It’s holiday schedule time. Let me reiterate that I’ll be on Countdown (MSNBC, 8pm ET) tonight with Sam Seder talking about the Republican war on public employees and their pensions. Personally, I was hoping to get a cameo on Lockup. But I’ll take what I can get. To the (relatively meager) links:
• Are we headed toward Korean War II? I do think some diplomats need to start paying attention to the overheated rhetoric over there before it gets out of control.
• How do you square this analysis from the Joint Economic Committee that job creation is occurring “faster than previous recessions” with your lying eyes?
• Another BofA class action suit for failing to comply with loan modification guidelines under HAMP. This one comes out of St. Louis. I wonder if these suits will all get consolidated.
• Randall Wray says it’s time to stop all foreclosures, audit the REMIC trusts, put the loans back on the banks, modify everything into new fixed-rate mortgages and basically hit the reset button. It’s amazing how many people go out of their way avoiding this solution.
• I’m willing to believe state stimulus czars who say that money from their share of stimulus funds wasn’t channeled into innovative programs, but it depends on whether you think that speed or investment should have been the goal at a time of runaway unemployment. Saving government jobs, which he lists as an example, is an important priority when the alternative is another unemployed individual.
• Nine charged with terrorism in Britain, as Europe’s awareness of the potential for attacks increases.
• Krugman looks at commodity prices in an era of scarcity, asserts that global growth and finite resources is the culprit, not hyper-inflation.
• Is dispersant still being sprayed in the Gulf? BP claims to have stopped all the way back in July.
• My fear is that large corporations used the downturn to streamline and automate, which means they won’t need the increased labor costs even if their businesses expand.
• If you’re overseeing health care policy in the new Republican House, you hire a health care lobbyist to run the oversight. If you’re overseeing derivatives markets, you hire a lobbyist who worked on derivatives. Keep up, people.
• Greenwald hammers Wired for their work in the Bradley Manning case. Basically, they’ve withheld the key evidence in the case, the Adrian Lamo chat logs, while allowing Lamo to run around and make statements not backed up by the logs which have been released.
• The White House is incensed by the conviction in Russia, for a second time, of former oil tycoon Mikhail Khodorkovsky. The White House sees it as an abuse of the legal system.
• Obama called Eagles owner Jeffrey Lurie, thanked him for giving Michael Vick a second chance. I’m the biggest dog lover in America, but I do believe in time served, and wish more employers would give ex-cons a chance. Obama could practice what he preached as well by actually commuting some unjust sentences.





23 Comments


Support this site!
Subscribe to the newsletter
Advertise on Firedoglake
Send
us your tips
Make us your homepage
About FDL News Desk
“Personally, I was hoping to get a cameo on Lockup. But I’ll take what I can get.”
LOL!
Didn’t you mention once that you used to do stand up?
If you didn’t, you should have.
David –
Just curious: How do you propose that states and local government entities solve the unfunded/underfunded pension liabilities issue? In response to the Dean Baker post I went googling for some info on the states with the worst pension liabilities and posted some links, excerpts, etc. Off the top of my head, here are some selected points:
- NJ claims a pension shortfall of $54 bil but that relies on projections of earning 8.25% a year ROI. Using the real rate of return for previous years, just three of New Jersey’s five pension funds would actually total $145 bil in the red.
- The Illinoise Teacher Retirement System’s own charts of the highest paid pensions show that the top 100 retirees will take home a projected $889 mil (almost $1 bil) in pensions based on their retirement ages, pension levels, and projected life spans. One retired school administrator alone will take home a pension worth nearly $27 mil.
- Studies have shown that some states, even if they earned the ridiculously optimistic 8% ROI will still run out of money. (I think Illinois is poised to do so by 2018.) By 2020, pension fund payouts in Ill will equal half of the state’s projected total annual revenue. ($14 bil out of $28 bil.)
So, seriously, how do we solve the real world problem? If the federal government bails out the states, isn’t it incumbent upon both state and the feds to come up with some structural revisions so that this problem doesn’t just persist for eternity?
100 retirees are going to take home $8.89 Million on average? Seriously?
Someone’s mathematics and figures have to be w-a-y wrong with that.
If I use an arbitrary figure of $200K per annum for pension and benefits in order to reach $8.89M it would mean those 100 retirees would have to collect for more than 44 years in order to make it to that amount
me too .
This is one of the best examples of rehablitation, I have heard. What a wonderful example he is.
too bad that,
You can tell (listening to sports radio) if the host is white or black white, twhite guys just can’t stop talking about the dog thing,
the black guys have it right, as an outstanding story of rehabilitaion.
not sure why that is.
• I knew JEC was partisan and often wrong, but I’d like to hear an explanation of their claim about jobs growth.
• The charges against the alleged terrorists in Britain include:
And we live in a free society?
• I don’t what Krugman is talking about today. Isn’t excessive growth and finite resources exactly what causes inflation? But what do I know. He’s the Nobel laureate and I took psych instead of econ.
A few people I know have pensions in that range from smart (lucky) investments in their 401(k)s. If a public sector employee has a defined benefit pension worth that much I’d say that would be a problem. Even Bush’s presidential pension is only $5.56 million.
No call to Obama from Cheney or Bush thanking him for their second chance at looting the treasury for their rich friends?
“The White House sees it as an abuse of the legal system.”
*snicker*
Kind of like Ronnie Raygun’s oft expressed love for the Polish union Solidarity, ain’t it?
I don’t comment much, but I read just about everything you post here. Impressive. Your posts, that is, not my literacy. Also extremely informative.
So I am looking forward to seeing you in the flesh, so to speak. Break a leg.
Great job on Countdown. Hope they’ll have you on more often.
~ Why did these states agree to these bloated union pensions anyway. Can’t they add?
~ Something drastic needs to be done about them (they are unsustainable), and in my opinion, if that means state bankruptsy to get out of them and renegotiate, then it must be done…..
Go the “Here and Now” post, find my comments, go to the links. The charts are all there. Much of the Illinois info comes directly from Ill TRS charts. A lot of the analysis was done by professors at Northwestern University.
These aren’t 401k’s. These are “Top-Hat” plans for administrators. For a mid- to large city’s school superintendent, pension distributions in the millions is not unlikely. Look at their annual salaries: The top 100 superintendents make from 207,000 to 385,000/yr. What kind of pension package do you think they would negotiate?
Chicago Tribune
> I must dis-agree about “Vick”….. How many dogs did he torture and kill and have someone else torture and kill ???
> And how many months did he “pay his dues” as you say ????
> Not enough dues payed for what he did – in my opinion. . .
> Seems to me that sports and the love of money got him back in the game… not justice or giving a criminal a second chance. Giving second chances is commendable but not so prematurly, as in “Vicks” case. . .
Krugman was strange today. It’s no mystery that China, India and other developing countries are eating our lunch. And while the Fed cannot literally print money, they can lower reserve requirements and interest rates to banks, causing more hoarding of capital, which suppresses domestic investment and growth. And he discounts speculation, despite the explosive growth of commodity ETFs recently. Very strange.
…no bailouts for the States!!!
Watch for a sugarcoated plan to confiscate private pension funds with the stated objective of offering “secure retirements”. It’ll be called Guaranteed Retirement Annuity, the brainchild of a Utopian Lefty by the name of Teresa Ghilarducci at the Economic Policy Institute. It’ll be called “Shared Prosperity”, with other terminology the wordsmiths are preparing now for the massmind.
Companies (like Delta Air Lines, for example) have been dismantling their pension plans for years, raiding them for general funds and placing the burden on the PBGC. And Ghilarducci is right: not only the 401k, but the ERISA laws in general are regressive, with key employee qualified and non-qualified top-heavy provisions, like BEPs, that once again tilt in favor of the rich. And in a wall-street raided economy like this, 401ks are a joke. Don’t look for Ghilarducci’s recommendations though, look for governor like Kasich and Christy to wage war on the rank-and-file public employees.
…I’m not rich…I’d have a lot more but for my mistakes (nobody else’s fault)…but I’ll keep and manage my own money, thank you..along with that, maybe I’ll have to work ’til I die–so what? Ghilarducci’s just a common thief.
Obama and Hillary need a damned mirror; their hypocrisy is sickening. What about our own politicized justice system? All the concern trolling about Justice for Oligarchs, yet we have terrorists living among us that other counties want to prosecute. Has there been one banker jailed yet? The Bush, Cheney cabal are still walking free. The US is inserting itself in the Spanish, Nigerian, and German Court system, the pet colonial project in the middle east is jailing children and non-violent peace protesters. I wonder if Khodorkovsky a dual citizen of Israel? American hubris knows no bounds.
Pfft. Then let Vick get a job with his college degree in physical education. Let him teach football in a public high school.
…I’m white (I think), and I feel whether he’s rehabilitated or not, he has paid his debt to society. I’m glad for him and his success. He was made an example in a lot of ways. Repeat DUI offenders are not treated as harshly.