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Get Used to Unemployment
After observing the ratio of comments posted to Don's missives recently, I think this journal should consider changing its name to "The San Diego Readabauder". ========================== The San Diego Readabauder does have a catchy ring to it...................— August 24, 2010 12:13 p.m.
County Unemployment Rate Jumps to 10.8%
Iran has now started to check all Facebook accounts of people entering the Country to ID "troublemakers"... ===================== Bummer......My "Dream Vacation" just went up in smoke.........— August 24, 2010 12:11 p.m.
Irate Judge Now Feels Lerach's Sentence Was Too Lenient
I don't believe I ever attempted to calculate the lawyers' take in the Pioneer case. ========================= The lawyers in Pioneer took a wildly disportionate share of what remained of Pioneer's assets. That fact was well covered in the UT. I don't know who was reporting that but figured you were the one. This caused extreme resentment and grief for the investors who made loud and persistant complaints to the judge/receiver/whoever was in charge ( don't recall if it was a BK receiver or a receiver appointed by another court). It was not a good example of our justice system.— August 24, 2010 8:37 a.m.
Get Used to Unemployment
How would you suggest the courts handle the default of California? Where should the judge make the cuts? ================= The states don't need to have a judge involved, they are immune from lawsuit per the 11th Amendment-they could come up with a plan on their own. I have laid out MY plan in the past. I would cut pensions AND salary progressively. If you were making over $100K in SALARY I would cut 25%, $60K-$100K I would cut 15%, under $60K 5%. ALL pensions over $100K would be cut down to $75K-ALL of them. Pensions between $60K and $100K would get a 30% haircut. No cuts in pensions $60K or below. I would rescind all "retirements" before the age or 65-including all cop/FF's who love to make the claim they cannot continue in the job at that age-if they truly could not I would find some other job to utilize their skills until age 65. (BTW the UT "Watchdog" ran a piece on all the high paid City pensioners who were double dipping, many raking in over half a million with their retirement and current jobs, so the claim they cannot conitinue is a bogus one anyway). Gov pensions were NEVER intented to make unskilled/semi-skilled gov employees millionairs in retirement-if they want that kind of money they can start a private business and earn it on their own. That is a progressive plan that would solve all the states fiscal problems. A simple, safe and trageted plan that would work, nothing more would be needed.— August 24, 2010 8:30 a.m.
Irate Judge Now Feels Lerach's Sentence Was Too Lenient
He likely bought his judgeship by raising campaign funds for the Republicans. By Burwell ===================== I have to laugh at this statement b/c it is 100% true-NO ONE is getting nominated to the federal bench without connections-deep connections-same thing with being appointed as a US Attorney-has nothing to do with merit and everything to do with connections. Since we are talking about The Presidents Bush and federal judges I can give a first hand account of this cronyism. A sitting federal judge in Michigan taught my federal courts class. Did not have a good reputation for knowing the law or being the sharpest tool in the shed, but competent. So how did he get such a prestigious job???? Well, he was working for the republican party in 88 when senior Bush was running for President, and something happened with Bush in 88 in Michigan (don't remember what) where Bush was not going to be able to have his name on the states ballot as the republican nominee. He would have to be written in. So somehow my judge got the call to try to fix this issue. Long story short my judge DID get the problem fixed and as soon as Bush Senior was elected my judge was promptly appointed to a federal judgeship in Michigan. He freely tells this story about how he became a federal judge. But wait-it gets better. My judge was an insider at this point and when an opening on the federal Court of Appeals for the 6th Circuit opened up, guess who got the nomination?? Yep, my judge, the connected insider nominated by Bush Junior the second time around. His nomination was held up for a few years due to the two parties blocking judges to the federal appeals court-but he was confirmed and is now sitting one short step below the SCOTUS. Gov is ALL politics, especially at the senior positions and the higher comped positions.— August 23, 2010 10:05 p.m.
Irate Judge Now Feels Lerach's Sentence Was Too Lenient
And I would venture to say that shareholders who shared in those recoveries are grateful. By jv333 ======= On this point you're wrong, very wrong. In my securities class in LS we studied these class actions very closely (mainly Milberg Weiss), and extensively researched the monetary benefits to the class and the law firm, and it was not a pretty sight. The law firm representing the class would take anywhere from 35% to 90% of a recovery, and what was left in the recovery was usually peanuts given the size of the classes, usually amounting to less than $2-3 dollars PER CLASS MEMEBER! In addition, that $2-3 was usually in the form of a "coupon" for a future product or service of the defendant- not even legal tender. If Don can recount the Pioneer Mortgage scam a few years back, the victims in that scam faced the same problem-the lawyers took like 90% of the remaining assets in fees-leaving just a few pennies on the dollar for the investors that were scammed-maybe Don can remember how that worked out better than I do, but it was not pretty-and the investors had very legit complaints about the lawyer fees that wiped out the remaining assets.— August 23, 2010 9:41 p.m.
Get Used to Unemployment
Would you let California, Illinois and New Jersey go under? ....... But if California and other states default, the whole country may go down, too. Best, Don Bauder By dbauder =================== Yes, I certainly woudl let CA and any other fiscally irresponsible state go under-why should the poor bailout the rich-or very well off gov employees?????? It is a reality that must be addressed-over comped employees-and the budget deficits are ongoing-next years is supposed to be $30 billion, on top of the $20 billion this year and the $60 billion last year-this simply has to be addressed by cold, hard fiscal restraint on spending, and that will not happen with federal bailouts... If we start bailing out CA and other states we most certainly will bring down the country-but I am not sure that allowing states like CA to repudiate their debts would do that.....so, yes, let CA go down, lets see what happens, it is better than a bailout.— August 23, 2010 9:24 p.m.
Get Used to Unemployment
Well, my guess is that they're going to vote very differently from this point on. At least, based on history, people tend to take it out on the party in power. =========== If Obama does not get the country rolling, and STOP these bailouts for the well connected (who are already doing much better than the average taxpayer) like Big Business and gov employees, then I am not voting for him again, or any other democrat . I'll vote Independant or Republican-hard to believe I said that...... I cannot believe how far the democratic party has strayed from their core values-all within the last 20 years. I cannot believe I was ONCE a hardcore dem (from age 18 until just a few years ago......).— August 23, 2010 9:17 p.m.
Get Used to Unemployment
By nan 4:40 p.m., Aug 23, 2010 \===== NAN!!! That was an AWESOME post at 4:40 PM!!.........YOU NAILED IT!!! Me and you are seeing eye to eye on these issues-thank you for exposing these current schemes destroying our nation.....!!!!!!— August 23, 2010 9:11 p.m.
Get Used to Unemployment
If the Rep. run another loser and the Dems get another "unwell" hung Congress, life in the USA might start looking like Russia after their collapse! ============ Things are pretty bad, I hope they improve. I am thinking Russia today is more democratic than we are.......— August 23, 2010 3:32 p.m.