Listen: Boeing, MAX, Max Exchequer Liners discussed on What A Day
"On today's show to legal battles over voter. Roll purges and some headlines Lines but first Boeing is back in. The News at first story is a follow on something. We've been covering as we all know. Bowing his head several problems which I think is putting it lightly in the past last year and a half following crashes the company 737 Max Model planes that left nearly three hundred and fifty people dead Boeing CEO testified before Congress. Back in October in the questioning took the company to task for overlooking the software system that was responsible for those crashes. Yeah so the news. Today is that Boeing announced. It will halt production of the seven thirty seven. Max Exchequer Liners next month. They continued to manufacture the planes even as they were grounded by the FAA after the crashes. The hope that Boeing was that they would soon be able to get regulators leaders to sign off on a fixed and get the plane back in the air this year. Which I think is pretty optimistic link to say the least really think we're all just chomping at the bit to get on those planes? I'm good so yeah Boeing's now halting production It's a pretty big deal for travelers of course but this is also having a major impact on Boeing the company and there could be ripples more broadly throughout the economy overall. Now a little background on the seven thirty seven. It's the best selling model in the history of the company. Actually and Boeing has lost a quarter of its value since March with share prices. Down Twenty five percent in thousands of buildings workers. Make these planes and Boeing said. It's going to redeploy them so no lay-offs or furloughs yet and there's also hundreds of companies that that supply parts for the Max and so they could also be affected by the decision. Especially if Boeing can't figure this how quickly and production was halted for a long time. Yeah and also just to give a sense of scale so commerce secretary will Ross told CNBC way back in August the problems. uh-huh with the seven thirty seven. Max Had Been Big enough to shave zero point four percent off the entire. US Gross Domestic Product during the summer months. The number is pretty pretty abstract. Like when I hear your point what does that mean But if this was based off of Twenty eight GDP of twenty trillion dollars that means that eighty billion dollars. We're we're lost. That's pretty substantial. I think so secretary Ross also said that. He expected an uptick when the problems were fixed but now that they're halting production it. Doesn't you know it's pretty unclear win or whether you know it'll ever we'll ever see that the numbers going back. Yeah but this is good news for the real human beings that would otherwise be flying on these. Planes It Boeing statement. Yesterday they said quote safely returning the seven thirty. Max To service is our top priority. They also said they want to quote ensure that our regulators customers and the flying lying public have confidence in the seven thirty seven Max updates. We remain fully committed to supporting this process and they better be getting on that Shit. The company says it will take take until at least two thousand twenty one to deliver all the jets built since the grounding back in March. There's a big backlog I and obviously airlines can't logistically or financially except hundreds boards of new planes all at once which you know obviously Regulators also have to inspect each aircraft which will inevitably add that delay. There will certainly be more news on this front. In January with billing announces its earnings for the last three months of two thousand."