The War Begins!!!!
"We face a square-off between the public-sector unions and the taxpayers of the commonwealth."
For over 30 years, Wall Street has been selling our pensions/retirement plans with an ever increasing amount of debt that eventually, could only be serviced if more debt was issued. It was debt, loaned to our economy, that drove revenues and jobs to citizens and tax receipts to government. Without our retirement plans loaning America money, we really would not have had much of an economy over the past 30 years allowing us to consume massively..........and think, most of you Fools thought it was the foreigners loaning us the money.
Now, as we are running out of savings and banks are cutting us off of credit, the debt is defaulting at increasing rates. As a result, the assets in our pensions and retirement plans are shrinking faster than we can fund them. Fortunately the stock market has risen over the past year masking much of the deterioration.
Unfortunately, if debt is defaulting and revenues are evaporating, there is really very little underlying equity....despite what the current prices in the stock market may lead or mislead you to believe.
Yes, my friends, the past 30 years in our economy has been not much more than an ever growing Ponzi scheme sponsored by Wall Street by borrowing increasing amounts from citizens' retirement plans and giving it to, often money losing, businesses so they could generate generous commissions at the expense of citizens.
In 1980 America had about $5 Trillion of total public and private debt. In 2000 it grew to about $25 trillion........today it is over $50 trillion.......ask yourself, how much of our economy has become dependent on lending and spending?????
You will be shocked with the answer, and even more shocked when you find out it is we the people that own most of the debt.