Tranche

Tranche (pronounced trahnch, trahnsh, or trahnsh (French))

(1) One part or division of a larger unit; a slice, section or portion.

(2) A group of securities that share a certain characteristic and form part of a larger offering.

(3) Any part, division, or instalment.

(4) In finance, to divide into parts, applied especially to loans and share issues.

(5) In insurance, a distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.

(6) In pensions, a scheme's or scheme member's benefits relating to distinct accrual periods with different rules.

1400s: From the French tranche, (a cutting (literally, “a slice”)), a form of trancher (to cut, to slice), from Old French trenchier, trancher & trancher (cut, make a cut), possibly from the Vulgar Latin trinicāre (cut in three parts). It was cognate with the English trench.  The specific uses in economics and finance didn’t emerge until 1930.  The form in Modern French is tranché (feminine tranchée, masculine plural tranchés, feminine plural tranchées), the past participle of trancher (clear-cut, marked, bold, distinct (and in heraldry: per bend)).  Tranche is a noun & verb and tranched & tranching are verbs; the noun plural is tranches.

Tranches in a collateralised debt structure.

Tranche has become so associated with matters financial that the word is now seldom used in other contexts, probably a good thing given it’s likely only to confuse.  In finance, a tranche is a portion of a security (loans, mortgages, stocks, bonds etc) that can be packaged for sale to investors; Securities are broken to be reassembled in different forms for a number of reasons, the most obvious of which is to make them easier to sell.  Because investors base their decision to purchase on factors such as risk, time and the quality of asset backing, tranches prepared for sale vary in the emphasis placed on these factors to attract buyers with different priorities.

Slicing the cake.

Since the global financial crisis (GFC) began in 2008, the perception probably is that packaging is most associated with residential mortgages, the money banks and others loan to people to buy houses as homes or investments.  That’s not entirely true but it has been a big part of the market.  Typically, mortgages are repaid over fifteen to thirty years but the lenders prefer to churn, banks, rather than waiting decades to get the money, on-sell mortgages to investors, thereby gaining the funds to lend for more mortgages.  Because of the limited number of number of investors, individuals and institutional, willing to buy thirty year mortgages, banks create tranches, some including the first three years of each mortgage, some the five years while a few will run for the whole term.

This spread of products appeals to a spread-out market.  Some investors will prefer the low-risk tranche of three-year mortgages and accept the lower interest rate while others will opt for the riskier long-term tranche, attracted by the higher rate.  Tranching is thus a device which maintains the liquidity of the loan pool and provides a differentiated securities market in which investors can adjust their exposure according to their own risk versus reward calculation.

Pick your tranche; you pay your money, you take your choice.

The particular, celebrated case of the sub-prime mortgage crisis which began to manifest in 2008-2009 involved mostly tranches of CMOs (collateralized mortgage obligations) and the problems then were not a product of the structural design of tranching but the quality of what was being tranched.  Essentially, like many of the periodic crises in capitalism, the GFC was triggered by over-production.  The traditional mortgage market consisted of borrowers judged to be capable of repaying the loan but, various things having combined to mean the lenders had run out of them, they resorted to lending to people who would never be able to repay.  That required some clever contractual engineering to ensure (1) the credit-rating agencies would grant investment-grade ratings to what were junk securities so (2) the risk would be quickly on-sold.  The rationale for all of this was that the tranching was done in such a way that the spread of the risk was so diversified that whatever defaults occurred would present no systemic threat.  There are interesting stories about (1) & (2).

Lots lost lots in the GFC but there were also quite a number who made much and very quickly.  So profitable for those few in the right place at the right time was the loaning of money to those with no capacity to repay that it’s hard to believe it won’t, at scale, happen again and there are suggestions it may be happening now.  The unusual combination of borrowing at historically high multiples against static or falling incomes for assets at historically high valuations has happened in an era of historically low interest rates.  Movements downwards in asset values or upwards in interest rates will have a multiplier effect on each-other and those movements, if sufficient, will essentially render much mortgage debt functionally sub-prime and there were those who predicted the extraordinary increase in the global money-supply playing out this way.

The headline in the French language which in 2016 announced: Lindsay Lohan s'est tranché le doigt en deux (Lindsay Lohan sliced her finger in half).

Actually "sliced her finger in half" was a bit sensationalist (one might even say Anglo-Saxon style click-bait).  In October 2016, during an Aegean cruise, there was a nautical incident, the tip of one of her fingers severed by the boat's anchor chain but details of the circumstances are sketchy.  It may be that upon hearing the captain give the command “weigh anchor”, she decided to help but, lacking any background in admiralty terms and phrases, misunderstood the instruction.  The detached piece of digit was salvaged from the deck and ashore, soon re-attached by micro-surgery.  Digit and the rest of the patient are said to have made full recoveries, something especially significant because it was the ring finger which was “tranched” but, thanks to the surgeon’s skill in fixing the gruesome injury, she managed later to find husband and the finger now displays engagement and wedding rings.  All’s well that ends well.

Gate

Gate (pronunced geyt)

(1) A movable barrier, usually on hinges, closing an opening in a fence, wall, or other enclosure.

(2) An opening permitting passage through an enclosure.

(3) A tower, architectural setting, etc., for defending or adorning such an opening or for providing a monumental entrance to a street, park etc.

(4) Any means of access or entrance.

(5) A mountain pass.

(6) Any movable barrier, as at a tollbooth or a road or railroad crossing.

(7) A sliding barrier for regulating the passage of water, steam, or the like, as in a dam or pipe; valve.

(8) In skiing, an obstacle in a slalom race, consisting of two upright poles anchored in the snow a certain distance apart.

(9) The total number of persons who pay for admission to an athletic contest, a performance, an exhibition or the total revenue from such admissions.

(10) In cell biology, a temporary channel in a cell membrane through which substances diffuse into or out of a cell; in flow cytometry, a line separating particle type-clusters on two-dimensional dot plots.

(11) A sash or frame for a saw or gang of saws.

(12) In metallurgy, (1) a channel or opening in a mold through which molten metal is poured into the mold cavity (also called ingate) or (2), the waste metal left in such a channel after hardening; (written also as geat and git).

(13) In electronics, a signal that makes an electronic circuit operative or inoperative either for a certain time interval or until another signal is received, also called logic gate; a circuit with one output that is activated only by certain combinations of two or more inputs.

(14) In historic British university use, to punish by confining to the college grounds (largely archaic).

(15) In Scots and northern English use, a habitual manner or way of acting (largely archaic).

(16) A path (largely archaic but endures in historic references).

(17) As a suffix (-gate), a combining form extracted from Watergate, occurring as the final element in journalistic coinages, usually nonce words, that name scandals resulting from concealed crime or other alleged improprieties in government or business.

(18) In cricket, the gap between a batsman's bat and pad, used usually as “bowled through the gate”.

(19) In computing and electronics, a logical pathway made up of switches which turn on or off; the controlling terminal of a field effect transistor (FET).

(20) In airport or seaport design, a (usually numerically differentiated) passageway or assembly point with a physical door or gate through which passengers embark or disembark.

(21) In a lock tumbler, the opening for the stump of the bolt to pass through or into.

(22) In pre-digital cinematography, a mechanism, in a film camera and projector, that holds each frame momentarily stationary behind the aperture.

(23) A tally mark consisting of four vertical bars crossed by a diagonal, representing a count of five.

Pre 900:  From the Middle English gate, gat, ȝate & ȝeat, from the Old English gæt, gat & ġeat (a gate, door), from the Proto-Germanic gatą (hole, opening).  It was cognate with the Low German and Dutch gat (hole or breach), the Low German Gatt, gat & Gööt, the Old Norse gata (path) and was related to the Old High German gazza (road, street).  Yate was a dialectical form which was an alternative spelling until the seventeenth century; the plural is gates.  Many European languages picked up variations of the Old Norse to describe both paths and what is now understood as a gate.  The Old English geat (plural geatu) was used to mean "gate, door, opening, passage, hinged framework barrier", as was Proto-Germanic gatan, and the Dutch gat; in Modern German, it emerged as gasse meaning “street”; the Finnish katu, and the Lettish gatua (street) are Germanic loan-words.  Interestingly, scholars trace the ultimate source as the Primitive European ǵed (to defecate).

The meaning "money from selling tickets" dates from 1896, a contraction of 1820’s gate-money.  The first reference to uninvited gate-crashers is from 1927 and gated community appears in 1989; that was Emerald Bay, Laguna Beach, California although conceptually similar defensive structures had for millennia been built in many places.

G Gordon Liddy (1930–2021) was the CREEP lawyer convicted of conspiracy, burglary, and illegal wiretapping for his role in the Watergate Affair.  Receiving a twenty-year sentence, he served over four, paroled after Jimmy Carter (b 1924; US President 1977-1981) commuted the term to eight years.  He was one of the great characters of the affair.

The practice of using -gate as a suffix appended to a word to indicate a "scandal involving," is a use abstracted from Watergate, the building complex in Washington DC, which, in 1972, housed the national headquarters of the Democratic Party.  On 17 June, it was burgled by operatives found later to be associated with Richard Nixon's (1913-1994; US president 1969-1974) Campaign to Re-elect the President committee (CREEP).  Since Watergate, there have been at least dozens of –gates.

Notable Post-Watergate Gates

Billygate: In 1980, US President Jimmy Carter's brother, Billy (1937-1988), was found to have represented the Libyan government as a foreign agent.  Cynics noted that, unlike his brother, Billy at least had a foreign policy.  Crooked Hillary Clinton (b 1947; US secretary of state 2009-2013) has provided the lexicon many "-gates".

A marvelous linguistic coincidence gave us Whitewatergate, a confusing package of real estate deals later found technically to be lawful and Futuregate was a reference to some still inexplicable (and profitable) dabbles in her name in the futures markets.  Servergate was the mail server affair which featured mutually contradictory defenses to various allegations, the Benghazi affair and more.  There was also a minor matter but one which remains emblematic of character.  Crooked Hillary Clinton, after years of fudging, was forced to admit she “misspoke” when claiming that to avoid sniper-fire, she and her entourage “…just ran with our heads down to get into the vehicles to get to our base” when landing at a Bosnian airport in 1996.  She admitted she “misspoke” only after a video was released of her walking down the airplane’s stairs to be greeted by a little girl who presented her with a bouquet of flowers.  Even her admission was constructed with weasel words: “…if I misspoke, that was just a misstatement”.  That seemed to clear things up and the matter is now recorded in the long history of crooked Hillary Clinton's untruthfulness as Snipergate.  Most bizarre was Pizzagate, a conspiracy theory that circulated during the 2016 US presidential campaign, sparked by WikiLeaks publishing a tranche of emails from within the Democrat Party machine.  According to some, encoded in the text of the emails was a series of messages between highly-placed members of the party who were involved in a pedophile ring, even detailing crooked Hillary Clinton’s part in the ritualistic sexual abuse of children in the basement of a certain pizzeria in Washington DC.  Among the Hillarygates, pizzagate was unusual in that she was innocent of every allegation made; not even the pizzeria's basement existed.

Closetgate: References the controversy following the 2005 South Park episode "Trapped in the Closet", a parody of the Church of Scientology in which the Scientologist film star Tom Cruise (b 1962) refuses to come out of a closet.  Not discouraged by the threat of writs, South Park later featured an episode in which the actor worked in a confectionery factory packing fudge. 

Grangegate: In Australia in 2014, while giving evidence to the state's Independent Commission against Corruption (ICAC), Barry O'Farrell (b 1959; Premier of New South Wales 2011-2014) forget he’d been given a Aus$3,000 bottle of Penfolds Grange (which he drank without disclosing the gift as the rules required).  He felt compelled to resign.

Perhaps counterintuitively, there seems never to have been a Lindsaygate or Lohangate.  In that sense, Lindsay Lohan may be said to have lived a scandal-free life.

Irangate: Sometimes called contragate, this was the big scandal of Ronald Reagan's (1911-2004; US president 1981-1989) second term.  As a back channel operation, the administration had sold weapons to the Islamic Republic of Iran and diverted the profits to fund the Contra rebels opposing the Sandinista government of Nicaragua.  Congress had earlier cut the funding.

Nipplegate: Sometimes called boobgate, this was a reaction to singer Janet Jackson’s (b 1966) description of what happened at the conclusion of her 2004 Superbowl performance as a “wardrobe malfunction”.  In Europe, they just didn't get what all the fuss was about.

Monicagate: The most celebrated scandal of President Bill Clinton’s (b 1946; US President 1993-2001) second term.  Named after White House intern Monica Lewinsky (b 1973), with whom the president “…did not have sexual relations…”.

1973 Pontiac Trans-Am SD 455.

Dieselgate: In 2015, Volkswagen was caught cheating on emissions tests used to certify for sale some eleven-million VW diesel vehicles by programming them to enable emissions controls during testing, but not during real-world driving.  Manufacturers had been known to do this.  In 1973 Pontiac tried to certify their 455 Super Duty  engine with a not dissimilar trick but the Environmental Protection Authority (EPA) weren’t fooled which is why the production 455SD was rated at 290 horsepower rather than 310.  Later, manufacturers in the Fourth Reich turned out to be just as guilty and, in that handy phrase from German historiography "they all knew".  Including the fines thus far levied, legal fees and the costs associated with product recalls, the affair is estimated so far to have cost VW some US$27 billion but the full accounting won't be complete for some time.  Other German manufacturers were also affected but Daimler (maker of Mercedes-Benz) avoided a penalty by snitching on the others. 

In Australia, Utegate was a 2009 campaign run by opposition leader Malcolm Turnbull (b 1954; prime-minister of Australia 2015-2018) and his then (they're no longer on speaking terms) henchman, Eric Abetz (b 1958, Liberal Party senator for Tasmania, Australia 1994-2022), which accused Dr Kevin Rudd (b 1957; Australian prime-minister 2007-2010 & 2013) of receiving a backhander from a car dealer, the matters in question revolving around an old and battered ute (pick-up).  Based on documents forged by Treasury official Godwin Grech (b 1967), it led to the (first) downfall of Turnbull.  Abetz went on to bigger things but Turnbull neither forgot nor forgave, sacking Abetz during his second coming (which started well but ended badly).  Abetz however proved he still has the numbers which matter, gaining preselection and in 2024 winning a seat in the Tasmanian Legislative Assembly (the state's lower house).  He now serves as minister for business, industry & resources and minister for transport as well as leader of the house in the minority Liberal Party government.  

The first Nutellagate arose at Columbia University early in 2013 with allegations of organized, large-scale theft by students of the Nutella provided in the dining halls. Apparently students, unable to resist the temptation of the newly available nutty spread, were (1) consuming vast quantities, (2) pilfering it using containers secreted in back-packs and (3) actually purloining entire jars from the tables.

In the spirit of the investigative journalism which ultimately brought down President Nixon, the Columbia Daily Spectator, breaking the story, reported that, based on a leak from their deep throat in the catering department, the crime was costing some US$5,000 per week, the hungry students said ravenously to be munching their way through around 100 pounds (37 or 45 KG (deep throat not specific whether the losses were weighed on the avoirdupois or troy scale)) of Nutella every seven days.  The newspaper noted the heist was on such a scale that, unless addressed, the cost to the university would be US$250,000 a year, enough to buy seven jars for every undergraduate student.

The national media picked up the story noting, apart from the criminality, there were concerns about the relationship between the wastage of food, excessively expensive student services, the exorbitant cost of tuition fees and a rampant consumer culture.  It seemed a minor moral panic might ensue until the student newspaper (now a blog) deconstructed the Spectator’s numbers and worked out the caterers must be paying 70% more for Nutella than that quoted by local wholesalers, casting some doubt on the matter.  The university authorities responded within days, issuing a press release headed “Nutellagate Exposed: It's a Smear!"  Their audit revealed that the accounting system had booked US$2,500 against Nutella purchases in the first week of term but that was the usual practice when stocking inventory and that consumption was around the budgeted US$450 in subsequent weeks.  Deep throat (Nutella edition) lost face and was discredited.

Nutellagate II broke in 2017 when a consumer protection organization released a report noting the recipe had, without warning, been changed, the spread now having more sugar and milk powder but less cocoa and, as a result, was now of a lighter hue.  Ferrero’s crisis-management operative responded on twitter, tweeting “our recipe underwent a fine-tuning and continues to deliver the Nutella fans know and love with high quality ingredients,”… adding “…sugar, like other ingredients, can be enjoyed in moderation as part of a balanced diet.”

#Nutellagate soon trended and users expressed displeasure, many invoking the memory of New Coke or the IBM PS/2, two other products which appeared also to try to fix something not broken.  The twitterstorm soon subsided, the speculation being that, because it contained more sugar, consumers would become more addicted and soon forget the fuss.  So it proved, sales remaining strong.  Nutella though remains controversial because of the sugar content and the use of palm oil, a product harvested from vast monocultural plantations and associated with social and environmental damage.  Ferrero has now and again suggested they may be ceasing production but the user base has proved resistant although, recent movements in the hazelnut price may test the elasticity of demand.

Open-Gate Ferraris

The much admired but now almost extinct open-gate shifters were originally purely functional before becoming fetishized.  At a time when more primitive transmissions and shifter assemblies were built with linkages and cables which operated with much less precision than would come later, the open-gates served as a guidance mechanism, making the throws more uniform and ensuring the correct movement of the controlling lever.  Improvements in design actually made open-gates redundant decades ago but they'd become so associated with cars such as Ferraris and Lamborghinis that they'd become part of the expectations of many buyers and it wasn't hard to persuade the engineers to persist, even though the things had descended to be matters purely of style.  A gimmick they may have become but, cut from stainless steel and often secured with exposed screw-heads, they were among the coolest of nostalgia pieces.  

Reality eventually bit when modern, fast electronics meant automatic transmissions both shifted faster and were programmed always to change ratios at the optimal point and no driver however skilled could match that combination.  Once essential to quick, clear shifts, by the late 1990s, the open-gate had actually become a hindrance to the process and while there were a few who still relished the clicky, tactile experience, such folk were slowly dying off and with sales in rapid decline, manufacturers became increasingly unwilling to indulge them with what had become a low-volume, unprofitable option.  

Not all the Ferraris with manual gearboxes used the open-gate fitting, some of the grand-touring cars using concealing leather boots but both are now relics, the factory recently retiring the manual gearbox because of a lack of demand.  The 599 GTB Fiorano was made between 2006-2012 and included the option but of the 3200-odd made, only 30 buyers specified the manual.  That run of 30 was however mass-production compared with the California (2009-2014) which was both the first Ferrari equipped with a dual-clutch transmission and the last to offer a manual, ending the tradition of open gate-shifters which stretched back 65 years.  Testing the market, a six-speed manual option had been added to the hard-top convertible in 2010 and the market spoke, the factory dropping it from the order sheet in 2012 after selling just three cars in three years.  The rarity has however created collectables; on the rare occasions an open gate 599 or California is offered at auction, they attract quite a premium and there's now an after-market converting Ferraris to open gate manuals.  It's said to cost up to US$40,000 depending on the model and, predictably, the most highly regarded are those converted using "verified factory parts".

2012 Ferrari California (top) and 2012 Cadillac CTS-V sedan.

So the last decade at Maranello has been automatic (technically “automated manual transmission”) all the way and although a consequence of the quest for ultimate performance, it wasn’t anything dictatorial and had customer demand existed at a sustainable level, the factory would have continued to supply manual transmissions.  There is however an alternative, Cadillac since 2004 offering some models with manual transmission for the first time since the 1953 Series 75 (among the Cadillac crowd the Cimarron (1982-1988) is never spoken of except in the phrase "the unpleasantness of 1982" ) and by 2013, while one could buy a Cadillac with a clutch pedal, one could not buy such a Ferrari.  For most of the second half of the twentieth century, few would have thought that anything but improbable or unthinkable.

Ferrari open-gate shifter porn 

1965 250 LM

1967 330 GTC

1968 275 GTS/4 NART Spyder

1969 365 GTC

1972 365 GTB/4

1988 Testarossa

1991 Mondial-T Cabriolet

1994 348 Spider

2011 599 GTB Fiorano

2012 California

Satellite

Satellite (pronounced sat-l-ahyt)

(1) In astronomy, celestial body orbiting around a planet or star; a moon.

(2) In geopolitics, as “satellite state”, a country under the domination or influence of another.

(3) Something (a county, sub-national state, office, building campus etc), under the jurisdiction, influence, or domination of another entity; Subordinate to another authority, outside power, or the like (also known as a “satellite operation”, “satellite campus”, “satellite workshop” etc).

(4) An attendant or follower of another person, often subservient or obsequious in manner; a follower, supporter, companion, associate; lackey, parasite, sycophant, toady, flunky; now used usually in the derogatory sense of “a henchman” although, applied neutrally, it can be used of someone’s retinue or entourage (and even the machinery of a motorcade).

(5) A man-made device orbiting a celestial body (the earth, a moon, or another planet etc) and transmitting scientific information or used for communication; among astronomers and others form whom the distinction matters, man-made devices are sometimes referred to as “artificial satellites” to distinguish them for natural satellites such as the Earth’s Moon.  The standard abbreviation is “sat” and the situation in which a satellite is hit by some object while in orbit (which at the velocities involved can be unfortunate) is called a “sat-hit”.

(6) As “derelict satellite”, a man-made device (including the spent upper-stages of rockets) in orbit around a celestial body which has ceased to function.

(7) In medicine, a short segment of a chromosome separated from the rest by a constriction, typically associated with the formation of a nucleolus.

(8) In biology, a colony of microorganisms whose growth in culture medium is enhanced by certain substances produced by another colony in its proximity.

(9) In formal grammar, a construct that takes various forms and may encode a path of movement, a change of state, or the grammatical aspect (highly technical descriptor no longer used in most texts).

(10) In television, as satellite TV, the transmission and reception of television broadcasts (and used also in narrowcasting) using satellites in low-earth orbit.

(11) In the military terminology of Antiquity, a guard or watchman.

(12) In entomology, as satellite moth, the Eupsilia transversa, a moth of the family Noctuidae.

1540-1550: From the fourteenth century Middle French satellite, from the Medieval Latin satellitem (accusative singular of satelles) (attendant upon a distinguished person or office-holder, companion, body-guard. courtier, accomplice, assistant), from the Latin satelles, from the Old Latin satro (enough, full) + leyt (to let go) and listed usually as akin to the English “follow” although the association is undocumented.  Although the Latin origin is generally accepted, etymologists have pondered a relationship with the Etruscan, either satnal (klein) (again linked to the English “follow”) or a compound of roots: satro- (full; enough) + leit- (to go) (the English “follow” constructed of similar roots).  Satellite is a noun, verb & adjective and satellitic & satellitious are adjectives; the noun plural is satellites.  Satellitious (pertaining to, or consisting of, satellites) is listed by most dictionaries as archaic but is probably the best form to use in a derogatory sense, best expressed in the comparative (more satellitious) or the superlative (most satellitious).

Lindsay Lohan promoting the Sick Note series, TV & Satellite Week magazine, 21-27 July 2018.

The adjectival use is applied as required and this has produced many related terms including satellite assembly (use of committees or deliberative bodies created by a superior authority), satellite broadcasting (in this context distinguished from transmissions using physical (point-to-point) cables or ground-based relays), satellite campus, satellite DNA (in genetics, an array in  tandem of repeating, non-coding DNA), satellite-framing (in linguistics, the use of a grammatical satellite to indicate a path of motion, a change of state or grammatical aspect (as opposed to a verb framing)), satellite navigation (the use of electronic positioning systems which use data from satellites (often now as “SatNav”)) and satellite station (either (1) as ground-base facility used for monitoring or administrating satellites or (2) a manned facility in orbit such as the ISS (International Space Station)), satellite telephone (telephony using satellites as a transmission vector)

Sputnik, 1957

Sputnik 1 blueprint, 1957.

The original sense in the 1540s was "a follower or attendant of a superior person" but this use was rare before the late eighteenth century and it seemed to have taken until the 1910s before it was applied in a derogatory manner to suggest "an accomplice or accessory in crime or other nefarious activity” although the Roman statesman Cicero (Marcus Tullius Cicero, 106-43 BC) often used the Latin form in this way.  In the seventeenth century, as telescopes became available, the idea was extended to what was then thought to be "a planet revolving about a larger one" on the notion of "an attendant", initially a reference to the moons of Jupiter.  In political theory, the “satellite state” was first described in 1800, coined by John Adams (1735-1826; US president 1797-1801) in a discussion about the United States and its relationships with the other nations of the Americas although in geopolitics the term is most identified with the “buffer states”, the members of the Warsaw Pact which were within Moscow’s sphere of influence.  The familiar modern meaning of a "man-made machine orbiting the Earth" actually dates (as scientific conjecture) from 1936, something realized (to the surprise of most) in 1957 when the USSR launched Sputnik 1.  Sputnik was from the Russian спу́тник (sputnik) (satellite (literally "travelling companion” and in this context a shortened form of sputnik zemlyi (travelling companion of the Earth), from the Old Church Slavonic supotiniku, the construct being the Russian so- (as “s-“ (with, together)) + пу́тник (pútnik) (traveller), from путь (put) (way, path, journey) (from the Old Church Slavonic poti, from the primitive Indo-European pent- (to tread, go)) + ник (-nik) (the agent suffix).

Soviet Sputnik postcard, 1957.

The launch of Sputnik shocked the American public which, in a milieu of jet aircraft, televisions and macropterous Cadillacs, had assumed their country was in all ways technologically superior to their Cold War enemy.  Launched into an elliptical low-Earth orbit, Sputnik was about twice the size of a football (soccer ball) and it orbited for some three more months before falling towards earth, the on-board batteries lasting long enough for it to broadcast radio pulses for the first three weeks, transmissions detectable almost anywhere on earth.  It sounds now a modest achievement but it needs to be regarded as something as significant as the Wright Flyer in 1903 travelling 200 feet (61 m), at an altitude of some 10 feet (3 m) and in the West the social and political impact was electrifying.  There were also linguistic ripples because, just as a generation later the Watergate scandal would trigger the –gate formations (which continue to this day), it wasn’t long before the –nik prefix (which had actually been a part of Yiddish word creation for at least a decade) gained popularity.  Laika, the doomed stray dog launched aboard Sputnik 2 in November 1957 was dubbed muttnik (although the claims it was the first living thing in space have since been disproved because "living" entities were both on board the Nazi V2 rockets (1944-1945) which often briefly entered the stratosphere and have long been present in the upper atmosphere where they’re ejected into space by natural atmospheric processes) while the early US satellites (quickly launched to display the nation’s scientific prowess) failed which gave the press the chance to coin kaputnik, blowupnik, dudnik, flopnik, pffftnik & stayputnik.

Sputnik 1's launch vehicle (left), the satellite as it orbited the earth (centre) and in expanded form (right. 

Although not a great surprise to either the White House or the better-informed in the Pentagon, the American public was shocked and both the popular and quality press depicted Sputnik’s success as evidence of Soviet technological superiority, stressing the military implications.    This trigged the space race and soon created the idea of the “missile gap” which would be of such significance in the 1960 presidential election and, although by the early 1960s the Pentagon knew the gap was illusory, the arms race continued and the count of missiles and warheads actually peaked in the early 1970s.  It also began a new era of military, technological, and scientific developments, leading most obviously to the moon landing in 1969 but research groups developed weapons such as the big inter-continental ballistic missiles (ICBMs) and missile defence systems as well as spy satellites.  Satellites were another step in the process of technology being deployed to improve communications.  When Abraham Lincoln (1809–1865; US president 1861-1865) was assassinated in 1865, the news didn’t reach Europe until the fastest ship crossed the Atlantic a fortnight later.  By the time of William McKinley's (1843–1901; US president 1897-1901) assassination in 1901, the news travelled around the world by undersea cables within minutes.  In 1963, while news of John Kennedy's (JFK, 1917–1963; US president 1961-1963) death was close to a global real-time event, those thousands of miles from the event had to wait sometimes 24 hours or more to view footage, delivered in canisters byu land' sea or air.  By 1981, when an attempt was made to take Ronald Reagan's (1911-life, television feeds around the planet were within minutes picking up live-feeds from satellites.

Two comrades with their 1960 Trabant P50 in stylish two-tone pastellblau (pastel blue) over creme (cream) admiring the Leipzig Opera building, Saxony, circa 1961 (left) and a 1990 Trabant 601 in a by then more typical beige (right).

In the GDR (German Democratic Republic, the old East Germany), the long-running (1957-1991) Trabant's bodywork was made with Duroplast, a composite thermosetting plastic (and a descendant of Bakelite).  It was a resin plastic reinforced with fibres (the GDR used waste from both cotton & wool processing) which structurally was similar to fibreglass although the urban myth Trabants were made from reinforced cardboard persists.  The first Trabants left the Saxony production line in November 1957, only weeks after the Soviet Union had startled the world by launching Sputnik and while the first man-made Earth satellite did nothing other than transmit radio pulses, the significance was that was something which had never before been done and, launched into an elliptical low Earth orbit where it circulated for three months, because of the flight path, the little sphere's "beeps" could at various times be detected just about anywhere below.  Compared with what space programmes would become, it sounds now a modest achievement but was at the time a sensation and the event which triggered the “space race”.

Two comrades approaching their 1957 Trabant P50 in stylish korallenrot (coral red) over creme (cream).  Note the amber turn signals; Trabants were factory-fitted with flashers at a time Rolls-Royce and other manufacturers in the “advanced West” were still installing antiquated semaphores.

In the Eastern Bloc there weren’t many marketing departments but there was a vast propaganda apparatus and opportunistically, the name Trabant was derived from the Middle High German drabant (satellite; companion; foot soldier) which at the time was a positive association with the famous Sputnik but it later became emblematic of the economic and moral bankruptcy of the whole communist project: While by the fall of the Berlin Wall (1961-1989) Soviet satellites and related technologies greatly had advanced, the “Trubi” remained a little changed “1957 time capsule”.  Although much despised in the early 1990s in the aftermath of the break-up of the Soviet Union (1922-1991), opinions softened and the survivors of the more than three million produced (a greater volume than BMC's (British Motor Corporation) Mini (1959-2000)) gained a cult following.  More correctly, the marque gained a number of cult followings, some attracted by the “retro-cuteness”, some with genuine, Putinesque nostalgia for the old Soviet system and other with a variety of projects as varied as EV (electric vehicle) conversions, the installation of V8s for drag-racing and the re-purposing in many forms of competition.  The Trubi is now a fixture in the lower reaches (a notch above the Austin Allegro) of the collector market.

Low-emission Trabant (rated at 1 PP (pony-power)) with driver using semaphore signal to indicate intention to turn left, Barnim district, Bernau bei, Berlin, GDR, 1981.

As late as the 1960s, in some places, trucks & vans still were being built with a hand-operated semaphore mounted on the driver’s door and specialized vehicles likely also to have an occupant on the passenger-side (such as fire-engines) sometimes had two.  If need be they could also be improvised, as in the low-tech “lollipop” sign being used in this image of a two-seater buggy, a vehicle crafted using the salvageable section of a Trabant which may have suffered frontal damage in a crash.  Trabants really could go fast enough to have damaging crashes and although not engineered with the “crumple zones” which were introduced in the West as a way of absorbing an impact’s energy before it reached the occupants, in their own way, crumple Trabants did.  The photograph of the horse-drawn Trubi, while not representative of the entire Eastern Bloc experience under communist rule, captures a sight which would not have been uncommon away from large urban centres (which could be grim enough).  Dr Henry Kissinger (1923-2023; US national security advisor 1969-1975 & secretary of state 1937-1977) said his abiding memory of Eastern Bloc cities was of “the smell of boiled cabbage and an unrelenting greyness.”  In fairness, English cooks probably inflicted worse on the noble cabbage than anything done behind the Iron Curtain but his sense of “greyness” was literal, the appalling air pollution of the GDR (its industrial base powered by burning lignite (from the Latin lignum (wood)) and other forms of low-grade, “dirty coal”), thus the griminess of the buildings.  Places like London similarly were affected and it was only after the 1952 “Great Smog of London” that the Clean Air Act (1956) became law, meaning air quality began slowly to improve.  That the photographs of the era look so drab was not because of the film stock; buildings literally were “dirty”.  Because of various other advances in health care, it’s difficult to quantify the contribution to reducing mortality achieved by reducing air pollution but few doubt it was significant.

The Plymouth Satellites

1967 Plymouth Satellite convertible.

Chrysler's Plymouth division introduced the Satellite on the corporation's intermediate ("B") platform in 1965 as the most expensive trim-option for the Belvedere line.  Offered initially only with two-door hardtop and convertible coach-work, the range of body-styles was later expanded to encompass four-door sedans and station wagons.  In a manner, typical of the way the industry applied their nomenclature as marketing devices to entice buyers, the Belvedere name was in 1970 retired while Satellite remained the standard designation until it too was dropped after 1974.

1970 Plymouth Road Runner, 440 6 Barrel.

Were it not for it being made available in 1966 with the 426 cubic inch (7.0 litre) Street Hemi V8, the Belvedere and Satellite would have been just another intermediate but with that option, it was transformed into a (slightly) detuned race-car which one could register for the road, something possible in those happier times.  The Street Hemi was an expensive option and relatively few were built but the demand for high-performance machinery was clear so in 1968, Plymouth released the Road Runner, complete with logos (licensed from the Warner Brothers film studio for US$50,000) and a “beep beep” horn which reputedly cost US$10,000 to develop.  The object was to deliver a high-performance machine at the lowest possible cost so the Road Runner used the basic (two-door, pillared) body shell and eschewed niceties like carpet or bucket seats, the only addition of note a tuned version of the 383 cubic inch (6.3 litre) V8 engine; for those who wanted more, the Street Hemi was optional.  Plymouth set what they thought were ambitious sales targets but demand was such production had to be doubled and the response encouraged the usual proliferation: a hardtop coupé and convertible soon rounding out the range.

1970 Plymouth Hemi Road Runner Superbird.

The option list later expanded to include the six-barrel version which used the of the 440 cubic inch (7.2 litre) V8, a much cheaper choice than the Street Hemi and one which (usually) displayed better manners on the street while offering similar performance until travelling well over 100 mph (160 km/h) although it couldn't match the Hemi’s sustained delivery of top-end power which, with the right gearing, would deliver a top speed in excess of 150 mph (240 km/h), something of little significance to most.  However, by the early 1970s sales were falling.  The still embryonic safety and emission legislation played a small part in this but overwhelmingly the cause was the extraordinary rise in insurance premiums being charged for the high-performance vehicles, something which disproportionately affected the very buyers at which the machines were targeted: single males aged 19-29.  However, the platform endured long enough to provide the basis for the Road Runner Superbird, a “homologation special” produced in limited numbers to qualify the frankly extreme aerodynamic modifications for use in competition.  At the time, the additions were too radical for some buyers with dealers unable to find buyers forced to convert the things back to standard specifications just to shift them from their lots.  They’re now prized collectables, the relatively few with the Street Hemi especially sought.

As a footnote, corporate stablemate Dodge called their six barrel 440s the "Six Pack" (which was a much snappier name) and in the UK this was in 1972 picked up by Jensen which was able to buy (at a bargain price) a tranche of the engines Chrysler had stored in a warehouse after US emission regulations rendered them unlawful for road-registered passenger vehicles.  Jensen called the model created the "Interceptor SP" but it proved an unfortunate experience for both company and customers for while the engine delivered a lift in performance, for a variety of reasons it was, in that configuration, not suitable for the car (or its target market) and a number had to be converted to use the standard Interceptor's single four barrel carburetor.  Its brief existence did though produce something for the automotive trivia buffs: While the accepted orthodoxy is "the factory never installed air-conditioning (AC) in any car fitted with the six barrel 440s or the Street Hemi", strictly speaking that applies only to "No Chrysler factory ever installed..." because Jensen did so equip the SP.  More exclusive still was the single Street Hemi-powered Hai built in 1970 by the much-missed Swiss boutique operation Monteverdi, also with AC. 

1971 Plymouth Hemi Road Runner.

The intermediate line was revised in 1971 using the then current corporate motif of “fuselage styling” and it was probably more aesthetically pleasing there than when applied to the full-sized cars which truly were gargantuan.  The 1971 Satellites used distinctly different bodies for the two and four-door models and while there were no more convertibles, the Street Hemi and Six-Barrel 440 enjoyed a swansong season although sales were low, the muscle car era almost at an end and although in late 1971 a reported seven 1972 Road Runners with the Six-Barrel option were built, 1971 really was the end of the line for both engines.