They Cheered?
Mayor Daley delivered his final budget address to the City Council on Wednesday and got a nearly two-minute standing ovation that evolved into cheers.
No wonder. He’s using one-shot revenues to hold the line on taxes, fines and fees in 2011 — and provide modest head-tax relief to business — making life easier for aldermen facing re-election, but more difficult for his successor.
“It’s kind of like a homeowner that has to sell their dining room set in order to pay next month’s rent. It doesn’t sound like a good idea. But if they don’t get next month’s rent, they don’t have a roof,” said Ald. Edward M. Burke (14th), chairman of the Council’s Finance Committee.
The mayor also is counting on $32 million in savings generated by a full year of union concessions not yet negotiated. The deal for unpaid furlough days and comp time instead of cash overtime expires June 30.
And instead of doing something positive with his last few months in office, he's going down to Springfield to screw everyone over one more time:
- The only tough issue the mayor even attempted to tackle was the city’s pension crisis. He said he would introduce legislation in the General Assembly’s fall veto session that would extend to newly-hired police officers and firefighters the two-tier pension system imposed on other newly-hired employees.
Labels: city politics, info for the police
posted by SCC at 12:05 AM
69 Comments:
“It’s kind of like a homeowner that has to sell their dining room set in order to pay next month’s rent. - Ed Burke
----
THIS is the head of the Finance Committee? Homeowners pay mortgages; renters pay rent.
Eejit.
Nice knowing u
Those new hires will be REALLY motivated
"Newly" or new hire? Big difference.
No pension?? Haha who the f would do this job with no pension?
They Cheered?
What a bunch of morons:
What a bunch of f*cking morons:
nit wits
half-wits
dim-wits
dat aint no HIBITTY JIBITTY
OR MAYBE IT IS.
So will these no pension getting new hires pay for our pensions?
“It’s kind of like a homeowner that has to sell their dining room set in order to pay next month’s rent. It doesn’t sound like a good idea. But if they don’t get next month’s rent, they don’t have a roof,” said Ald. Edward M. Burke (14th), chairman of the Council’s Finance Committee."
Is that what it's kind of like? Spoken from bitter personal experience, I'm sure.
Homeowners don't pay "rent," you fool. They pay a "mortgage." It's apartment dwellers who pay "rent" -- and still get thrown out into the street when their landlord blows the money out on the riverboat instead of sending it to the bank.
A city ordinance should require that banks send copies of the cancelled mortgage payment check from the landlord directly to the tenants each month. Otherwise, you could be paying for someone's orthodontia or crack habit and not have any inkling anything was wrong until the eviction notice arrived.
Right, Eddie? How many of you bastards, you aldermen, were flipping apartment buildings, violating the city's own conversion ordinance and illegally throwing everyone out on short notice -- the sick, the elderly -- and creating "luxury condos" with cheap alien labor to apply a squirt of paint and a few new light fixtures while you hid your cigar-stinking bulk behind some anonymous "LLC?"
It's something to see some of these productions with five or six desperate "FOR SALE" signs stuck in the lawn of a ten-unit building once the new "owners" --often slowly, and in laborious secondhand Polish or Spanish --
find out about how the building needs a new roof and new wiring and new plumbing and a new furnace.
Buy in August -- get big surprises in January...
When a whore travels around town, she's at least selling something that belongs to her.
Where does that leave a "real estate agent" in the general scheme of things?
Excuse my french but this city is so fucked
Ok, if the Police, who put their lives on the line everyday do not deserve a REAL pension, neither do the politicians, who do NOT put their lives on the line.
Take it to the bank... The politicians are going to lose their pensions as well.
FUCK This little piece of shit... Our pension is in trouble because HE refused to set aside the money he was required to... anyone this little jagoff endorses is toast!
80/20 retirement with 457 plan with hands off by greedy ass mfr's.
He could also introduce Lifting the residency too at the General Assembly!
The mayor also is counting on $32 million in savings generated by a full year of union concessions not yet negotiated. The deal for unpaid furlough days and comp time instead of cash overtime expires June 30.
WOW! This is a great idea! I am going to start listing all my future great arrests/awards that I will achieve in 2012 & 2013. When meritorious promotions happen again in 2011. I will be number one on all the lists!
They cheered? Why because he is leaving?
4 Aldermen discussed the budget with Carol Marin on "Chicago Tonight"
http://www.wttw.com/main.taf?p=42,8,80
Heavy lifting, laying the groundwork and making the tough decisions that would put Chicago finances on a recovery trajectory ala the NJ govenor Chris Christie??
Not a chance.
The little prick is pissed that there wasn't a hugh outcry from Chicagoians pleading with him to fuck us er serve as mayor for another term.
So, he's going to stick it to us anyway he can on the way out the door.
What a dick!
Buck Naked
(not a cop)
Decades of mis-management and we are the bad guys for holding a job that has a "defined benefit".
Kinda ironic that the people who plan to gut our pension our themselves invested in one similar to ours.
Mayor Daley and all Dumbrocrats are Assholes!
I hope he passes on soon after he retires!
Bunch of thieving fucks!
Da Pelon
Found this on the Il General Assembly web site:http://www.state.il.us/srs/gars/retireben_gars.htm
The maximum pension payable to a member of GARS is 85% of their final salary with 20 years of service credit. They are able to retire at 55 with at least 8 years of credited service.
8 years and a pension? That doesn't seem like much to live on, unless you are among the fortunate ones that can take advantage of the Retirement Systems’ Reciprocal Act.
What is this reciprocal act? The Reciprocal Act ensures continuous pension credit for public employment in Illinois. Pension credits of more than 1 year in any reciprocal system may be used to meet qualifications for retirement or survivor benefits. Reciprocity does not apply to any other retirement system benefit.
Who can take advantage? Chicago Teachers' Pension Fund, County Employees' Annuity & Benefit Fund of Cook County, Forest Preserve District Employees' Annuity & Benefit Fund of Cook County, General Assembly Retirement System, Illinois Municipal Retirement Fund, Judges' Retirement System, Laborers' Annuity & Benefit Fund of Chicago, Metropolitan Water Reclamation District Retirement Fund, Municipal Employees' Annuity & Benefit Fund of Chicago, Park Employees' Annuity & Benefit Fund of Chicago, State Teachers' Retirement System, and the State Universities Retirement System.
Notice anyone missing?
Police and Fire pensions are not included. Why? I don't know. I got this off the current list on their site.
My point is that while we are being paraded through the media as selfish, money grubbing whores who dare to have a defined benefit plan while most (if not all) the private sector employees can hope for is a 401k, no where do I see any media outlet talking about this.
The state is broke.You read about it every day, yet if you have a minimum of 1 year in any of the above listed pension funds and get a job with any other group covered in any of the other funds, you are able to increase your pension at the expense of those that are already vested.
Did we get budgeted for the 200+ new hires? What else is in the Police budget? if anyone knows.
Looks like most won't be able to retire, since the money won't be there. The whole pension program is just a pyramid game.
If Alderman Burke, and probably a few other politicians and friends of politicians, would pay the same rate and level of property taxes that Chicagoans without connections pay, the budget crisis smight be solved. New construction property tax rate in Cook County is 2 % of purchase price. Look at the homes and then look at the taxes paid. Easy to figure out.
This problem (spending too much and saving not enough) is a NATIONAL PROBLEM. And it includes individuals, businesses and the government (both local and federal) that has spent more money than they have.
Now the bill is coming due after we as a nation lived it up. It is just astonishing that America was the world's largest creditor nation in the late 1950's and now we are the world's largest debtor nation.
Make no mistake about it- WE ARE IN A DEPRESSION AND IT WILL GET WORSE.
concerning pensions ... I was told if I/we put our 9% into a 401k for 30 years (instead of getting our defined benefit pension) I would have come out better ...
I don't believe it, but that is what I was told
2 tier pension is necessary to keep our current pension benefits for police officers that are vested
the new officers will take the job, have a pension but will most likely have to work until 57 years old and maximum pension will be less than 75 %
we'll all know soon enough
Don't count on the pension. At this point we should all look at it as a perk and not guaranteed. Start socking away into your Deferred Comp and your ROTH IRA. You may be able to retire comfortably someday.
he'll probably try to include officers that aren't vested in our pension fund
if you have over 10 years , you have nothing to worry about
Mayor Richard M. Daley – a true product of the Politician University!
www.thePUschool.com
Check us out on Facebook.
He could also introduce Lifting the residency too at the General Assembly!
----------------
BIG MISTAKE my friend.
All the city emplottees move out..
nothing but shit would live here . .
There goes your tax base . .
There GOES OUR PENSIONS !
Sons of Ireland rejoice! By the time Daley, Madigan, Hynes, and Quinn finish with pension reform you'll be lucky to retire to a cardboard box beneath the viaduct at Carroll and Kilbourn! You lucky one's might pray you inherit mom and dad's home in Norwood Park since you'll never afford one yourself. And guess how triple dipping uber lawyer John Mulroe will vote on pesion reform? You, and your parents, now reap what you sow. Save yourself-vote Republican.
Don't let your family or friends or their kids get on this job unless they have no other options. Warn them about what they are getting into.
This job is about to become a super ultra ghetto haven. The CTA will be a better place to work in 10 years. You get bet that the ghetto ministers will only get their fingers even deeper in the police department promotional pie. In 10 years there will be no testing on this job. Everything will be merit.
Why work shift work for 70k if you have a college degree? You are better off getting a normal job for 60k with opportunities to advance.
Things are tough now, but once you get this job you start a 20 year sentence. You are basically unemployable anywhere else and with no pension, you will find yourself doing a minimum of 30 years. If you think you can simply leave and move on, think again.
This job has no skills that transfer to the private sector. And, working for Chicago, your reputation is mud wherever they see it on your resume.
Anonymous Anonymous said...
“It’s kind of like a homeowner that has to sell their dining room set in order to pay next month’s rent. - Ed Burke
----
THIS is the head of the Finance Committee? Homeowners pay mortgages; renters pay rent.
Eejit.
10/15/2010 12:08:00 AM
Hey Ed kind of like have a huge security detail like you have with cars,kinda like spending over 1 MILLION per year for valets! Kinda like that?
Anonymous said...
If Alderman Burke, and probably a few other politicians and friends of politicians, would pay the same rate and level of property taxes that Chicagoans without connections pay, the budget crisis smight be solved. New construction property tax rate in Cook County is 2 % of purchase price. Look at the homes and then look at the taxes paid. Easy to figure out.
10/15/2010 08:28:00 AM
Ediie burke barely pays any water bills for his mansion, he has real low property taxes the fix is in! Hey Eddie why do you have officers making in excaess of $120,000 a yera each being valets? How about the police spec crown vics you have? Free gas, insurance,maintenance? Tell us how it is THIEF!
10/15/2010 12:34:00 AM
Oh you mean like eddies village at 5100 s. lawndale that is bankrupt! great money managing ed!!
CFD STILL doesn't have a contract and Burke the Jerk is going to spout off about what "It's kind of like..." for a homeowner. He's been crooked from day one and continues to get away with it. He soooo needs to go away; why folks continually vote for him in that ward is beyond me.
"concerning pensions ... I was told if I/we put our 9% into a 401k for 30 years (instead of getting our defined benefit pension) I would have come out better ...
I don't believe it, but that is what I was told"
This could be true if the 30 yrs ended like the stock market ended 1970 to 2000 or 1977 to 2007. For the last ten years, the market is down about 20%. Where the USA, or S&P, will be 20-30yrs from now is anybody's guess, but this is not the same USA as 20-30 yrs ago. China owns the USA. The Fed is going to force inflation to pay back loans to the world with cheaper dollars. I was a rookie cop in the 70's and inflation is very bad.
You want to keep the defined benefit pension like ours because you are guaranteed a percent of your last paychecks when you retire. Working guys contribute, the city contributes (???), the fund invests wisely (???) and everybody’s happy. Now, because of the city not contributing its required money and dumb investments by the fund, it is a ponzi game, like Soc Security, depending on new participants.
Anonymous said...
concerning pensions ... I was told if I/we put our 9% into a 401k for 30 years (instead of getting our defined benefit pension) I would have come out better ...
I don't believe it, but that is what I was told
10/15/2010 08:54:00 AM
That would assume the 401k always earned interest at the average rate of gain of the stock market. What about those who take funds into and out of the various funds and guess wrong and end up with little after 30 years?
What about you getting hurt and unable to work after your 5th year. Then what? Who pays in? You can hope there is some type of disability but who knows.
If I live 25 years after retirement I will get approx. $1.5 million out of the pension, much more than the $180,000 I contributed.
Which is more, $180,000 or $1.5 million?
I wouldn't want to be trusted investing my own pension fund. I wouldn't be able to sleep. and what if some adviser gave me wrong advice? And what if I went and broke his head open with a hammer?
Give me the defined pension; investments are extra, an addition to the pension not instead of, our deferred comp is a 457k.
THIS DEPARTMENT HAS SO MUCH WASTE ITS LAUGHABLE!
SGT'S IN CHARGE OF 8-10 OFFICERS CMON.
IVE WORKED SIDE GIGS WHERE 1 OFF DUTY SHERIFF WAS IN CHARGE OF 50 OFFICERS ACROSS A FEW MILES OF CITY BLOCKS.
ALL THESE TEAMS DOING THE SAME THING BUT EACH HAS A COMMANDER CMON!
AND THEY DONT TAKE RADIO ASSIGNMENTS?
WHAT DOES THE COMMANDER DO ADD UP ARREST AND BRING THEM TO J-FLED!
CAPS IS A GOOD START THEY DONT EVEN NEED A SGT. THE REASON IS IF SOMEONE IS HAPPY AND DO THE WORK IN CAPS THE COMMANDER GET A CALL A.S.A.P.
ALOT OF GREAT IDEAS HAVE BEEN POSTED HERE OVER THE YEARS. MAY BE SCC U COULD DO 1 OF THOSE LIST YOU DID A FEW YEARS BACK SO SOME EXEMPT CAN CUT AND PASTE IT AND CLAIM HE CAME UP WITH AN IDEA TO MASTER.
"concerning pensions ... I was told if I/we put our 9% into a 401k for 30 years (instead of getting our defined benefit pension) I would have come out better ...
I don't believe it, but that is what I was told"
It depends on the rate of return. Would you managing the money yourself within the investment structure beaten the return achieved by those managing the pension? I'd like the opportunity to manage my own money and not have some outside money manager do it, but that's just me.
Folks, the pension debate isn't necesarrily a bad thing. Look at it this way. State law guarantees our pension, but what if there is nothing in it? Then you are guaranteed 0. The state is broke and the state can default if it is bankrupt, therefore you and currently retired folks get 0. Our pension fund is projected to go broke by 2020. Philadelphias by 2015. Will the Federal government set precedent and bail out Philly? If so, what about every other state with pension issues? Dangerous water being waded through. I think there is a solution to the dilema and the timeline is lining up to go to a 2 tier system, and that is NOT necessarily a bad thing. The City has already stated there will be no new hiring until 2012 after the new test and our contract expires in June of 2012.
First, the City of Chicago should buy out actively working police. The city could perhaps offer ALL of your pension contributions back plus pay the individual maybe 2-3 times that amount to forego future pension payments. This amount can be directly deposited into your current deferred comp. account. That's not a bad deal to anyone under 15 years on the job and less than 45 years of age. That would give one 18 years to work while continually contributing to their deferred compensation account, all the while earning 4% interest if you're in the Chicago Blended Fixed account. A provision would have to be made to allow for a greater % of your income to be deposited into deferred comp. So let's say you can max out deferred comp AND put in another 9% that would have gone into the pension? I'd take that in a heartbeat.
Second. In order for the above to work, the city must guarantee to fund/pay the pension obligation to all current retired members/widows until all existing active members/widows have died. That would take the city to probably 2040 of close to it, but they would be finished from there. All new employees perhaps beginning in 2012 will be on a deferred comp. + 9% option. The key to this is the city guaranteeing their payments without delay.
The city and the FOP need to be creative here. This cold be a win/win scenario for both the member and the city. It's a start and I'd take it right now rather than worrying if I'm going to get my money back at a later time. The above scenario safeguards those already on pension and allows for a realistic way for active members to prepare for retirement.
mayor daley should demand the gold braid pension is ended immediately
you now have patrolman , sgt , lt and captains spending 3 or 4 years as exempt / command officers collecting an extra $10 to 20,000
a a year in pension benefits
No pension?? Haha who the f would do this job with no pension?
The illegals that big corporations want for cheap labor. Laugh all you want outsourcing is not a joke look around you.
Understand something illegals would not be here if the corporate world did not want them for cheap labor they would be gone. Corporations are sending Thousands of jobs over seas if they can do it at home they stand to make Billions more in profit. who's stopping them not congress? they just shot down a bill for this very thing.
Wake up children.
Where does that leave a "real estate agent" in the general scheme of things?
I'm a real estate agent,Your banks did this to us for BIG BIG profits.
The average loan is payed back within
10 years. The banks make a killing on home loans take a look at what you ended up paying the bank for your loan, I don't care if its 3, 5, 10, or 30 years that same money keeps moving over and over again each time you sell or refinance, how about them closing cost.
What happened to this economy is deregulation of financial corporations. Give them a call sometime see how they care about you.
I told you go vote for Brady and Kirk. HA HA HA HA
How about this fact. We are short 1000 members who dont therefore contribute to our ponzi (oops) I mean pension system. That translates to $600 plus city contribution $1200 totaling $1800 for each officer short per month. Thats like $32,000,000.00 per year not going in to the pension fund. WTF!
Burke may be living better than most, but be real, he is one of the few alderman that has half a clue as to how to run the city. Really, look at the other jags in the city council....We need to make a chart with all the aldercreatures names and list there quotes, accomplishments, stupid remarks, etc.
We can't forget that we don't get Social Security either...people in the private sector get to do their 401K and get social security when they are of age...they bitch about our pension BUT SOCIAL SECURITY IS THEIRS AND THEY WON'T REMOVE THEIR HEADS FROM THEIR ASSES LONG ENOUGH TO REALIZE IT. Take away the pension system for only police and fire? I guarentee a revolt. The politicians never seem to talk about reforming THEIR pensions which pay out much more in a much smaller period of time.
“It’s kind of like a homeowner that has to sell their dining room set in order to pay next month’s rent." - Ed Burke
----
THIS is the head of the Finance Committee? Homeowners pay mortgages; renters pay rent.
--10/15/2010 12:08:00 AM
Just goes to show how far the Daley Crime Family is removed from the everyday affairs of The Little People.
By the way --
Q. What's a synonym for "fancy dining room set during a Depression?"
A. "Firewood."
Reality check from another planet. Earth calling Burke...does he know what "cold" and "hungry" mean? Ha.
The gold-buyers have become so frantic now that they're hiring people to stand on street corners waving ""WE BUY GOLD" signs.
Go look in the pawn shops. Seems to be they've got about ever saxophone and power saw and bumper jack and boom box that was ever made, piled six-deep on their shelves. How much do you think they're paying for that stuff these days if they're still taking it in at all? Don't make me laugh.
What the fuck does eddie burke, the citys #1 thief, know about making rent from month to month. this lousy prick has stolen more money that he is the rent collector.
the two tier pension is inevitable and the dim bulbs at the union had every chance to use it as a HUGE bargaining chip for contract negotiations but dropped the ball. it could have meant big raises and other concessions by the city because they want it so bad. and all it would have done is help the current membership. now its gonna happen and we get nothing in return. nice forward thinking FOP retards
This is why they are lowering the standards. In the future this job will only attract losers.
Ok kid go get numbers. Hay kid you fucked up now your fired and in jail. Its a win, win for the city aggressive cops for the first 5 years. Just when the cops start slowing down the city fires them for their past violations. Now the city looks like it is in control of the police. Very wise for city.
Folks, the pension debate isn't necesarrily a bad thing. Look at it this way. State law guarantees our pension,
HA HA HA What! the state can repeal that. whats going on in congress now their trying to repeal regulations on oil BP oil. Medicare trying to privatize it. The middle class is getting the shaft they want only the Rich and the Poor. guess who were going to be.
What was there to cheer about in the City Council from Shortshanks' final budget? Everyone interviewed on the news seems to be at the same consensus, that the "new guy or gal' who steps into that office will have a serious pile of shit to sift through & sort out, and it AIN'T gonna be easy or pretty!!!
(OT) Police misconduct with jody now what??
http://www.chicagobreakingnews.com/2010/10/police-call-news-conference-over-misconduct-allegations.html
http://swnewsherald.com/news_inside/2010/10/101510cs_letter_spending.php
Whose the sergeant that jody is hanging here?
From Chicago Breaking News- the last date? The final date?
"It's a start. We need 800 more police officers after that," Fioretti said. "And we're going to have another drop-off on Nov. 15. That's the next date, the final date, that people can be submitting resignations for the full statutory benefits that are available."
Give me the defined pension; investments are extra, an addition to the pension not instead of, our deferred comp is a 457k.
I have 26 years on And have been in deferred comp all those years- My contributions were two hundred fifty thousand after the crash I had one hundred and ten thousand I now have two hundred and eighty-that would mean if I cash out now I made thirty thousand in 26 years, do you REALLY THINK THAT'S GREAT- I want my pension.
WTF! Jfled just on television talking about a Sergeant who battered someone in custody,and he is looking for other coppers that witnessed it and to see why they took no action! Why does he have to call a news conference for this? Thanks for that MORALE BOOSTER! Incredible really! You had to go and call the press on this unproven allegation! Come on msf,tru and tact teams go get em!! Now atch his fed buddies step in and do a COZZI on another copper or coppers!
Anyone want to buy a dining room set?
Folks, the pension debate isn't necesarrily a bad thing. Look at it this way. State law guarantees our pension,
"HA HA HA What! the state can repeal that. whats going on in congress now their trying to repeal regulations on oil BP oil. Medicare trying to privatize it. The middle class is getting the shaft they want only the Rich and the Poor. guess who were going to be."
Don't know what you were attempting to say, but you only cut and pasted what you thought was appropriate for your opinion. If you'd have bothered to read you would have seen the post you referenced makes the very point of the State law guaranteeing 0 if there is nothing in the pension and the state goes broke.
Learn to read and have another cocktail.
"I have 26 years on And have been in deferred comp all those years- My contributions were two hundred fifty thousand after the crash I had one hundred and ten thousand I now have two hundred and eighty-that would mean if I cash out now I made thirty thousand in 26 years, do you REALLY THINK THAT'S GREAT- I want my pension."
So you had 23+ years on and perhaps close to or over age 50, and you were still fully invested in stocks? Sounds like you should have taken the time to fully understand the risk of equity investing and proper asset allocation as you age. Buy and hold forever, or burying your head in the sand, without properly taking risk off the table and booking profits will lead you into the poorhouse. Sounds as if it was a costly lesson for you. Let me ask you this question. What do you think those money managers that run the pension fund invest in? Hint: The same market you had your deferred compensation money in, as well as bonds and mortgage backed securities. You can keep your head in the sand. I'll choose to actively manage my risk and money.
CFD STILL doesn't have a contract and Burke the Jerk is going to spout off about what "It's kind of like..." for a homeowner. He's been crooked from day one and continues to get away with it. He soooo needs to go away; why folks continually vote for him in that ward is beyond me.
People vote for this crooked bastard because he cut off Washington's legs back in the day. That made him a redneck's hero. Now look what you got!
"Anyone want to buy a dining room set?"
--10/15/2010 11:42:00 PM
We should start piling the stuff on Burke's lawn...
Anyone want to buy a dining room set?
Hilarious!!
the two tier pension is inevitable and the dim bulbs at the union had every chance to use it as a HUGE bargaining chip for contract negotiations but dropped the ball. it could have meant big raises and other concessions by the city because they want it so bad. and all it would have done is help the current membership. now its gonna happen and we get nothing in return. nice forward thinking FOP retards
10/15/2010 06:11:00 PM
Agree. Totally right on the money with this observation.
Anonymous said...
Give me the defined pension; investments are extra, an addition to the pension not instead of, our deferred comp is a 457k.
I have 26 years on And have been in deferred comp all those years- My contributions were two hundred fifty thousand after the crash I had one hundred and ten thousand I now have two hundred and eighty-that would mean if I cash out now I made thirty thousand in 26 years, do you REALLY THINK THAT'S GREAT- I want my pension.
10/15/2010 10:06:00 PM
That is precisely the problem with a self-directed retirement plan. You make your own choices as to which fund etc. your money goes into. You decide when/if to move around money. As a small, amateur investor you may frequently pick wrong. Then you are in a position as above, where you might have been better off just staying in a fixed return account.
In general, most small investors (us) are better off by picking some index fund tied to the major indexes like S&P 500 and just put it all in there and let it ride and forget about it until getting close to retirement, then start moving some funds to fixed.
Now if you pension were self directed and you picked wrong and end up with little or no gains, then what? Then you are fucked.
Defined benefit pension plan, like we have and a Deferred Compensation (457k, glorified 401k for government workers) plan, like we have, is best for employees like us.
The problem now with the pension fund is people like Davis/Vanecko have been able to latch onto our money. People like Huberman have been able to piggyback onto increased benefits for themselves and people like Gallagher's secretary (Karina Fruin) have been able to suck our funds to pay her law school tuition.
And the City has not seen fit to increase the multiplier or to seek and increase in how much employees and employer pay into the fund.
I would much rather pay an extra percent or two than watch it go down the tube into insolvency. Of course, any increase by us has to be matched by the City and good luck getting a dime out of them.
Now the bill is coming due after we as a nation lived it up. It is just astonishing that America was the world's largest creditor nation in the late 1950's and now we are the world's largest debtor nation.
That's because liberal politicians tax thrift. They punish investments. They encourage spending and consumption with the tax system. They get angry if someone has more money than the next guy. The dumb bastards act like the pie is a finite size and the only way someone can get some is to take it from someone who already has some.
Anonymous said...
Where does that leave a "real estate agent" in the general scheme of things?
I'm a real estate agent,Your banks did this to us for BIG BIG profits.
The average loan is payed back within
10 years. The banks make a killing on home loans take a look at what you ended up paying the bank for your loan, I don't care if its 3, 5, 10, or 30 years that same money keeps moving over and over again each time you sell or refinance, how about them closing cost.
What happened to this economy is deregulation of financial corporations. Give them a call sometime see how they care about you.
10/15/2010 03:56:00 PM
***********************************
Say real estate agent, you had a great deal to do with it also, simply by promising the moon and sky to everyone. You convinced the buyer that even though he bought aat a high figure, that figure would continue to go up and up and he would make out. You convinced the seller that he was making a killing selling at an inflated price, and you convinced yourself that it was, if not free, at least really easy money for you. What you really convinced everyone of was that this could go on forever. How wrong you were. NOw you can't even make a kickback on those mortgage loans your arranged for your buyers. What a scam.
"...liberal politicians tax thrift. They punish investments. They encourage spending and consumption with the tax system. They get angry if someone has more money than the next guy."
--10/16/2010 06:03:00 AM
They pretend to get angry if someone has more money than the next guy -- while they themselves grab with both hands.
Mayor Daley is the master -- always pointing over somewhere else, always babbling and sputtering about "Money, heh heh, what do you expect, big money," trying in his disturbed, inarticulate way to play off class resentment as a distraction while he and his shameless Crime Family pack shoeboxes and stuff closets with loot.
The Armenian "vor" -- godfather -- running the nationwide chain of nonexistent medical clinics serving fictional patients to soak Medicare for $163 million is small potatoes compared to the stink that goes up around a possible Olympics, or around Brasilia-By-The-Lake, that huge former U.S.S. South Works steel mill property that "needs" to be filled with condos in a vast project intended to go on for fifty years.
So there we have it -- Daley and all the other criminals up in the penthouse, looking out over the city lights and showing their teeth for the photographers while trying to feed the other guy a poisoned cocktail shrimp and pick his pockets.
Talk about a tank full of sharks -- this crowd hates the little people almost as much as they hate each other.
All of this evil -- the very worst sort that concentrates, centers around gallery openings and luncheons at the Union League Club -- really makes me understand the Biblical admonition that "the meek shall inherit the earth."
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