It is uncanny how often I make a post about a certain subject, only to then see a reinforcing news story almost immediately afterward. Today was another one of those days, as evidenced by this report from New England Cable News:
The largest paper manufacturer in North America, Ohio-based New Page Corporation, filed for Chapter 11 bankruptcy protection today.Whenever I read these stories, I always like to focus on the Orwellian statements put forth by company officials:
New Page Corporation owns mills in Maine, Kentucky, Maryland, Michigan, Minnesota, Wisconsin and Nova Scotia.
The company plans to idle the Nova Scotia mill and lay off around 1,000 workers later this month.
Anxious to calm both employee and customer concerns, New Page CEO George Martin issued this statement saying:Up is down, black is white, in is out and day is night...and bankruptcy is a way to "strengthen our financial position and enhance our standing." It's getting to the point where I could write this shit myself if they asked me.
"We strongly believe that the court-supervised restructuring we began today is the most effective means of strengthening our financial position and enhancing our standing as the leading producer of printing and specialty paper in North America."
Chalk up another "victory" for Fed Chairman Bernanke's weak dollar policy to help American manufacturers. With help like this, there won't be any of them left before too long.