Government Recession? Nope
You want to know why government pensions and the like are targets?
Wow. Just thought you'd like to know.
Wow. Just thought you'd like to know.
Labels: we got nothing
posted by SCC at 12:31 AM
Friday, August 13, 2010
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12 Comments:
The fed pledged to soak up more of our debt-bile via swallowing more treasuries.
The most recent 10y auction had "indirect bidders" (aka- most overseas buyers and institutional bidders) ate about half of our most recent debt-spew (up from last time), while "direct bidders" (heavy hitters) took 11%, down from their buying orgy in May.
This is perceived as a flight to quality, largely based on what seems to be a nastily durable unemployment figure.
No growth = Unemployment
Unemployment = The backbone of a shitty economy
No growth = Lower corporate profits
Lower corporate profits = Negative economic cycling
No growth = Lower tax revenues
Lower tax revenues = More debt, higher interest on said
Coming off the 30 year gluttony-session of deficit spending we've been living in- where everything we ever wanted was indulged at whim and fell from the sky almost like magic (without anyone ever bothering to pay the tab)- it could get really ugly.
Learn the meaning of the word 'biflation'.
Former Colorado Gov. Richard Lamm (D) is quoted in todays NYT saying that the "New Deal model doesn't work anymore" when it comes to public pensions.
Funny, scum like him has no intention of shutting off the flow of freebies to illegal aliens. Democrats now see elderly, mostly white folks as useless to their long term health. Their future is in illegals and anchor babies.
It's a huge transfer of wealth coming and Americans better wake up and fight for everything owed them.
Fuck you Lamm.
Biflation is a realtively new term-2003-coinedby F.Osbourne Brown -you won't find it in most dictionaries - google it.
Now throw the federal employment numbers on the chart to make it REALLY interesting.
China said it will buy any U.S.
debt but unfunded public or private
pensions.
Man, you couldn't tell from here. As a city worker I used to say 6 out of 10 city workers were useless. Now we're down from 10 to 5, but of those remaining 5, they kept 4 who are useless. Getting tired of having to clean up the messes of the other 4 plus do my job.
Similar for cops: top heavy with folks who just want to save their jobs and not enough blue shirts on the street.
All we can do is show up in November and change the fools at the top.
If you live past 2022 do not worry, there will be no pension anyhow.
Most of the younger officers were all concerned with the retro check which is peanuts compared to what you should receive from the pension.
Nobody has had any concern about the 100 million or so the pension fund lost on cdo, cmbs and the rest of the nonsense. No one is taking advisors to task over that nonsense.
old retired guy
For the naysayers and disbelievers who just do not believe that the pensions of retired public workers will be targeted and who do not believe that the judges will allow it, keep dreaming. I am not saying it is going to come about, but I think a serious effort to reduce the pensions of those already retired will come about. Thelegal opinions on whether it is possible fall on both side of the aisle and many of the civic groups are calling for change. No body wants higher taxes the the liberal politicians will not cut entitlements to those they claim are needy.
401k only coming soon for all new hires.
They should be careful with any cuts. People like the police and military need to have a vested interest in the survival of the regime.
"but I think a serious effort to reduce the pensions of those already retired will come about. Thelegal opinions on whether it is possible fall on both side of the aisle and many of the civic groups are calling for change"
GOING TO HAVE TO CALL BULLSHIT ON THAT ONE. THEY' VE ALREADY PAID IN & ACTUARIAL FIGURES SHOW PENSIONS SOLVENT FOR THE REMAINDER OF THEIR LIVES. THE CUT-OFF WILL DIRECTLY AFFECT THOSE YEARS AWAY FROM DRAWING A PENSION & WILL MOST LIKELY BE FUNNELED INTO A 401K TYPE PROGRAM. SORRY MR.NOT READY TO RETIRE FROM THE JOB,WIFEY WILL HAVE TO KEEP WORKING UNTIL AGE 70. LIFES A BITCH.
You have to keep in mind, the forward solvency of most (if not virtually all) pensions are liable to the performance of their management- some of which is so incompetent, they're like cartoons of themselves.
I was at a luncheon downtown a couple years ago- right before the maelstrom of October 08- eating undercooked swordfish with a 'Municipal Pension Manager'. Not being in that game myself but casually interested in it since it's loosely related to my trade, I figure I'd make smalltalk about a book written by a guy named David Swensen, who is the Wayne Gretzky of institutional portfolio management.
This slackjawed turkey ass didn't have the slightest clue about the book. Now, doing what he does for a living and not bothering to read the book written by the single most successful winner in that game was like someone being a Catholic priest but claiming to be only 'somewhat familiar' with the bible. This was totally unacceptable, and ironically enough, his 08/09 performance proved it.
One isolated anecdote from a random asshole who isn't a cop on a policemans blog so take it for what you paid, but safe to say, some of the people charged with managing YOUR pensions are complete mouth-breathers and a lot of the solvency models that they're relying to bail out their shitty investment decisions are predicated on dynamics that could change- fuck, that HAVE changed already.
When you guys go to your union or lodge meetings (or whoever is in charge of your money, I don't know), make sure to really twist their balls, as far as who is overseeing your retirement cash. Coppers are the best judges of character out there and can smell bullshit from a mile off. If your pension managers are under-performing and you get the sense that they're schmucks, ignore their charts and hot air and get the fuck rid of them.
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