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Well, we're backed into a corner. Ridiculously exorbitant public employee pension promises were made to tens of millions of public sector employees, and when the financial crisis hit and those pension funds lost a LOT of their asset value, that precipitated another crisis in pension funds, though that's been less media-sensationalized.
Gains attributable to QE-induced asset inflation haven't gone only to the rich. They've also gone to those tens of millions of middle class public employees.
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"The top-ranked U.S. retirement plan was the Federal Retirement Thrift Savings Plan, Washington, which reported $422.2 billion in total assets as of Sept. 30, up 12.6% from the previous year. It has been the top-ranked U.S. retirement plan since 2009, when it overtook CalPERS.
The Sacramento-based California Public Employees' Retirement System reported $296.74 billion in assets as of Sept. 30, up 8.7% in the period.
The rest of the top five were the California State Teachers' Retirement System, West Sacramento, at $186.95 billion as of Sept. 30, an 8.4% jump from the previous year; New York State Common Retirement Fund, Albany, $178.25 billion, also up 8.7%; and the New York City Retirement Systems, $158.7 billion, up 10.3%."
A lot of it has to do with losses from the financial crisis. QE has been propping up the markets to avoid a public pension disaster that would negatively impact tens of millions of middle class public employees/retirees. QE didn't just go to the rich regardless of what others may think. The State Pensions Funding Gap: Challenges Persist - Pew Trusts
Sorry, but pensions were vastly underfunded before the financial crisis. The crisis just accelerated the issue. Some of the examples I saw were unrealistic rate of return expectations, poorly arranged deals, deals that gave excessive fees to the financial companies, etc etc. Many of these were doomed on any rational basis. The financial crisis just made the can harder to kick down the road.
QE may help some folks...but the vast benefit goes to the top. Some folks deep down probably recognize this.
Sorry, but pensions were vastly underfunded before the financial crisis. The crisis just accelerated the issue. Some of the examples I saw were unrealistic rate of return expectations, poorly arranged deals, deals that gave excessive fees to the financial companies, etc etc.
QE may help some folks...but the vast benefit goes to the top. Some folks deep down probably recognize this.
Everyone realizes it but their politics are more important. Screw our principles as long as your party wins because being able to wallow in a win is better than solving our problems.
It's mainly because libs don't believe anyone could possibly 'work' hard enough to become wealthy.
They assume anyone wealthy is either lucky, inherited it, or stole it.
many do inherit it...but you attempt to ignore that
It DOES take some luck....but you attempt to ignore that
And stole it? sometimes....but you attempt to ignore that
But more often the truly truly wealthy (100 million+) rely on other peoples money, and other peoples efforts. They use the advantage of their position....but you attempt to ignore that
100 million of us work. 400 of us own more then half the wealth....but you attempt to ignore that
Heres the problem. Ignoring it won't make the issues it causes to go away. Ignoring it WILL eventually make people resolve it in bad ways. Seriously, I can't say this enough. You want Venezuela? This is how you get it.
Look why did Obama get elected? Hope and change right? didn't happen. Why is Trump leading the polls? He represents change. And he represents far MORE change then Obama did. Next election? Maybe we get the American version of Chavez.
The extremism will continue to ratchet up in our political theater until change is achieved. Change through extremism is bad. really really bad. So lets not ignore this issue.
many do inherit it...but you attempt to ignore that
It DOES take some luck....but you attempt to ignore that
And stole it? sometimes....but you attempt to ignore that
But more often the truly truly wealthy (100 million+) rely on other peoples money, and other peoples efforts. They use the advantage of their position....but you attempt to ignore that
100 million of us work. 400 of us own more then half the wealth....but you attempt to ignore that
Heres the problem. Ignoring it won't make the issues it causes to go away. Ignoring it WILL eventually make people resolve it in bad ways. Seriously, I can't say this enough. You want Venezuela? This is how you get it.
Look why did Obama get elected? Hope and change right? didn't happen. Why is Trump leading the polls? He represents change. And he represents far MORE change then Obama did. Next election? Maybe we get the American version of Chavez.
The extremism will continue to ratchet up in our political theater until change is achieved. Change through extremism is bad. really really bad. So lets not ignore this issue.
You've bought in hook, line and sinker to the liberal rhetoric.
The number of wealthy people who inherited, lucked into or stole their wealth (define that please) is so miniscule to the people who were actually smart, took risks or simply refused to quit, is miniscule.
But again, most libs want to ignore the 99.99% of people who simply put in the time, effort and risk to become wealthy.
Sorry, but pensions were vastly underfunded before the financial crisis.
And much more worse so, after.
Quote:
The crisis just accelerated the issue. Some of the examples I saw were unrealistic rate of return expectations, poorly arranged deals, deals that gave excessive fees to the financial companies, etc etc. Many of these were doomed on any rational basis. The financial crisis just made the can harder to kick down the road.
And you wonder why people have pointed out numerous times that public sector unions are in cahoots with Wall Street to fleece taxpayers.
Quote:
QE may help some folks...but the vast benefit goes to the top.
I disagree. Trillions have gone into propping up pension funds via QE-inflated assets and the Federal Reserve's purchase of nearly $2 Trillion worth of GSE MBS. Not private lender or Wall Street-issued MBS, GSE MBS.
And you wonder why people have pointed out numerous times that public sector unions are in cahoots with Wall Street to fleece taxpayers.
I disagree. Trillions have gone into propping up pension funds via QE-inflated assets and the Federal Reserve's purchase of nearly $2 Trillion worth of GSE MBS. Not private lender or Wall Street-issued MBS, GSE MBS.
400 people own 50% of the wealth. You can disagree, but I have to say....that one statistic alone makes it hard to agree with you.
You've bought in hook, line and sinker to the liberal rhetoric.
The number of wealthy people who inherited, lucked into or stole their wealth (define that please) is so miniscule to the people who were actually smart, took risks or simply refused to quit, is miniscule.
But again, most libs want to ignore the 99.99% of people who simply put in the time, effort and risk to become wealthy.
Well you can't justify wealth re-distribution without finding a way to vilify or seek to diminish the accomplishments of the wealthy. I think that is what is at the bottom of this.
The only problem I have is if they stole their wealth, I don't have a problem if they inherit it or lucked into it. That is none of my business or anyone else's.
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