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Pension Benefit Guaranty Corporation Deficit Increases

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posted on Nov, 14 2009 @ 12:02 PM
link   
www.calculatedriskblog.com...

"The Pension Benefit Guaranty Corporation (PBGC) is the federal agency that guarantees pensions for 44 million Americans. The PBGC deficit doubled over the last six months to $22 billion ... but this is only just the beginning as the agency's potential exposure to future losses increased sharply."

Imagine the social stability ramifications if pensions across a wide swath of retirees are curtailed or dropped all together.


Edit: Link added.

[edit on 14-11-2009 by leo123]




posted on Nov, 14 2009 @ 08:58 PM
link   
globaleconomicanalysis.blogspot.com...

Why both the FHA and the Pension Benefit Guaranty Corporation are going to have to be bailed out.

Watch the vid and note how *completely* full of # this guy is.



posted on Nov, 14 2009 @ 09:00 PM
link   
More from Mish's above link:

"The Passage Of Time

Please note that $3.9 billion of the deficit is due to "passage of time". You can't make this stuff up, it's too bizarre.

Also note that the deficit was $35 billion in March. Hmmm. Guess what happens if the stock market goes down again.

Finally note that a "$10.6 billion charge due to an unfavorable change in interest factors." Think 0% interest rates has anything to do with this?

Calculated Risk says "With companies moving away from defined benefit plans, there will be fewer companies paying for insurance in the future - and the 'long-term solution' will probably involve some sort of bailout."

Clearly Calculated Risk is not thinking technically, and neither am I. A huge bailout is coming and the next market decline will exacerbate the losses.

Mike "Mish" Shedlock"



 
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