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How'd it go for Studebaker or the steel companies? How about Enron? How many other corporate pension funds fell victim to Wall Stret "new math" that suddenly found them "overfunded". Drain out the excess, sell off the unit, and it's all pure profit. Hey, screw the employees. They don't matter. Ever heard of Kwasha Lipton? Yeah, get the government out and all will be well. That makes a lot of sense.
And yet CEO's golden parachutes are invincible. The working class is just getting rammed harder and harder, for what?
Yeah, you set those up as after-tax trusts. That way you steal the money from the stockholders instead of employees. No wait...employee retirement funds are invested in company stock.
Nonsensical? You apparently have no clue as to how your government works. Stumble, fumble, bumble.
Quote:
Originally Posted by bobtn
Reality is, a union bailout would never get approved in D.C. Thank God.
Well, we won't have any more votes then. We'll just ask bobtn.
Quote:
Originally Posted by bobtn
That is why you find this scary. Pensions will need to exist on their own merits, or else the PBGC will become insolvent.
PBGC only deals with failed pension funds. You know, the ones the fat cats have walked away from after draining them and hanging them out to dry. The point that many brains are meanwhile simply too small to get themselves wrapped around here is that health and elder care are two things that the society (i.e., the government) will have to provide if the rat finks in the corporate world are too wimpy and/or too untrustworthy to do it for us.
Don't ever doubt that this is the fallback option. Obamacare is like a big red flashing sign to the insurance companies. LAST CHANCE to prove that you can actually get this right, boys. If you can't hack it, you simply won't be major players anymore.
Yeah, bailouts are only for banks and corporations. And you can bet none of the fund managers who ran their constituents into the ground will suffer, either.
$85B per month for banks is okay, but $27B over 20 years to save little-peoples' pensions is a "travesty".
The government has recouped over 90% (already) of all bailout money to banks and corporations. How would they ever recoup money to pension plans?
The PBGC is not funded by the government, but is paid for by pension plans. One of the terrible effects of the Pension Protection act of 2006 was it allowed single employers a way out of pension plans, so it froze all these plans, and allowed employers to discontinue payments of future obligations. It would be like nobody paying into Social Security starting tomorrow, and all of us who contributed for a lifetime get screwed. This has placed tremendous burden on the PBGC as working class Americans across the country get screwed while the corporate executives get bonus' for doing it.
Both are travesties, but I'd hate to see us make that mistake again. This needs to remain an issue unrelated to government. Without a penny of public funding.The House of Representatives would never approve subsidizing them, Thank God.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,937 posts, read 36,948,491 times
Reputation: 40635
Quote:
Originally Posted by spencgr
The government has recouped over 90% (already) of all bailout money to banks and corporations. How would they ever recoup money to pension plans?
Through:
A) Taxes paid
B) The multiplier effect of that money cycling through the economy
C) The not paying of the governmental support going to these people that are getting shafted
Thanks, and for this I'll thank the House when they do the proper thing and tell those interested in their pensions to fix their own problems.
When you're bought and paid for by corporations we already know who's bidding they'll do. Working class peasants don't matter when they can line their pockets with green. But hey, GM executives are flying high, and it only cost the taxpayer a few billion.
When you're bought and paid for by corporations we already know who's bidding they'll do. Working class peasants don't matter when they can line their pockets with green. But hey, GM executives are flying high, and it only cost the taxpayer a few billion.
Is the other option better-let pensions bankrupt corps, and kill jobs? With people living decades into retirement and health costs tremendously high at that age, the promises made were unsustainable, and anyone with even an average IQ could see the handwriting on the wall.
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