the state do not have the money to pay for their contractual obligations, of which the pensions are a big part. now, what they ain't telling ya,
don't want to tell ya was those pension funds were heavily invested in the fraudulend cdo's that have now turned into worthless paper!
so, well, the money isn't there, and there are two options...
the us laws do not allow the fed gov't to bail them out really...
the state constitutions do not allow for them to just default on these obligations.
and well, while those at msnbc seem to be thinking the fed will fork over the dough (they can legally do it), the fed says they will not.
so, well, I guess they could go after the fraudsters that ripped us all off so badly, but well...there hasn't been any arrests as of yet, they are
still hoping that congress will make all the fraud legal with a stroke of a pen, so I wouldn't count on any of that money that was defrauded actually
coming back into the picture, although I really do hope I am wrong!
there isn't much wiggle room here....
and most of the states are in deep financial trouble.
so which do you prefer?
the fed doing yet another billion dollar bailout, which will be like saying that those contracts to the unions that promised those huge benefits,
which are still growing, well....no one can intervene legally to get them under control....well...we have to deflate the dollar even further, and bail
out the states and local gov'ts.
or, well, we, the taxpayers can just suck it in, and watch our taxes skyrocket, so the precious gov't employees can earn even more money and get even
better benefits year after year (they already are much higher paid that the rest of us workers, and they already recieve benefits that far overshadow
what most of us are getting in our non-public service jobs....
or well, we can go and change each state constitution, so that they can default on this debt (come on, the money isn't there, and if the fed gov't
feels that it can just up and renag on the social secuirty, it is gonna have a hard time convincing us boomers that the gov't worker's pensions and
benefits are set in stone!!).
maybe companies have been through bankruptcy, had their debts renegotiated, some forgiven, and well, maintained enough assetts to continue on in the
if it takes a bankruptcy to get these "civil servants" benefits package cut down to something more maneagable. well.....I think that is the way to
go. because right now, it's more like we are the servants to the "civil servants" who are getting what seems to be royalty treatment when
compared to the taxpayers that are footing the tab!
I mean, seriously....
crap like this:
will cause a revolt sooner or later, and if a bankruptcy court is the only way to stop these insane automatic increases that were built into the
contracts years ago when they didn't seem that insane to stop them, then that is where it should go! of course, the unions could always grow a
brain, and look at the true state of things and agree to accept less....of course the gov'ts could stop spending like drunking sailors and use the
money they have more wisely, of course the wall street crooks could develope a concious and return some of their ill gotten gains, but well, that is
all just asking for too much!!!