rear brakes. I had to get them done as I was travelling for work the next day and my local mechanic couldn't fit me in.. Apparently the rear brakes have some additional components that need changing. Checked with the local mechanic - £150 all in (fitted) - OEM

Fair warning - I am these days relatively ignorant of cars.. was a petrol-head in younger days, but now they are just a comfy way to get around without having to share my smelly space with other smelly people crammed in a train, bus or tube. I think it's the age-old adage - they don't make them like they used to. My brother swears on his old Peugot 504s.. Loved them. Of course, these days, they aren't quite so ergonomic and the creature comforts are lacking. He has some other Peugot today - swears at it more often than on it I understand. When I moved to the UK, I bought an old SAAB 900 Turbo (second hand). Was a great car.. although has some natural speed limiter as it would start whining at about 85mph. I paid next to noithing for it, had it for about 2 years before the wiring loom was burned through by some design flaw that saw an exhaust pipe too close to it. Sold it.. Bought a 5 year old Audi A6 2.8 litre '96 model. I had it serviced once by an Audi dealer which was the dummest move I have ever made. Back in 2001, £800!!! No wonder they had a defibrilator installed. OK, it was a major service (80K miles) but they replaced pollen filters at some un-godly price - I remarked I don't suffer hay fever and it is not like the streets of London are overilled with flowers. Next service was with the local garage, but was still around £125. Poop, that is expensive. I never got it serviced again. But, every year, one was to get their car, if it is over 3 years old, MOT'ed (RWC). For the first few years no issues, then various advisories would start being recorded. One year, the fuel lines were rusting and would proably have to be replaced by the next MOT for sure. Well, I can tell you, that car had self-healing properties, because by the next MOT, the advisories written for the previous year by the same mechanic mysteriously fixed themselves, including, apparently, the fuel lines no longer being rusty. Apart from the cost of the MOT, the only thing I had to pay for on that car was a new set of reak brakes - not pads - but the whole assemblies. We left it out for about 6 months as we were travelling and the rear brakes seized completely. Never changed oil - and never replaced the front brake pads. Admittedly, we only did about 60,000 miles in the 11 years we had it, but it purred like a kitten. We only got rid of it because it was getting harder to pass the MOT because of new emissions rules and it was a thirsty car at the time when petrol prices were going up. I wish I never got rid of it.. We bought near new cars and they are always having some minor problem here and there. Apparently newer A6s blow radioators and hoses all the time. You can't fix them yourself without fangled equipment and they are not built to last.

I am sure RAAus has something similar, but came across this... http://www.lightaircraftassociation.co.uk/engineering/TechnicalLeaflets/Operating%20An%20Aircraft/TL%202.32%20Return%20to%20Service%20Post%20Covid%2019.pdf

My issue of UK Flyer Mag arrived yesterday.. In the Pilot Notes section, talking about the CAA approach to extensions of medicals, ratings, etc, AOPA UK commented on how the CAA should take a leaf from CASA's book.. Credit where it is due I suppose.. Maybe a note to them to make them feel good about it and continue the good work?

I don't think they earn as much as Joyce. Willy Walsh probably takes in total, about £7m a year and I think he knocked about £3m off it for CV9... Remember, over here, the banking sector CEOs are the big earners... The government here never give away money with strings attached. They will wipe tehe floor with the shareholders if it goes to pot. [Edit] Even BoJos biggest detractors here have developed a soft spot for him.. He is one of the more human leaders at the moment.. not the best leader.. But a bit like Bob Hawke - many can relate to him..

OK - I am going off the predicament in the UK, of which basically all private GA and sprots flying, except for Bizjets, has stopped. There is the occasionaly one that pops up, but not too many. I think some schools will go to the wall, but not as many as you think - probably those that were almost there anyway as the government is making grants annd guaranteeing low interest loans with repaymetn holidays, the are delaying the requirement to pay your VAT (GST) until Jan 30, 2021 as well as provisional tax and business rates. To top it off, rather than sack your employees, they are allowing businesses to furlough their employees., paying 80% of their salary up tp £2.5K per month, with no upper limit of the budget. It will take about 6 weeks for the money to come through, so those that are close to the wire will probably go, but others will probably stay. Those "freelance" instructors would have already been declared as self employed and based on their last 2 yeasrs salary (pro-rataed if less), they can claim 80% of their earnings up to £2.5K/month, with no upper limit from a budgetary perspective. With that, and given the salaries/earnings of flight instructors, I feel that they will be OK. I think they can use approved simulators to keep their skills up (to a certain point). Flying schools in even precarious but not necessarily a parlous state have, for now, a reprieve. From an airline perspective, FlyBE have folded, citing COVID-19, however, if it is true (andI suspect it isn't), it is the feather that tipped the balance against it, as it was already receiving government subsidies in the form of deferred taxes and the government had just refused a direct cash injection. The government is making funding in the form of guarantees avaialble to aorlines, including BA - which is part of the Internation Airlines Group, a majority Spanish owned holding company that owns Iberia and a couple of other European airlines. It is going to be a major headache for the EU becasue, as of Feb 2021 when Britain says sionara to the EU, it will immediately contravene foreign ownership rules. I digress.. the guvmint is amking a shed load of cash magically appear to keepthe pilots' from needing to find another job unless they have been profligate. They can, I beleive, with social distancing, use Sims to retainsome semblance of currency. Us private flyers are itching to get up (in the air, lads.. keep it clean, please).. So we will either take the risk and head to the skies ourselves or lower the risk - maybe - and get ourselves checked out.. and continue. Although we are in lock-down and, in my case, the airfield has taken the instructions too far, we can go to the airfield, maintain social distancing and do our run-ups, etc. to get the engine warm enough to blow away the moisture (I hope -we have a senior BA engineer on our syndicate - he seems to know what he is talking about). After the lockdown is lifted, the question will be who has the money to fly? Well, if the government keeps most of the people to up to 2.5k/month, the light sport aviation segment will restart probably as quickly as it stopped. The GA training and bottom feeding end, and probably towards the middle (which is where I am) may wobble a bit for a while... those (like me) in syndicates will return sooner, but those finanding a TB20 or similar and above by themselves or with maybe one other shareholder, may struggle more, because they are used to earning somewhat more that 2.5k/month and if they are furloughed, probably have mortages and schoold fees to pay first. The upper end, I think will be relatively resilient. Don't forget, the government are stopping them from going broke unless they were already at the precipice. So, they will probably take, say, three months on average to get back up to steam and then be basking in their sun-filled cockpits. On to the airlines. From a Brit perspective, I think there is a chance the recovery will bifurcate. The bucket-shop bohan end of tourism will spring back pretty quickly. Airlines are probably already buying oil futures and knock down prices and they will need cash - so rorting the prices could be a very risky move. People, especially in their market segment, will want out for a while. They are already on what is a generous benefits system, or very close to their wage in absoluter terms has been paid to them. As long as they oil prices don't blow out of this world, they will rebound fairly quickly - the pace will be what destinations will accept them. However, the full service airlines that tend to rely on business travellers to earn their dosh may struggle. In my last contract, we were well adjusted to video conferencing. Yes, it is better to be there in person, but is the cost of getting people form three continents in one location for say, 2 days, really worth it. It think sales trips will continue because the influencing factor in person (of someone good) cannot easily be replicated - but the pre-sales qualification, consulting and other travel I think will take a while to come back. It will though, because at the end of the day, most people a) love flying and with work, it is a bit of a status symbol; and b) most of us are social animals and we work better in the presence of the people we are dealing with (body language is around 80% of communication). Will airlines recover to their pre-COVID19 days? No idea... But it isn't dead.. just on hiatus.

Daughter who is in year 9 (we had kids late) does online and is reasonable conscientious with it. Son is in lower-6th (year 12 for Aussie - they have 7 years of secondary school here).. they just email him work and he does it.. to his requisite standard, which can be frustrating - making him a chip off the ol' block. Both are missing the interaction at school - esp where thir ol' man stuffs his leg and can't play with them as much as he could.. Although, with keeping my heel on the pedal, managed a bike ride, but the daughter fell off into a ditch of stinging nettles - poor girl. She's OK today...

Our kids are still technically on hols. Be interesting next week to see how they go..

I have a pair of Barkers for work.. Significantly more than £160... and their offerings are more dress than cansual... They only have loafers and sneakers - nothing waterproof.. Also, I have a wide foot and ECCO seem to fit better.

Isn't the whole economy, which is driven by infinite growth, based on manufacuturing items with a use by date? If companies made things to last, eventually that indistry would reach saturation and growth would trickle - much like GDP in most of the western world now. Take shoes - I spend £160 for my ECCO shoes.. can't remember the model. I had the firt pair for around 6 years before they were relegated to gardening only.. That is around £28 year. Ultra comfy, rugged, waterproof and stylishly casual withuot rendering me an old age pensioner. Two years ago, I bought a replacement - they stiching has already come off with probably an easier life than the last pair. I am getting them repaired and maybe they are an outler for ECCO, but still quite disappointed. Most people would chuck them and either go for something else or replace them. If they are replaced, ECCO have more than doubled their revenue (£80/year). I should actually send them to ECCO, when I think about it...

Apols if this has been posted before..

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Agreed... unf, we have all taken the bait.. I won't put anyone on my ignore list as I like to hear what they have to say.. But I just won't respond to anything I think is futile to respond to. In the name of ettiquette though, we should be better and refrain from insults. But I can understand people are frustrated at many different levels.. When I was a kid, my older (and physcially stronger) brother would tease me all the time - incessantly and to breaking point. My mother would constantly tell me not to react and it will subside, but as a stubborn son of a gun who had to be heard and defend himself, it wasn't in my nature. One day it got particularly bad to the point I was ready to more than verbally bite back, when I realised he was aching for me to start something so he could finish it (I must have really pi$$ed him off for some reason). I just started letting all his taunts slide - ignoring them.. It wasn't two minutes before he gave up and literally decided to ride his bike. Served me well ever since.. Yep, sometimes things rile me, but I have learned to work out when it's important to react or just let it slide. [Edit - the perceived futility of responding could be both in my perception of the other person's closed mindedness - or my own closed mindedness..]