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9mmRandy
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Posted: 2/28/2012 5:36:48 AM EST
If your on the fence about the state of the union this should put you over the edge.

NY state has decided to borrow from state employees pensions in order to pay current pensioners!

But it's OK. They plan on paying it back when the market swings up. They feel their investments are so good the will make so much money it will all even out

The magic money tap is starting to close.

http://www.nytimes.com/2012/02/28/nyregion/to-pay-new-york-pension-fund-cities-borrow-from-it-first.html

http://www.capitalnewyork.com/article/politics/2012/02/5363909/new-york-borrows-pension-fund-pay-pension-fund

Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny -T. Jefferson
poink
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Posted: 2/28/2012 5:38:11 AM EST
I am going to buy an $80k car now, because I will make a million dollars in the next two years.
Wave
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Posted: 2/28/2012 5:38:20 AM EST
in on 1

Preparing my anus...
Target556x45mm
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Posted: 2/28/2012 5:39:09 AM EST
Geezeus, SHTF has NOT just started.
























It started years ago.
dex357
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Posted: 2/28/2012 5:41:21 AM EST
Originally Posted By Target556x45mm:
Geezeus, SHTF has NOT just started.
























It started years ago.




I think that actually you might be correct.

We are close to the end than the beginning.
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GainesvilleRebel
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Posted: 2/28/2012 5:53:27 AM EST
This sort of shell game will continue until the workers promised pensions balk.

Eventually the public employees will wake up and realize that their pension fund was treated by civic leaders the way Dumb and Dumber treated their Sampsonite briefcase full of cash- as nothing more than an IOU receptacle.

Only after this happens and municipalities begin to have trouble staffing shifts will there be even a remote chance of addressing this sort of irresponsible behavior.
Hamel
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Posted: 2/28/2012 5:58:21 AM EST
Sounds very similar to a ponzi scheme......
jwr6
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Posted: 2/28/2012 5:59:08 AM EST
Originally Posted By poink:
I am going to buy an $80k car now, because I will make a million dollars in the next two years.


No, but you can buy a 80k car if the fedgov will cover you...

NY can't declare bankruptcy. Fedgov will bail out the state pension fund.
sjuhockey10
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Posted: 2/28/2012 6:01:23 AM EST
Originally Posted By Hamel:
Sounds very similar to a ponzi scheme......


No, it's only a Ponzi scheme when it's done by an individual or a corporation.
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j_dock2
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Posted: 2/28/2012 6:02:13 AM EST

Originally Posted By jwr6:
Originally Posted By poink:
I am going to buy an $80k car now, because I will make a million dollars in the next two years.


No, but you can buy a 80k car if the fedgov will cover you...

NY can't declare bankruptcy. Fedgov will bail out the state pension fund.

Yep, sadly this ride is going to go all the way to the very, very bottom.
9mmRandy
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Posted: 2/28/2012 6:02:52 AM EST
Originally Posted By jwr6:
Originally Posted By poink:
I am going to buy an $80k car now, because I will make a million dollars in the next two years.


No, but you can buy a 80k car if the fedgov will cover you...

NY can't declare bankruptcy. Fedgov will bail out the state pension fund.


With what? Oh, that's right, they can do it on the back's of our children... Silly me.

Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny -T. Jefferson
pdg45acp
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Posted: 2/28/2012 6:03:45 AM EST
In other SHTF news - S&P just downgraded Greek debt to "Selective Default".

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danpass
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Posted: 2/28/2012 6:05:49 AM EST
I wonder if a responsible citizen could involve the FTC .....................
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9mmRandy
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Posted: 2/28/2012 6:06:04 AM EST
Originally Posted By pdg45acp:
In other SHTF news - S&P just downgraded Greek debt to "Selective Default".



Do they make this shit up as they go? What's next? I'm for calling a spade a spade.
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny -T. Jefferson
sharps54
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Posted: 2/28/2012 6:06:21 AM EST
It was only a matter of time. If anyone thinks their 401Ks and other are safe...
BWhalen
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Posted: 2/28/2012 6:06:33 AM EST
It's Social Security business model!
BangStick1
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Posted: 2/28/2012 6:08:45 AM EST

Originally Posted By Hamel:
Sounds very similar to a ponzi scheme......



Can't be! This is a bonafide program set up by our dear leaders for our benefit.
I have every confidence that their assumptions will pay off.

And we all should be eternally grateful that our dear leaders take the time out of
their day to care for us mere peasants.








220ST
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Posted: 2/28/2012 6:09:45 AM EST
Really? SHTF cause of this news breaking thread?

My County's Pension Fund has been doing this for the past few years.

I'm investing in shotgun ammo and canned goods.
BrowardMason
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Posted: 2/28/2012 6:13:33 AM EST
Meh. Social Security anyone?
As above, so below.

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Kevyn
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Posted: 2/28/2012 6:37:30 AM EST
Originally Posted By 9mmRandy:
If your on the fence about the state of the union this should put you over the edge.

NY state has decided to borrow from state employees pensions in order to pay current pensioners!

But it's OK. They plan on paying it back when the market swings up. They feel their investments are so good the will make so much money it will all even out

The magic money tap is starting to close.

http://www.nytimes.com/2012/02/28/nyregion/to-pay-new-york-pension-fund-cities-borrow-from-it-first.html

http://www.capitalnewyork.com/article/politics/2012/02/5363909/new-york-borrows-pension-fund-pay-pension-fund



Margin Call...
David14
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Posted: 2/28/2012 6:49:26 AM EST
Sometimes you have to look for the irony, and sometimes it runs at you, head-butts you, kicks you in the balls, then bends you over and makes you its bitch.
billyjoebob
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Posted: 2/28/2012 7:04:04 AM EST
[Last Edit: 2/28/2012 7:05:39 AM EST by billyjoebob]
I'm a member of the NYS police and fire pension system. I "joined" when I was hired in the early 90's.

What bothers me most, and what should outrage taxpayers, is from when I was hired through around 2004, my employer didn't have to pay a penny toward my pension. The pension system was doing so well with market investments, employer contributions were nil. Did anyone think to take that "surplus" and save it for the current eventuality? No. The surplus money was spent and wasted on every entitlement program under the sun, when saving just 10% of their annual "savings" over those good years could easily cover the current shortfall.

Now that the shortfall must be filled, all the municipalities are crying poverty. And no one has the stones to call this mess what it really is...poor planning by elected officials.

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AKSig
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Posted: 2/28/2012 7:07:40 AM EST
[Last Edit: 2/28/2012 7:08:23 AM EST by AKSig]
This seems familiar.



SS anyone?

Edit: Beat. Read entire thread.
Gator
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Posted: 2/28/2012 7:10:31 AM EST
New York.

I really need to get outta here. Great place, good people, but the government tries it's best to fuck it all up. And they wonder why people leave the state in droves.
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