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California Pension fund...

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posted on May, 18 2010 @ 10:05 PM
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I read this today online...

Calfiornia state pension fund needs 600m more.




SACRAMENTO, Calif. (AP) -- Facing massive investment losses, the board of California's giant pension fund is asking the state to increase its contributions to employee retirement benefits by $600 million. The request, made during a board meeting Tuesday, comes as California grapples with a $19 billion budget deficit and a threat by Gov. Arnold Schwarzenegger to eliminate its welfare program. The contribution increase would be for one year starting in the fiscal year that begins in July. It is driven mainly by large investment losses by the California Public Employees Retirement System, the nation's largest public pension fund. The fund lost a quarter of its value during the 2008-2009 fiscal year. The governor says the pension system is unsustainable and drains money from other state programs.


Is California just toast or what? I feel like i should move out of the state but is there even anywhere to go?




posted on May, 18 2010 @ 11:15 PM
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and yet they're gonna boycott AZ
for taking care of business.
What hypocrites !!!!

In CA::::::
I foresee 10,000 prisoners released
I foresee 10,000 retired CA state workers losing pensions
I foresee 2Million+ not getting a welfare check July 1
I foresee 15,000 more teachers out of work June 1

I foresee CA Riots rivaled by none before



posted on May, 18 2010 @ 11:27 PM
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Originally posted by boondock-saint
I foresee 10,000 prisoners released
I foresee 10,000 retired CA state workers losing pensions
I foresee 2Million+ not getting a welfare check July 1
I foresee 15,000 more teachers out of work June 1

I foresee CA Riots rivaled by none before


I agree. I wonder if they are going to blame Arizona, the government, or capitalism in general at that point.



posted on May, 18 2010 @ 11:41 PM
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Originally posted by Wolf321

Originally posted by boondock-saint
I foresee 10,000 prisoners released
I foresee 10,000 retired CA state workers losing pensions
I foresee 2Million+ not getting a welfare check July 1
I foresee 15,000 more teachers out of work June 1

I foresee CA Riots rivaled by none before


I agree. I wonder if they are going to blame Arizona, the government, or capitalism in general at that point.



They are going to blame ALL THREE,, you know that as well as me.
The pensioners ( retirees ) will be issued worthless IOU's. No Welfare to fall back on. No monies for welfare.
Then you'll see some action on taking care of their illegal problem when they start to Play With The Old People Moneys


It'll be illegals go back or dog food for supper

Which do you think the Old People will demand?

Can You Say, Illegal Go Home?


[edit on 18-5-2010 by guohua]



posted on May, 19 2010 @ 12:02 AM
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Originally posted by guohua
It'll be illegals go back or dog food for supper

Which do you think the Old People will demand?

Can You Say, Illegal Go Home?


But what will the story be then? What about the poor illegals who deserve a chance at the American Dream? How will they get the illegals out, they will have to identify them first..but...wont that require demanding their papers? I thought that was racist and racial profiling.

Let's see how that whole lack of reason and forethought pan out then.



posted on May, 19 2010 @ 12:12 AM
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reply to post by Wolf321
 


I can guarantee you
Arizona will not be boycotting them but giving advice and needed assistance.

You know Cali's have been brainwashed to believe they can't live with out their own personnel illegal. It'll be like prying candy from a baby's hands, their going to scream and kick and cry, but they know deep down that it is a necessity if they plan to survive and pay their bills.

The illegals lost their chance for the American Dream when they demanded we speak their language and live like they do.
and only want to continue to Sh$t on us and not become legal.

[edit on 19-5-2010 by guohua]



posted on May, 19 2010 @ 02:29 PM
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Originally posted by boondock-saint
and yet they're gonna boycott AZ
for taking care of business.
What hypocrites !!!!

In CA::::::
I foresee 10,000 prisoners released
I foresee 10,000 retired CA state workers losing pensions
I foresee 2Million+ not getting a welfare check July 1
I foresee 15,000 more teachers out of work June 1

I foresee CA Riots rivaled by none before


AZ did not "take care of business", they instigated a law reminiscent of Nazi Germany.

Why is it so hard for people to move beyond the knee-jerk responses?

On all your other points I agree, (though I don't think those will be the published numbers, if any are published).

And how exactly is it "hypocritical" to boycott a state that creates discriminatory laws and being in financial crisis yourself?

If anything, it's hypocritical for Calif to boycott AZ after passing laws restricting the rights of their gay citizens!
That's hypocritical!



posted on May, 19 2010 @ 02:41 PM
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Originally posted by detachedindividual
AZ did not "take care of business", they instigated a law reminiscent of Nazi Germany.

Why is it so hard for people to move beyond the knee-jerk responses?

I don't know. Why don't you tell me why you can't?


On all your other points I agree, (though I don't think those will be the published numbers, if any are published).

And how exactly is it "hypocritical" to boycott a state that creates discriminatory laws and being in financial crisis yourself?

What is discriminatory about enforcing existing laws?


If anything, it's hypocritical for Calif to boycott AZ after passing laws restricting the rights of their gay citizens!
That's hypocritical!

Restricting what rights of gay citizens? Heterosexuals' rights were restricted too; hetersosexual people can't marry someone of the same sex either. Both have the same right to marry someone of the opposite sex.


Anyhow, California needs to rethink their pension plans. Promising someone something based on money you hope you'll earn off investments is little more than gambling by the government with peoples' futures. If people can't put aside money to take care of themselves, that's their fault and not the responsibility of government to do on their behalf.

[edit on 5/19/2010 by abecedarian]



posted on May, 19 2010 @ 02:50 PM
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Originally posted by detachedindividual

Originally posted by boondock-saint
and yet they're gonna boycott AZ
for taking care of business.
What hypocrites !!!!

In CA::::::
I foresee 10,000 prisoners released
I foresee 10,000 retired CA state workers losing pensions
I foresee 2Million+ not getting a welfare check July 1
I foresee 15,000 more teachers out of work June 1

I foresee CA Riots rivaled by none before


AZ did not "take care of business", they instigated a law reminiscent of Nazi Germany.

Why is it so hard for people to move beyond the knee-jerk responses?

On all your other points I agree, (though I don't think those will be the published numbers, if any are published).

And how exactly is it "hypocritical" to boycott a state that creates discriminatory laws and being in financial crisis yourself?

If anything, it's hypocritical for Calif to boycott AZ after passing laws restricting the rights of their gay citizens!
That's hypocritical!


detachedindividual, With or With Out All Due Respect To You!
Your an IDIOT!
Yup, That's TRUE, Your Just DUMB!

NO, NAZISM AT ALL IN THAT LAW! You have not read the Law and Your Not Going To Read It! More Than Likely YOU CAN'T READ!

You Want to Know The TRUTH about being a Nazi, I'll get my dear 85 year old German mother to tell you all about being a Nazi in Germany during WWII. Yup, Burnt a few books and attended many a speech and rally.
You don't KNOW SH&T ABOUT NAZISM!
Go and Peddle You Nazi Crap To Your Stupid Friends. You Know The Ones, Open Boarders and Sanctuary City FREAKS!



posted on May, 19 2010 @ 02:54 PM
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AZ did not "take care of business", they instigated a law reminiscent of Nazi Germany.


Um, have you read the law yet? So far we have Obama, Holder, Napolitano and others of the administration coming down hard on this bill in a "knee-jerk" reaction when they admit they haven't read the under-20-pages bill.

The AZ bill is the same as the existing federal law which states immigrants must carry their green cards, residency cards or other id with them at all times. Police are prohibited from pulling over someone for the crime of "looking like an illegal". Citizenship can only be checked if a person has criminal contact (arrested for burglary, blew the red, DUI, etc) and does not have identification. In fact, it's almost identical to language in CAs criminal code that CA won't enforce.

To guohua: Arizona residents are already starting to push back by canceling plans to vacation in San Diego, and it's got San Diego worried. Oh well, too bad SD!


To onequestion: There's plenty of saner places to live if you're not stuck in the CA housing market crash. We fled 2 years ago because we saw this coming. Sold the house at the beginning of the decline and uprooted to not so crazy pastures. BTW, the schooling is SO much better!

Edit to add: BTW my stepmom is a legal immigrant from Russia and supports the AZ law. She carries her green card on her at all times as it is the law and is, in her words, "common sense".


[edit on 19-5-2010 by Mountainmeg]



posted on May, 19 2010 @ 02:59 PM
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reply to post by Mountainmeg
 


What ive been thinking. I just dont see an end in sight here.



posted on May, 19 2010 @ 03:00 PM
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reply to post by Mountainmeg
 


I am happy to hear you got out of California. Is that your house?
GREAT, I like it.
I'll bet the schooling just about anywhere other than California, Is Better!



posted on May, 19 2010 @ 10:09 PM
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reply to post by guohua
 


Nah. One of a set of photos my, then 8 yr old, daughter took while we were driving the rural back roads around here. Thought it looked great for an ATS avatar.

Far as schooling, you're right. My kids got over the move FAST when they found out that the new school had music and art education, band, chorus and a graduating class of under 100 kids.



posted on May, 19 2010 @ 10:25 PM
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Originally posted by Wolf321

Originally posted by guohua
It'll be illegals go back or dog food for supper

Which do you think the Old People will demand?

Can You Say, Illegal Go Home?


But what will the story be then? What about the poor illegals who deserve a chance at the American Dream? How will they get the illegals out, they will have to identify them first..but...wont that require demanding their papers? I thought that was racist and racial profiling.

Let's see how that whole lack of reason and forethought pan out then.


Please see California law for the answer to your 24 dollar question. I right there in black and white.

www.abovetopsecret.com...



posted on May, 19 2010 @ 10:37 PM
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I happen to know a lot about this fund - I won't say how.

About 20 years ago there was a push by CalPERS for corporate accountability to shareholders. If these policies had been put into place, I don't think we would have had disasters like Enron.

I'm not sure what happened - the policy changes never happened. Politics I guess.

As for California, it sure has declined. I moved from the east to California about 25 years ago. At the time everything was new and in great condition. College was cheap. I since moved back east. Now when I visit California things look old compared to the east.

Undocumented workers did cause some problems - but California ALWAYS had undocumented workers - even during good times.

If anything destroyed the State was the stupid property tax freeze.



posted on May, 20 2010 @ 01:23 PM
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Originally posted by Daughter2
If anything destroyed the State was the stupid property tax freeze.


So what happens if there was no property tax freeze?

It's just going to be more money into the hands of the California government which has been proven to never have enough. In boom times, it spends, in bust it spends.

A property tax hike will also drive many out of the real estate market, which lowers economic activity, which lowers tax revenue.

This whole issue is not about the lack of taxation, it's about spending. California pension funds troubles started when Calpers assumed the Dow will hit 30,000 from the dot.com economy. It made promises that were not based on reality and it is making that up by taking a chunk out of the budget.

Now California has a ton of liabilities and not many ways out. Taxes are already too high and it is at the point where people are leaving and taking the state's potential tax revenue with them.

Cutting worker benefits will enrage the unions which will bring about riots which will force more people to leave and take the state's potential tax revenue with them.

Cutting benefits to illegals will be viewed as racist which will bring about riots which will force more people to leave and take the state's potential tax revenue with them.

The only way out is a federal bail-out. This is a whole new can of worms and a lot of pissed Americans who feel that their money (and value of their money) is going to a spend happy state that caters to decadent unions and illegal aliens.



posted on May, 20 2010 @ 01:27 PM
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Originally posted by detachedindividual


AZ did not "take care of business", they instigated a law reminiscent of Nazi Germany.


Exactly what Nazi law is this reminiscent to?


Originally posted by detachedindividual
Why is it so hard for people to move beyond the knee-jerk responses?



Unless exact quotes are used, to indicate you actually read the Arizona law and have an example of a Nazi law it compares to, it looks like you made the knee-jerk response.




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