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Posted: 2/28/2012 6:36:48 AM EDT
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

Link Posted: 2/28/2012 6:38:11 AM EDT
I am going to buy an $80k car now, because I will make a million dollars in the next two years.
Link Posted: 2/28/2012 6:38:20 AM EDT
in on 1

Preparing my anus...
Link Posted: 2/28/2012 6:39:09 AM EDT
Geezeus, SHTF has NOT just started.
























It started years ago.
Link Posted: 2/28/2012 6:41:21 AM EDT
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.
Link Posted: 2/28/2012 6:53:27 AM EDT
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.
Link Posted: 2/28/2012 6:58:21 AM EDT
Sounds very similar to a ponzi scheme......
Link Posted: 2/28/2012 6:59:08 AM EDT
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.
Link Posted: 2/28/2012 7:01:23 AM EDT
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.
Link Posted: 2/28/2012 7:02:13 AM EDT

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.
Link Posted: 2/28/2012 7:02:52 AM EDT
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.

Link Posted: 2/28/2012 7:03:45 AM EDT
In other SHTF news - S&P just downgraded Greek debt to "Selective Default".

Link Posted: 2/28/2012 7:05:49 AM EDT
I wonder if a responsible citizen could involve the FTC .....................
Link Posted: 2/28/2012 7:06:04 AM EDT
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.
Link Posted: 2/28/2012 7:06:21 AM EDT
It was only a matter of time. If anyone thinks their 401Ks and other are safe...
Link Posted: 2/28/2012 7:06:33 AM EDT
It's Social Security business model!
Link Posted: 2/28/2012 7:08:45 AM EDT

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.




Link Posted: 2/28/2012 7:09:45 AM EDT
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.
Link Posted: 2/28/2012 7:13:33 AM EDT
Meh. Social Security anyone?
Link Posted: 2/28/2012 7:37:30 AM EDT
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...
Link Posted: 2/28/2012 7:49:26 AM EDT
Link Posted: 2/28/2012 8:04:04 AM EDT
[Last Edit: 2/28/2012 8:05:39 AM EDT 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.

Posted Via AR15.Com Mobile
Link Posted: 2/28/2012 8:07:40 AM EDT
[Last Edit: 2/28/2012 8:08:23 AM EDT by AKSig]
This seems familiar.



SS anyone?

Edit: Beat. Read entire thread.
Link Posted: 2/28/2012 8:10:31 AM EDT
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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