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| Police Officers: Wake Up! Your Pensions Are Fooked! in forum [Market-Ticker]
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Vitchilo
Posts: 4602
Incept: 2011-04-27
Online
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Cops ``defending their pensions`` : Quote:Police Bludgeon Peaceful Occupy UC Berkeley Protesters with Batons
http://www.youtube.com/watch?v=WVkC7kRFV.... My uncle is a cop and talking to him is like talking to a rock. I mean he's not a cop for nothing...
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"Every normal man must be tempted at times to spit upon his hands, hoist the black flag, and begin slitting throats." -- H.L. Mencken
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Corn1945
Posts: 4167
Incept: 2009-04-30
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How do you get 8% return/year with ZIRP? Junk bonds?
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Jbreedlove
Posts: 139
Incept: 2010-08-11
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It seems like there should be some sort of movement to encourage people who are expecting pensions to demand some sort of status update on where their funds sit, what the projections are moving forward, etc. Basically bring out all the issues we know exist out there to light...
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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Quote:How do you get 8% return/year with ZIRP? Junk bonds? Repo 105's and Euro Bonds (effectively junk)...oh wait....uhhhhh, I seem to recall something about MF Global in that regard. |
Pcaldallas
Posts: 1343
Incept: 2009-03-02
Unicorn Ranch
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Cops will be skeet shooting puppies for stress relief as this spreads to more police pension funds.
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"The appearance of law must be upheld, especially when it's being broken." - Boss Tweed, Gangs of New York
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Trades50
Posts: 4215
Incept: 2007-10-30
Land of Tax and Spend
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Quote: The police and firefighters should be marching with the Occupy folks, not opposing them. The cops are beating up on the wrong people.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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End_the_bubbles
Posts: 9519
Incept: 2009-03-25
The New 3rd World
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2 tickers with "fooked" today?
**** fooked, that's not a word. Just say ****ED - because that really is the best word for it. If people are offended by a word rather than the catastrophic financial situation in the world, well... **** them!
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In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.
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Nma
Posts: 121
Incept: 2010-03-16
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For two years I've been begging to be removed from our mandatory state retirement fund. The response has invariably been:
"Our retirement system is fine, and anyway, it's guaranteed by the state constitution."
Totally clueless.
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Quads4444
Posts: 1633
Incept: 2007-11-09
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Shortfalls in public pension funds are made up by billing the city or county. The city then cuts other programs or raises taxes. These unions have the local politicians in their back pockets
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Leicestersq
Posts: 221
Incept: 2009-10-12
UK
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The thing about pension funds is that they just become a target for the banksters, making money becomes all about trading the profits away from the pension fund. You can do that by having a man on the inside, sweet talking them into buying fraudulent bonds, or to get them to overtrade. Better still just managed their fund.
Yes, pension funds have become the subject of a shark feeding frenzy. There wont be much left when they have finished. Still, the public sector workers wont mind, isnt it the taxpayer on the hook?
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Docj
Posts: 998
Incept: 2009-09-10
Duck & Cover
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Genesis wrote..Not only were these people sold unicorn-style rates of return which cannot possibly be sustained... Karl, these people demanded unicorn-style rates of return which cannot possibly be sustained precisely so they could keep their own contributions to their own retirements at practically zero knowing that the sheeple (read, taxpayers) are on the hook for any shortfall. Until the sheeple (read, taxpayers or marks) become wise to this expect more show-votes like we saw in Ohio on Tuesday. And expect precisely zero in the way of reform in public-sector pensions (I know most of us here in the dreaded private sector are already saying, "What the heck is this pension to which you're referring?").
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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
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Fraudster
Posts: 4173
Incept: 2011-05-10
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It's amazing how the devil's agents don't realize how they are being exploited.
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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte
"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
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Lizardqueen
Posts: 3556
Incept: 2008-04-01
He's cute, but he can't swim
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A few weeks back I went to my 30 year high school reunion (that's another story in itself, heh).
A lot of the people there were teachers, policemen, or firefighters. And ALL BUT ONE was retired. None of them were retired on disability due to on the job injuries, which is another story.
We're only 48 years old, on average.
There is no way the system can support paying 30 years of cadillac pensions to these people, if they live the normal life span.
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"Pull your pants up, turn your hat around, and get a job"
---P.J. O'Rourke
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Andyc
Posts: 333
Incept: 2010-10-24
Banned
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Off topic but http://www.businessweek.com/magazine/us-....$518 billion in swaps in 2011....on PIIGS....in the midst of the collapse!!! Frigging Insane!!!! I bet that's a 10th of the real figure After all what does the BIS really know about trades that clear with a phone call between 2 idiot investment banker welfare babies? |
Critter
Posts: 538
Incept: 2008-01-26
iowa
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why should state constituions guarntee pensions will be paid at a rate any more than what an employee has put in? what makes public employees less at risk from the market's potential to lose money?
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Jfedak
Posts: 6722
Incept: 2007-06-26
Down in Fraggle Rock
Online
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Last time I checked, Calpers is still using an expectation on 8+% returns.
And if you talk to teachers/etc, the party line is that they were victims of the housing crash- not that it was things like their retirement fund chasing yield that enabled the bubble in the first place.
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Redneckgreener
Posts: 42
Incept: 2011-11-03
Utah
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In 1998, I quit my job, knowing the place would soon go under (poor management). It did. I started working for myself.
In 2007, I sold my house at the top of the market. This was followed by selling most of my stuff (a big house full).
I now rent and am self-insured (healthy habits and money in the bank, not through some scam insurance company). I'm my own pension fund (savings and developing passive income).
But I would see my friends all around, nice houses, insurance, fat pensions, and feel like I was a loser.
Not any more. They're ****ed. I may not have much, but it's mine and I don't have unrealistic expectations.
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Bertdilbert
Posts: 2656
Incept: 2008-12-22
CA
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So they are suing because they do not have the proper documentation in the trust to take legal action and thus they are screwed?
Edit: They must be suing because the resale value of an unbacked instrument has impaired the value.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Lowbeyond
Posts: 16891
Incept: 2008-02-11
CO aka West NJ/East CA
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I LMAO when the cops, a gang in which their job is to forcefully steal from others, gets ripped off 
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Maybe it was a birdy bread-bomber from the future?!
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Bagbalm
Posts: 4255
Incept: 2009-03-19
Just North of Detroit
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What happens when they find out their retired brothers stop getting paid and they know they won't either?
I see two possibilities, and a distant third.
They leave en masse, leaving the communities with no police force.
Or they start taking cash bribes to not write tickets and demanding protection money from merchants.
I don't see where they would go if they quit.
If they start shaking people down that cuts off a great deal of the cash flow to the cities and counties.
If it is sudden and a crisis the government may nationalize all local forces into a Nation Police.
None of these things would be good for us.
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Ignorantsavage
Posts: 702
Incept: 2007-11-27
united States
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End_the_bubbles wrote..2 tickers with "fooked" today? I appreciate Karl's softer language being used for the Tickers. There is an incredible amount of fact-packed information in Tickers, but I've not sent some otherwise fantastic Tickers out to some folks I know that need to hear what Karl has to say simply because profanity is an instant mental dismissal for such folk. True, adults should be able to handle mere words, and this is indeed Karl's private property that he can do with as he wishes. However, not all share your distain for self-censorship. I've long held the opinion that those who use profanity lack the linguistic skills to express themselves otherwise. Karl's the first to challenge that opinion, though I still suspect he is the exception to the rule. |
Ignorantsavage
Posts: 702
Incept: 2007-11-27
united States
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Bagbalm wrote..What happens when they find out their retired brothers stop getting paid and they know they won't either? In either scenario you lay out, the solution is armed, responsible individuals. Even if the status quo remains, the solution to an individual's safety is by such an individual being armed and responsible. The state has already disavowed any reponsibility for your personal well-being, most notably under Warren vs DC (a case involving a horrific crime) as well as Gonzales vs Castle Rock. The cops' job is NOT to protect you! Their mantras to the contrary are nothing but PR propaganda. To others, stop looking for someone else to take care of you and take the action necessary to take care of yourself. (Only then will you be truly capable of helping others.) |
Joshua_d
Posts: 163
Incept: 2010-08-26
Lenoir, NC
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Well, soon enough the paychecks will stop for everyone. Then, we get to see just who has the balls to steal from the neighbor face to face. It's easy to steal from your neighbor when the theft is disguised via taxes or Medicaid or Social Security or SNAP.
But, directly stealing from someone you know, well that's a different story.
Also, y'all have to remember that shooting someone is not the easiest thing. Most men don't really want to kill another person. Your local ticket writing cop probably won't go all mafia ... probably.
In any case, arm and prepare yourself.
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Mpilar
Posts: 5587
Incept: 2009-01-05
Nashville, TN
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Quote:They leave en masse, leaving the communities with no police force. Wow...now that's a scenario I could pray for...but it will NEVER happen. The cops in this country have proven who they are and what they're interested in. I wouldn't give them dirt from my garden to eat when they're finally starving to death.
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Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken
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