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Old 08-04-2011, 01:27 AM
 
256 posts, read 613,622 times
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Did Central Falls, RI have it's own pension program or was it a independent State run agency like CalPERS? Any funds a vested employee has in CalPERS belong to them. CalPERS is not in danger of default right now.
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Old 08-04-2011, 04:45 AM
 
Location: Dublin, CA
3,807 posts, read 4,254,587 times
Reputation: 3984
Quote:
Originally Posted by yeahthatguy View Post
Mish's Global Economic Trend Analysis: Central Falls Bankruptcy Update "All Contracts with Municipal Workers and Retirees Including Police and Fire Workers Immediately Voided"
Central Falls Bankruptcy Update "All Contracts with Municipal Workers and Retirees Including Police and Fire Workers Immediately Voided"

Just so those public workers know what happens when you run a city in the ground... You most definitely wont come out on top.

California is no stranger to this as the City of Vallejo filed bankruptcy some time back ...
I think you better look at Vallejo all over again. Yes, it was messy. Yes, it was ugly. HOWEVER, having said that, my dept hired alot of the Vallejo cops who left; they are ALL going back to better pay and benefits.

The bankruptcy did void their contracts; however, IT DOES NOT VOID the god awful "pension." By law, it cannot be touched. You get what you have earned into it, until the point of the bankruptcy. Then its up to the bankruptcy judge what you will get after that. Remember, he/she is a judge and will give people the current market rate. They cannot say the police in Vallejo will make 10 bucks an hour get no pension. If they did, they would all leave, which many did. However, it is so lucrative there, they are going back in droves.

The bankruptcy only knocked off some bills. Now that the city doesn't have those bills, they can go right back to status quo. Oh, they maybe making a few dollars less; but not much.

You have to under a city/counties jobs ARE service related. Services require manpower and people. So it stand to reason, the vast majority of the budget goes toward salaries.

Its nothing to sing and dance about.
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Old 08-04-2011, 11:36 AM
 
2,311 posts, read 3,489,027 times
Reputation: 1223
Quote:
Originally Posted by Phil306 View Post
I think you better look at Vallejo all over again. Yes, it was messy. Yes, it was ugly. HOWEVER, having said that, my dept hired alot of the Vallejo cops who left; they are ALL going back to better pay and benefits.

The bankruptcy did void their contracts; however, IT DOES NOT VOID the god awful "pension." By law, it cannot be touched. You get what you have earned into it, until the point of the bankruptcy. Then its up to the bankruptcy judge what you will get after that. Remember, he/she is a judge and will give people the current market rate. They cannot say the police in Vallejo will make 10 bucks an hour get no pension. If they did, they would all leave, which many did. However, it is so lucrative there, they are going back in droves.

The bankruptcy only knocked off some bills. Now that the city doesn't have those bills, they can go right back to status quo. Oh, they maybe making a few dollars less; but not much.

You have to under a city/counties jobs ARE service related. Services require manpower and people. So it stand to reason, the vast majority of the budget goes toward salaries.

Its nothing to sing and dance about.
There will be muni bankruptcies .. California's Calpers will see record losses .. and california will see another huge budget deficit going into the next year .. The reason : It's the economy stupid ... and markets are finally pricing in that fact.

Calpers bought real big leveraged into the dip ... From the market action .. all the 2011 have been erased and 2010 gains are being lit afire by the minute for those who are 'all in' and over-leveraged. California's tax revenue, since it likes to tax anything that moves about $40k to high hell is going to see billions of dollars in reductions.

Stocks pile on losses amid economic worries - Business - Stocks & economy - msnbc.com

"Stocks pile on losses amid worries about the global economy
Dow briefly drops 350 points; markets 'fear index' highest since March"



Right on time.. We'll see how Calpers is doing by the end of the year ..
When I'm right .. I'm right.

Bulldogdad, you in on this? $$$$$$$ w00000t

Last edited by yeahthatguy; 08-04-2011 at 11:47 AM..
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Old 08-04-2011, 02:56 PM
 
2,311 posts, read 3,489,027 times
Reputation: 1223
Dow down more than 400 points as market plunge continues - latimes.com

face rolled


Dow Jones
11,398.21 -498.23 (-4.19%)

S&P 500
1,202.00 -58.34 (-4.63%)

Nasdaq
2,562.79 -130.28 (-4.84%)
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Old 08-06-2011, 04:44 PM
 
Location: SoCal
559 posts, read 1,372,027 times
Reputation: 625
Some of the posters on this board remind me of the people high-fiving each other while watching the towers fall.
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Old 08-06-2011, 04:48 PM
 
Location: SW MO
23,593 posts, read 37,301,329 times
Reputation: 29336
Quote:
Originally Posted by drunk on kool aid View Post
Some of the posters on this board remind me of the people high-fiving each other while watching the towers fall.
Avarice has always been unattractive, especially when measured in human misery and/or bad fortune. A character flaw, no doubt.
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Old 08-06-2011, 06:27 PM
 
2,311 posts, read 3,489,027 times
Reputation: 1223
Quote:
Originally Posted by drunk on kool aid View Post
Some of the posters on this board remind me of the people high-fiving each other while watching the towers fall.
Quote:
Originally Posted by Curmudgeon View Post
Avarice has always been unattractive, especially when measured in human misery and/or bad fortune. A character flaw, no doubt.
It pays to be right .. ProShares UltraPro Short S&P 500 (ETF): NYSE:SPXU quotes & news - Google Finance
If you call being thrilled about reality, accurate about the upcoming future due to doing your due diligence, and profiting from it a character flaw.. So be it...

The only ones miserable are those who drink the kool aid and burry their heads in the sand... Probably the same crowd who got smoked for creating the housing bubble and thus made life miserable for the youth of America for many generations to come...

People speak out against what's coming and how you can fix it .. People laugh at them.. Call them names and ignore them.. Fine.... those people go off and make bets based on their clear view ... and profit ..

Reality isn't miserable or tragic .. It's beautiful .... Seeing, understanding, and acknowledging the many things which serve to create reality...cause/effect . etc allows one to appreciate the art of it all...

People warned the liberals .. and the clowns in this country that you can't keep spending .. now look .. American debt got downgraded.. Simple enough, triple leverage bets on the downturn of America ... Profit and enjoy being right.

Ignorance is ugly and costly.

Good Day
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Old 08-06-2011, 09:22 PM
 
Location: Dublin, CA
3,807 posts, read 4,254,587 times
Reputation: 3984
Quote:
Originally Posted by yeahthatguy View Post
There will be muni bankruptcies .. California's Calpers will see record losses .. and california will see another huge budget deficit going into the next year .. The reason : It's the economy stupid ... and markets are finally pricing in that fact.

Calpers bought real big leveraged into the dip ... From the market action .. all the 2011 have been erased and 2010 gains are being lit afire by the minute for those who are 'all in' and over-leveraged. California's tax revenue, since it likes to tax anything that moves about $40k to high hell is going to see billions of dollars in reductions.

Stocks pile on losses amid economic worries - Business - Stocks & economy - msnbc.com

"Stocks pile on losses amid worries about the global economy
Dow briefly drops 350 points; markets 'fear index' highest since March"



Right on time.. We'll see how Calpers is doing by the end of the year ..
When I'm right .. I'm right.

Bulldogdad, you in on this? $$$$$$$ w00000t
All nice points except: And? So what if the dow drops (as it has). How is that an issue for Calpers? Its not. See Calpers is a PRIVATE COMPANY. YOU and your fellow Kalifornian's, including me, VOTED to pay what ever difference there was/is.

Not too mention, the vast majority of Kalifornian's have no clue, nor do they care what you are saying and/or talking about. You would get further, talking to your pet hampster.

The State of Kalifornia CANNOT, by law, file for bankruptcy. The cities/counties that do, DO NOT, BY LAW,end their obligations to the pension systems. YOU and I will pay for years and I will benefit.
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Old 08-06-2011, 09:41 PM
 
2,311 posts, read 3,489,027 times
Reputation: 1223
Quote:
Originally Posted by Phil306 View Post
All nice points except: And? So what if the dow drops (as it has). How is that an issue for Calpers? Its not. See Calpers is a PRIVATE COMPANY. YOU and your fellow Kalifornian's, including me, VOTED to pay what ever difference there was/is.

Not too mention, the vast majority of Kalifornian's have no clue, nor do they care what you are saying and/or talking about. You would get further, talking to your pet hampster.

The State of Kalifornia CANNOT, by law, file for bankruptcy. The cities/counties that do, DO NOT, BY LAW,end their obligations to the pension systems. YOU and I will pay for years and I will benefit.
> Dow drops ... California gets about 8 billion in tax revenue from those who make money from investments in stock market
Result : California has budget issues up the road
Result : Calpers has even bigger short fall issues than it did in the past as it has doubled down long since the last dip in order to cover itself ..
* Yes .. As you state :
Quote:
YOU and your fellow Kalifornian's, including me, VOTED to pay what ever difference there was/is.
I was bringing this to light ... I didn't bring up CAlpers .. someone else did .. I was responding to them .. So, the hamster is the person I am replying to.

I wont be in California for much longer so I wont be paying a dime for shortfalls. One of the many reasons I am leaving is my very observation of these problems coming to light in the future. My comments are well placed.. Thanks for your thoughts
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Old 08-06-2011, 10:04 PM
 
5,113 posts, read 5,940,873 times
Reputation: 1748
Quote:
Originally Posted by Phil306 View Post
All nice points except: And? So what if the dow drops (as it has). How is that an issue for Calpers? Its not. See Calpers is a PRIVATE COMPANY. YOU and your fellow Kalifornian's, including me, VOTED to pay what ever difference there was/is.

Not too mention, the vast majority of Kalifornian's have no clue, nor do they care what you are saying and/or talking about. You would get further, talking to your pet hampster.

The State of Kalifornia CANNOT, by law, file for bankruptcy. The cities/counties that do, DO NOT, BY LAW,end their obligations to the pension systems. YOU and I will pay for years and I will benefit.
California is not on the hook to make up what Calpers can't pay by law. There is no law that states California can not default ... that ludicrous. When the state defaults because its revenue falls way to short to pay its bills ... they will have many more important priorities to worry about than paying public pensions. The pensions and benefits will fall as the economy falls.
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