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San Diego continues to reward bad behavior
So did the new version of the bailout include the language that Johnny Vegas quoted earlier for bailing out public retirement systems? That seems to make sense from the perspective that they already bail out private systems. By JF 6:46 a.m., Oct 4, 2008 > Report it ============================================ If you're referrign to the Fed's PBGC, the bailing out is substantially lower than stated/earned "retirements". Take a look at what happened to United Airlines (BTW-this could be you very soon JF); Court approves termination of United Airlines pension plans By Patrick Martin 13 May 2005 In a devastating blow to 122,000 workers and retirees, a federal bankruptcy judge ruled May 11 that United Airlines may default on its pension obligations and turn over control of its pension funds to a federal agency that is already swamped by corporate pension defaults. Judge Eugene Wedoff approved the airline management’s request to terminate four pension plans—for pilots, flight attendants, mechanics and other ground service workers. The $9.8 billion pension plan default is the largest in US history. The Pension Benefit Guaranty Corporation will take over the plans, but federal regulations limit the amount of pension payments it can make to a maximum of about $45,000 a year. The highest paid UAL workers, such as pilots, will face pension cuts of up to 50 percent, while lower-paid workers could lose as much as 20 percent. http://www.wsws.org/articles/2005/may2005/unit-m1…— October 5, 2008 3:42 p.m.
Union-Tribune Circulation Continues To Plummet As Skepticism About Sales of Metro Dailies Increases
Two words; FIRE SALE— October 5, 2008 3:26 p.m.
San Diego Home Prices Down 25% Over Past Year, 31.2% from Peak
Bush is certainly one of the worst in history -- if not the worst. =================================== X2— October 4, 2008 10:29 p.m.
San Diego Home Prices Down 25% Over Past Year, 31.2% from Peak
The good good thing is that once this mess blows over we will be back to a normal market with no chance of another tsunami bubble. I think there is a very slim chance the market could drop another 30%, but I personally don't think it will go down much further. But if a serious downturn rolls up on us and we have negative growth for more than 2-4 quarters I can see another 30% drop.— October 2, 2008 10:41 p.m.
San Diego continues to reward bad behavior
One little point, Don. You've let your hatred for the retirement system get in the way of truth again. Your writing implies that the city pays into DROP. That is not true. DROP is a tapping of the employee's own retirement. That percentage maxes out at 90%. It is not a flat out 90%. In fact a General Member cannot reach 90% at age 55 unless they start working for the city full time at age 19. But hey, what's a little exaggeration to make a point. ====================================== Hahaha...JF with more of his pie in the sky baloney to try to keep his scam going! BTW JF, where have you been at???? Now back to the action. JF, these pension scams are BKing the City, County State and Country, and DREOP is one the biggest scam going because you do NOT RETIRE!!!! You just keep on working, earning TWO, yes count them, TWO paychecks. That is ripping off the taxpayers. BTW, here you go JF, public pensions BKing the country: The Intergenerational Transfer of Public Pension Promises Robert Novy-Marx University of Chicago - Graduate School of Business Joshua D. Rauh University of Chicago - Graduate School of Business; National Bureau of Economic Research (NBER) September 2, 2008 Chicago GSB Research Paper No. 08-13 Abstract: The value of pension promises already made by US state governments will grow to approximately $7.9 trillion in 15 years. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We conservatively predict a 50% chance of aggregate underfunding greater than $750 billion and a 25% chance of at least $1.75 trillion (in 2005 dollars). Adjusting for risk, the true intergenerational transfer is substantially larger. Insuring both taxpayers against funding deficits and plan participants against benefit reductions would cost almost $2 trillion today, even though governments portray state pensions as almost fully funded. http://papers.ssrn.com/sol3/papers.cfm?abstract_i…— October 2, 2008 6:07 p.m.
San Diego continues to reward bad behavior
If it were only that simple. The Donkeys and Elephants have legislated a two party system such that it is almost impossible for anyone else to gain a foothold. ============================ 100% correct. I am still mad as hell that H. Ross Perot was excluded from the 96 Presidential Debates, after he pulled 20% of the vote in 92 with half a campaign. Remember, Perot was LEADING CA. the largest state in the union, at 45 points before he dropped out in 92. Blocking him from the debates in 96 shows how the two parties are hijacking democracy.— October 2, 2008 12:21 p.m.
San Diego Home Prices Down 25% Over Past Year, 31.2% from Peak
I called a 30% drop, max. Don said more. Don is going to win I think. We may know on the next update.— September 30, 2008 11:18 p.m.
House Was Right to Reject Deceptive Wall Street Bailout. One That Comes Later This Week Must Protect Taxpayers
The entire Congress is to blame for this mess, all of them. Pelosi and Boehner are both walking, talking, partisan idiots.— September 30, 2008 4:16 p.m.
House Was Right to Reject Deceptive Wall Street Bailout. One That Comes Later This Week Must Protect Taxpayers
Johnny, it is becoming apparent that Don is not a true American. By discouraging you from raiding your grandchild's college fund to support rich self-aggrandizing Wall St. insider fat cats gambling in offshore tax havens, he is supporting Al Qaeda and helping the terrorists win. Sincerely, GW PS: Did I say "rich self-aggrandizing Wall St. insider fat cats"? Oops, I meant to say "esteemed learned American heroes selflessly dedicating their lives to the prospect of a better America for you and all the other little cash cows on Main Street". Doggone it, there I go again. "People", not "cash cows", we're to call them "people" in public. By paul 10:07 a.m., Sep 30, 2008 ======================================= That was pretty funny!— September 30, 2008 12:19 p.m.
House Was Right to Reject Deceptive Wall Street Bailout. One That Comes Later This Week Must Protect Taxpayers
If the market recovers on Tuesday and/or Wednesday then I think the chances of a bailout or toast. By JohnnyVegas 5:45 p.m., Sep 29, 2008 ================= ============================ Market is up close to 400 points today, and if it is up a similar amount tomorrow I think it will be a very rough road to passing the bailout scam. BTW, who saw this part of the bailout: $700 billion Bailout Bill Section 103 Considerations (8)“Protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan.” Eligible retirement plans mean 457 and 403(b) for all state and city government employees. So this bill will protect pension plans for our already overpaid, over pensioned government employees – more expense for the poor and middle class taxpayers. What a SCAM. It just never ends. http://www.speaker.gov/pdf/AYO08C04_xml515pm.pdf— September 30, 2008 12:16 p.m.