The Next Bailout -- $165 Billion For Union Pensions -- Sen. Casey Defends His Proposal (Watch Your Money Disappear)

Last week it was the $26 billion teachers bailout and this week troubled union pensions are clamoring for some love.  Makes you proud to live in the land of freedom -- the freedom to exercise your moral hazard, at the expense of everyone else.

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Video:  Fox News -- A Democratic senator is introducing legislation for a bailout of troubled union pension funds.  If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.  The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

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Is The Government Bailing Out Union Pension Funds To The Tune Of $165 Billion?

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Video:  'State of the Unions' author Phil Dine argues union workers have already given up some benefits so they shouldn’t have to give up their pensions -- May 25, 2010

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The Next Bailout -- $165 Billion for Unions

A Democratic senator is introducing legislation for a bailout of troubled union pension funds.  If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

It’s hard to say at the moment what the chances are that the bill will pass. A hearing is scheduled Thursday, which will give the public a sense of where political leaders sit on the topic, said Willis.

Just last week President Obama said there would be no more bailouts.

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Comments

[DailyBail]

Fox's "$165 billion" "union bailout" is neither (response from media matters)

http://mediamatters.org/research/201005250005

[Zarathustra]

http://mediamatters.org/research/201005290003

Hannity: Sestak job discussion "was almost written for this law."

Media Matters is paid advertising for the Obama Administration.

[Zarathustra]

Did you hear the one about how President Obama got Slick Willie Clinton to offer second-term Democratic Rep. Joe Sestak an unpaid appointment to an obscure White House advisory panel in return for dropping his primary challenge to incumbent Sen. Arlen Specter? Obama and his Chicago boys are still guffawing over how all the chumps in the media reported that one with a straight face. Hey, it’s a just another reason why running a gangster government is nothing but laughs for the Obama crew in the White House.

http://canadafreepress.com/index.php/article/23801

[Zarathustra]

Bilderbergers' goal simple: 'These people want empire'

http://www.wnd.com/index.php?fa=PAGE.view&pageId=161377

"The idea behind each and every Bilderberg meeting is to create what they themselves call the aristocracy of purpose between European and North American elites on the best way to manage the planet. In other words, the creation of a global network of giant cartels, more powerful than any nation on Earth, destined to control the necessities of life of the rest of humanity, obviously from their vantage point, for our own good and in our benefit – the great unwashed as they call us," he said.

[RecoverylessRecovery]

"Watch your money disappear"

Hmmm, sounds like investing in "silver spoons" might have NOT been such a bad idea after all huh?.

[Zarathustra]

BRIBERY GOOD, SPENDING MONEY IN CONTESTED PRIMARIES BAD!!!

http://www.youtube.com/watch?v=yKIBF6ylO8M

Bribery is needed to save money. Offering government jobs for dropping out of contested primaries is okay by Obama.

Gibbs on bribery..."Well, I think the leaders of parties have long had an interest in ensuring that supporters didn't run against each other in contested primaries."

REALLY, WHAT IS A BRIBE?

http://www.youtube.com/watch?v=j4XT-l-_3y0

[S. Gompers]

Disapearing money, that has been my favorite trick of the last 97 years...

America has loved it for so long now, why stop.

"Hmmm, sounds like investing in "silver spoons" might have NOT been such a bad idea after all huh?."

They tend to make ones ass hurt.

[ken]

one filthy mad shit barker here@DB

What a revolution for coward Zombies on the Web?lol

Not on the streets?lol

Cowards very happy debating what?lol

lol

SCREAM ON, BASH ON, DELETE ON?LOL

CIVIL UNREST IN USA TIME LINE: NOV 2010-2011

AMEN

[JTS]

YES Ken let us take to the streets like wild dogs ,We will make them pay for the rape of our once great nation.

Just dont pick me up to early i like to drink beer and the hangovers take a little time. ;)

[S. Gompers]

Have you finished that statue yet Ken?

[RecoverylessRecovery]

"Hmmm, sounds like investing in "silver spoons" might have NOT been such a bad idea after all huh?."

"They tend to make ones ass hurt."

Poor American bastards. They tend to stick EVERYTHING up their asses.

[Zarathustra]

You asked for this stuff DB, hope you are enjoying it.

[DailyBail]

RLR...you need to identify that you are an american when you post flame-bait comments...considering that you are one of the poor american bastards of whom you speak...

[Zarathustra]

Edited by DB...you've made your point zara...you don't like rlr and he doesn't like you...i ask for peace...

[RecoverylessRecovery]

I don't know why the U.S. government even BOTHERS to report its bailouts. They should just do their own thing in private and allow Americans to focus on the REAL issues that occupy their minds, like watching Jersey Shore or American Idol. Or trying to figure out how they can re-re-re-re-re-re-re-re-re finance their way out of the financial HOLE they've dug themselves into? Because truth be told; the average American home'owner'- turned- flipper ran his/her own little PONZI SCHEME and got BURNT the same as the U.S. government is doing now. They're ALL fucking lunatics that believe you can juggle debt ETERNALLY ..by accepting increasingly MORE DEBT. Even any SANE AMericans still exist, they're keeping AWFULLY QUIET and out-of-the-picture.

So why should the Obankster even BOTHER to report future bailout plans? ?

It's NOT like someone's going to do something about it or impede his plans to bailout WHOEVER he wants. The American public has already proven it has a prodigious capacity to take it up the ass endlessly & without flinching.

PS: good luck with the Tea-Bagger thingy. You'll need it.

[S. Gompers]

J.W. Verret, an assistant professor at George Mason Law School in Virginia says.

"The situation puts pension funds into a distinct conflict of interest," he said. "The people who run public pension funds are public officials and political officials who want to use their shareholder leverage to get more votes. If the conflict is not managed properly, it could put pensioners at risk."

Verret also states, lobbying efforts are increasing among public pension funds, causing the intermingling of pension funds with politics. This concerns him, he says, because pension funds nationally are underfunded by about $1 trillion.

Public officials in control of pension money is meant for lobbying, not pensions, hmmmm.

http://www.cleveland.com/business/index.ssf/2010/05/ohio_pension_fund_takes_on_hug.html


http://www.cleveland.com/business/index.ssf/2010/04/ohio_pensions_took_480_million.html

http://www.cantonrep.com/news/business/x932344257/Ohio-pension-funds-lost-480-million-in-Lehman-demise

As I have stated before, public officials are destroying public pensions, good public officials, baaaad union…

In Ohio, 480 million was lost in the public pensions when Lehman Brothers collapsed after public officials had the good sense to invest with them. We will now punish Lehman Brothers soundly by electing John Kasich, former congressman and ex Lehman “window dresser” for governor.

http://www.youtube.com/watch?v=96A-t7BOh4g

John Kasich (R) is an affirmed free trader who voted for NAFT, Most favored Nation status for China, outsourcing, and had an F rating by the NRA as a Congressman.

Out of the frying pan and into the fire for Ohio, so I guess in the end the bailout will really be for lobbying, the Bankers Manifesto marches on…

Ping pong anyone?

[DailyBail]

Nice video on Kasich...might have to post that...as for pensions...i think in this case thse are PRIVATE pensions that Casey now wants the taxpayer to bailout...i don't believe they are public pensions...i'll do some more checking...

[S. Gompers]

Pension Benefit Guarantee Corporation is about asset seizure, not bailing out. Anyone who has a pension and believes otherwise will find a lot of their benefit gone, unlike the good bankers who get 100 percent made flush.

It is the asset seizure that pays benefits at a reduced rate, if their are no assets to seize, it will be cat food on crackers for your retirement.

You have posted on the public pensions though, besides, the hero John Boehner says no one needs to retire, if they get the S.S. age high enough, everyone will die before being eligible to draw it. Thereby making it a pass through tax to be exploited elsewhere without having to justify it.

Ah the legacy of our parents not minding the store all those years...

[S. Gompers]

Walmart will have a Army of greeters though if S.S. goes to 70 or higher...

Ever see 70 year old construction workers, linemen, tree trimmers, mechanics, police, firefighters, etc. You will have to fight your way through a million greeters just to shop. Do you think Walmart will hire them all, or do you think poverty will become rampant as people can no longer physically do the work but are still to "young" to retire.

Now that is progress...

[DailyBail]

Pension Benefit Guarantee Corporation is about asset seizure, not bailing out. Anyone who has a pension and believes otherwise will find a lot of their benefit gone, unlike the good bankers who get 100 percent made flush.

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But doesn't Casey's bill ask taxpayers to bailout the PBGC....in the sense that once these pensions are assumed by pbgc then they will be still be massively underfunded and then taxpayers will have to make up the shortfall...that's at least how i've understood it...

[S. Gompers]

When PBGC seizes the assets of a retirement, and lets say it is currently 50% funded, they will reduce the benefit accordingly to make what is left meet the requirements of ERISA. At least that has been past practice, perhaps they seek to create a exploitable trust fund similar to that which they have done to public pensions to which everyone blames the unions instead of public officials and political officials who administer the funds and want to use their shareholder leverage to get more votes.

"Our financing comes from insurance premiums paid by companies whose plans we protect, from our investments, from the assets of pension plans that we take over as trustee, and from recoveries from the companies formerly responsible for the plans, but not from taxes."

http://www.pbgc.gov/workers-retirees/benefits-information/content/page14090.html

Dig deeper, and follow the money, the pension issue is way more complex and intriguing than the unions who are being pointed at by those who hate, Tyco, Enron, Lehman Brothers, cronyism by the fund managers, deregulation, etc.. You know pensions are getting seized in other countries to pay off government debts don't you.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVVM93Y37XgA&refer=home




http://www.afn.org/~govern/mcfadden.html

[S. Gompers]

Soon they may legalize opium to ease the aches and infirmities of old age to keep people working till they die as in other third world countries.

Ah the legacy of our parents not minding the store all those years...

I owe, I owe, so off to work I go...