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alstry (35.98)

Hurry Gov't Workers....Keep Propping Up Madoff!!!!!...or you are Fired!!!!!

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April 01, 2010 – Comments (4)

LOS ANGELES—Mayor Antonio Villaraigosa once organized for a teacher's union here, and later ran a branch of the American Federation of Government Employees. That makes him an unlikely advocate for cutting the benefits of the city's workers.

But with the city facing a budget deficit that could drain its reserves by summer, Mayor Villaraigosa wants to re-open contract talks with 45,000 cops, firefighters, librarians and other city employees in hopes of persuading them to contribute more to their pensions and health-care costs. His deputy chief of staff, Matt Szabo, puts it bluntly: "Unions have priced themselves out of a job."

http://online.wsj.com/article/SB10001424052748704059004575127991641216702.html?mod=WSJ_hpp_MIDDLTopStories

Remember...if we don't keep contributing to pensions....who is going to keep buying Wall Street's junk?

Right now, it appears that Pensions buying debt are the primary source of funds keeping Politicians in their jobs and the bonuses flying to Wall Street and public company executives.....

Could you imagine if Madoff's clients were forced to keep handing over money to Bernie....the scam would still be going today.

4 Comments – Post Your Own

#1) On April 01, 2010 at 9:55 AM, dinodelaurentis (75.50) wrote:

Yes, I can see where the desire for a living wage is untennable in these times. Silly teachers, police, and firemen. What were they thinking?

I seem to remember a time when unions were on the rise, when people realized that group action was better than standing alone and getting beaten. When was that great blossoming of collective barganing? When things were so bad that people reached down for their bootstraps together?

The Great Depression.

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#2) On April 01, 2010 at 10:11 AM, alstry (35.98) wrote:

Dino.....

As cash flow has dropped so low these days......

Soon America is about to learn that the only thing keeping our economy moving is our retirement plans lending money to government and Wall Street......

Notice how government is going to force greater and greater contributions to pensions and potentially confiscate our retirement accounts.

The problem will set it when we finally realize that our retirement plans don't have much money left....especially if you were to mark the holdings to fair value.

We are already trillions underfunded........and right now the only thing propping us up is government and Wall Street borrowing OVER $3 trillion per year and using that money to pay salaries and generate tax receipts.

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#3) On April 01, 2010 at 10:25 AM, alstry (35.98) wrote:

The problem developing is you need MASSIVE numbers of people working to keep the Ponzi Scheme going......

Job Cuts Surged 61% in March : According to Challenger.. Firm

At some point, those that are working simply don't have enough money to sustain the system....and after you tax everyone's assets....there is nothing left.

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#4) On April 01, 2010 at 10:59 AM, Textextextex (< 20) wrote:

If you think Madoff ran a huge scam, Amway has ripped off millions of people for several decades, to the tune of 10s of billions of dollars.
Amway is a scam, and here's why: Amway pays out as little money as they can get away with, so they support the higher level IBOs ripping off their downline via the tool scam. 
As a result, about 99% of IBOs operate at a net loss, while the top 1% make several TIMES more from their Amway tool scam than from the Amway products. This was made illegal in the UK in 2008, but our FTC is unable to pull their heads out of their butts to stop it here. 
Read about it on this website: http://thenetprofitgroup.yolasite.com and forward the information to everyone you know, so they don't get scammed.

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