Video: IAF Hits Rocket Launchers

Amazing video from Israel's air force showing Hamas' rocket launchers being destroyed on the ground.



These primitive rockets, with no guidance abilities, are being launched wildly into Israeli towns. They are a classic terror weapon, like the buzz-bombs of the Luftwaffe.

Video: Johns Hopkins Mousetrap Car Slalom

Remember that mousetrap powered car project you had to do in high school physics class? At Johns Hopkins University, engineering freshmen have to go the next step and make a mousetrap car that does a slalom and then drives straight to the finish line. Video below, hat tip to If It's Got An Engine. When I was in school, none of my engineering professors were as cute as the one in the video.

GMAC Bank

I was looking around at who had the best CD rates in our ever-lower interest rate era, and I found that GMAC Bank has very nice rates, 4% for 1 year, compared with the average of 2%. I am planning on taking them up on it. 4% 12 month CDs are not growing on trees right now.

Now, before you shout that GMAC may go bankrupt, and eat my deposits, know that GMAC Bank is FDIC insured. So even if GMAC did go bankrupt, and GMAC Bank is a division of GMAC, FDIC would step in, and in a few days I would have my money back.

This is in contrast with the GMAC Demand Notes (5.25%) or Ford Motor Credit's Interest Advantage (3.9-4.2%), which are unsecured loans directly to the companies. If you are invested in GMAC Demand Notes or Ford Motor Credit Interest Advantage, you should re-evaluate your tolerance for financial risk right away, because I am guessing that you are investing money you consider "safe", but what you are buying is basically a junk bond.

And, by putting money in GMAC, I can help GM by providing badly needed cash to their lending arm, and helping support the Detroit auto industry.

There are some downsides to GMAC Bank. It are online-only, so if you want to be able to talk to a human being about your account, the only option is the telephone. It also doesn't support direct connection through Quicken or Microsoft Money, if you want to download transactions you have to use the manual download feature on your account page.

Note: GMAC did not sponsor this post or influence it in any way.

Windshield GPS MN

Did you know that it is against the law to mount accessories (such as GPS) to the windshield in Minnesota, and recently was in California?

Read here about Minnesota.

California law changes in January 2009 to allow GPS units, but they must be located at the lower left or lower right corner of the winshield.

In other news, Minnesota is considering a law to require Minnesotans to tie their shoes with double-knots, to prevent accidental tripping.

Star Wars Republic Commando On Vista

I recently bought Star Wars Republic Commando, a Lucas Arts squad based shooter. It wouldn't run on my machine ("SWRepublicCommando.exe has stopped working").

I got it running by doing two things: first, I set SWRepublicCommando.exe to run as administrator. Second, in the game, under the graphics settings, I set "bump-mapping" to low.

New Taurus Spy Photos

Autoblog has some good spy photo shots of a modestly camouflaged 2010 Taurus.
The interior looks nice, and looks like it has a lot in common with the MKS interior (notice the steep rake of the center stack). Also notice the Sony audio system.

Photos courtesy of Autoblog

See all pics here.

This is a crucial product for Ford, after the flabby sales (<100K annualized) of the current 500/Taurus. The Taurus should be Ford's flagship. It looks to me like it will be a contender, though we don't know what will be under the hood yet. Will it be the 3.5L V6 from the Edge and Flex, or will it be one of the GTDI engines, like the upcoming 3.5L Ecoboost?

It is also quite a bit more exciting to look at than its closest rival, the Toyota Avalon (yawwwwn).

The Bridge Loan Terms

Here are the terms of the bridge loan announced by President Bush this morning.

Fact Sheet: Financing Assistance to Facilitate the Restructuring of Automobile Manufacturers to Attain Financial Viability

Purpose: The terms and conditions of the financing provided by the Treasury Department will facilitate restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive financing.

Amount: Auto manufacturers will be provided with $13.4 B in short-term financing from the TARP, with an additional $4 B available in February, contingent upon drawing down the second tranche of TARP funds.

Viability Requirement: The firms must use these funds to become financially viable. Taxpayers will not be asked to provide financing for firms that do not become viable. If the firms have not attained viability by March 31, 2009, the loan will be called and all funds returned to the Treasury.

Definition of Viability: A firm will only be deemed viable if it has a positive net present value, taking into account all current and future costs, and can fully repay the government loan.

Binding Terms and Conditions: The binding terms and conditions established by the Treasury will mirror those that were voted favorably by a majority of both Houses of Congress, including:

• Firms must provide warrants for non-voting stock.
• Firms must accept limits on executive compensation and eliminate perks such as corporate jets.
• Debt owed to the government would be senior to other debts, to the extent permitted by law.
• Firms must allow the government to examine their books and records.
• Firms must report and the government has the power to block any large transactions (> $100 M).
• Firms must comply with applicable Federal fuel efficiency and emissions requirements.
• Firms must not issue new dividends while they owe government debt.

Targets: The terms and conditions established by Treasury will include additional targets that were the subject of Congressional negotiations but did not come to a vote, including:

• Reduce debts by 2/3 via a debt for equity exchange.
• Make one-half of VEBA payments in the form of stock.
• Eliminate the jobs bank.
• Work rules that are competitive with transplant auto manufacturers by 12/31/09.
• Wages that are competitive with those of transplant auto manufacturers by 12/31/09.

These terms and conditions would be non-binding in the sense that negotiations can deviate from the quantitative targets above, providing that the firm reports the reasons for these deviations and makes the business case to achieve long-term viability in spite of the deviations.

In addition, the firm will be required to conclude new agreements with its other major stakeholders, including dealers and suppliers, by March 31, 2009.

Note the inclusion of the UAW-busting requirements for competitive wages and work rules, but also note that these are negotiable! This means that when Obama and the more-Democrat congress are seated in 2009, they can soften the blow to the UAW, which I am sure they will try to do.

There is no explicit mention of a "Car Czar", but it would seem that someone would need to be in charge of over-seeing the agreement. It isn't clear if Paulson will be the man, or if another person will be appionted to 0versee the program.