JohnnyVegas

Comments by JohnnyVegas

No More Bragging Rights

Money, or excess money, is destroying our democrocy. Big money from any special interest is the root cause of this problem because they have bought legislatures and elected officials and done damage to the entire country. We had banks and CC companies actually write the 2005 BK revisions. When you have political donors actually writing their own legislation you know you have hit the bottom as a democrocy. It has just permeated the political scene on every level. And as a result the rich are calling 95%-99%% of the shots. The DJIA is off more than 50% from it's 2007 high, and I am certain that there is no way the pensions promised can be delievered on. We are past the point of no return. In a small way (very small) I feel sorry for JW and JF, because the fact is the money for their gold plated pensions is just not going to be there..... to fund those 90% pensions. The hole is going to be so large that it will be virtually inpossible to plug it, with new taxes or othwerwise. The taxpayers will not stand for huge tax increases to fund these pensions, and even if they would stand for it the hole will be so large that you will simply not be able to tax your way back to a healthy fund. The market may go below 7K, and if that happens I think these public unions are just going to have to face facts-their pensions will need to be adjusted to a reasonable level. I know JW and JF are not going to agree with me, and JW will call me a "troll" for laying the truth out-but those are the simple facts. I have been preaching it for the last 3-4 years. We would have eventually reached this point in time, but the stock market meltdown moved up the day of reckoning.
— February 24, 2009 11:41 a.m.

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