DoD panel calls for radical retirement overhaul

[cekim]

California's recent "bailout" was a loan from private banks, wasn't it? Or am I missing something?

Missing three things:
1. Central bank pressure on those "private banks" to "loan" them money - who do you think is backing those loans? (The Treasury/Fed = YOU AND ME)
2. Our larger banks are no longer "private," they are "Government Sponsored Enterprises" and all assertions to the contrary are naive BS. Actions speak louder than words - the major banks are now government agencies. Unfortunately, profits are privatized, but loses and risks are socialized.
3. This first round of bailouts was perhaps the smallest of many to come - the problem continues to grow each year that we get further into the Baby-Boom generation and the the institutionally corrupt governments that passed out pensions like candy to them.

 

[terraformer]

California's recent "bailout" was a loan from private banks, wasn't it? Or am I missing something?

Nope, you are not. The Feds have resisted any and all temptation to bailout states and counties up to this point. I believe there is a good reason why. States have protections form the federal government that taxpayers don't have in the constitution.

 

[cekim]

Nope, you are not. The Feds have resisted any and all temptation to bailout states and counties up to this point. I believe there is a good reason why. States have protections form the federal government that taxpayers don't have in the constitution.

I have to call BS and say they have "publicly resisted" this, but privately they've been engineering bailouts already with Fed/Treasury backing of garbage paper (loans) to the state(s).

 

[Skysoldier]

Missing three things:
1. Central bank pressure on those "private banks" to "loan" them money - who do you think is backing those loans? (The Treasury/Fed = YOU AND ME)
2. Our larger banks are no longer "private," they are "Government Sponsored Enterprises" and all assertions to the contrary are naive BS. Actions speak louder than words - the major banks are now government agencies. Unfortunately, profits are privatized, but loses and risks are socialized.
3. This first round of bailouts was perhaps the smallest of many to come - the problem continues to grow each year that we get further into the Baby-Boom generation and the the institutionally corrupt governments that passed out pensions like candy to them.

Hey! I am a baby boomer.........and I never got any candy!

And I might add that your posts match your avatar........you sound like a clown!

 

[excoastie]

cekim, how in the hell do you erroneously assume that I am/have stolen anything from anyone? I entered the service under a CONTRACT. Do you understand what a contract is or do I need to explain the term? I met – no, I EXCEEDED – all aspects of my end of that contract. I worked hard. I saved American lives and have the stitches, scars and medals to prove it. I upheld my end of the contract by giving the USA the better years of my life. I did not complain when duty was difficult. I still don’t complain even though I am a cripple due to my service. So please, go pester someone that is lacks self-esteem. Maybe with them, you can make some headway.

I must say that I laugh when I read all moronic statements of whining like yours that insinuate that I am stealing from the taxpayers. If your opinion wasn’t so sad… so pathetic… so wrong, I would laugh. But I can’t laugh at you as I feel sorry for you. But, were it not for the sympathy I feel towards you, I would laugh until my nice single malt scotch comes out my nose. An that would be alcohol abuse.

 

[cekim]

cekim, how in the hell do you erroneously assume that I am/have stolen anything from anyone?

Any deferred compensation system either requires the employer to set aside a portion of your pay to be given later or they must take from future revenues/profits to pay you. Private employers are regulated by the government to try to minimize this risk and manage the handling of Pensions (i.e. the Pension Benefit Guarantee Corp).

The trouble is twofold:
1. The government did not set aside anything - they simply expected to tax people in the future pay pension obligations.
2. The government promised far more than it can deliver.

Yes, you have a "CONTRACT" but in the private sector, your "CONTRACT" would go into the bankruptcy system when your employer ran out of money and guess how much you'd get for your "CONTRACT."

Nada... You might get something from the PBGC, but not likely 100 cents on the dollar that's for sure and the PBGC can only do so much, it is yet another government agency that has promised more than it can deliver.

What I am trying to explain to you is that your "CONTRACT" included some unspoken/unwritten words just like our "CONTRACTS." Those unwritten words are something to the effect of "unless the entity ceases to exist or is no longer solvent when the time comes to execute that contract."

I view this as a Bankruptcy proceeding, because that's what it is. The US government is insolvent and there is NO scheme under which its current obligations can be met.

As I said in my original post, I would be inclined to prioritize payments promised to those who are serving and those who served before just about everything else, but first we have to accept the reality of bankruptcy and move on from there.

By your logic, because you have a contract (in all caps), it is ok to tax any and all earnings from everyone else to satisfy your contract because "damnit, I had a contract."

That's what I mean by stealing, you are using the force and violence of government/taxation to do what a private sector employee could never do. You took a "risk" that government would be able to pay. I'm telling you they can't. You are understandably upset because you mis-priced that risk as $0 and frankly for you personally, you may never "realize" that risk, but I am certain there are millions of social security and pension recipients who will realize that risk and they will get violent when they discover what I am trying to explain to you - that it was never "zero."

 

[Rob Boudrie]

I am certain there are millions of social security and pension recipients who will realize that risk and they will get violent when they discover what I am trying to explain to you - that it was never "zero."

Pensions are indeed a contract.

Social Security is not, and the courts have ruled that individuals do not have any right to a particular benefit amount. The govt can change SS benefits without having to void any "contracts" since there is no SS "contract", just an "expectation".

 

[xtry51]

Any deferred compensation system either requires the employer to set aside a portion of your pay to be given later or they must take from future revenues/profits to pay you. Private employers are regulated by the government to try to minimize this risk and manage the handling of Pensions (i.e. the Pension Benefit Guarantee Corp).

The trouble is twofold:
1. The government did not set aside anything - they simply expected to tax people in the future pay pension obligations.
2. The government promised far more than it can deliver.

Yes, you have a "CONTRACT" but in the private sector, your "CONTRACT" would go into the bankruptcy system when your employer ran out of money and guess how much you'd get for your "CONTRACT."

Nada... You might get something from the PBGC, but not likely 100 cents on the dollar that's for sure and the PBGC can only do so much, it is yet another government agency that has promised more than it can deliver.

What I am trying to explain to you is that your "CONTRACT" included some unspoken/unwritten words just like our "CONTRACTS." Those unwritten words are something to the effect of "unless the entity ceases to exist or is no longer solvent when the time comes to execute that contract."

I view this as a Bankruptcy proceeding, because that's what it is. The US government is insolvent and there is NO scheme under which its current obligations can be met.

As I said in my original post, I would be inclined to prioritize payments promised to those who are serving and those who served before just about everything else, but first we have to accept the reality of bankruptcy and move on from there.

By your logic, because you have a contract (in all caps), it is ok to tax any and all earnings from everyone else to satisfy your contract because "damnit, I had a contract."

That's what I mean by stealing, you are using the force and violence of government/taxation to do what a private sector employee could never do. You took a "risk" that government would be able to pay. I'm telling you they can't. You are understandably upset because you mis-priced that risk as $0 and frankly for you personally, you may never "realize" that risk, but I am certain there are millions of social security and pension recipients who will realize that risk and they will get violent when they discover what I am trying to explain to you - that it was never "zero."

QFTMFT

 

[DickWanner]

The government needs to stop spending money! Uh, just not on me...