 9mmRandy
Sick & Tired
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Joined: Mar 2011  PA, USA
 
 Posts: 2795 Feedback: 100% (126) |
Posted: 2/28/2012 10:36:48 AM
THE IMAGE ABOVE IS A PAID ADVERTISEMENT 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 |
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Posted: 2/28/2012 10:38:11 AM
I am going to buy an $80k car now, because I will make a million dollars in the next two years.
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Posted: 2/28/2012 10:38:20 AM
in on 1
Preparing my anus...  |
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Posted: 2/28/2012 10:39:09 AM
Geezeus, SHTF has NOT just started.
It started years ago. |
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Posted: 2/28/2012 10:41:21 AM
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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Posted: 2/28/2012 10:53:27 AM
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. |
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Posted: 2/28/2012 10:58:21 AM
Sounds very similar to a ponzi scheme......
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Posted: 2/28/2012 10:59:08 AM
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. |
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sjuhockey10
The Man Your Man Could Smell Like
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Joined: Nov 2008 MN, USA
Posts: 17764 Feedback: 100% (4) Link To This Post |
Posted: 2/28/2012 11:01:23 AM
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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Posted: 2/28/2012 11:02:13 AM
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. |
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9mmRandy
Sick & Tired
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Joined: Mar 2011 PA, USA
Posts: 2797 Feedback: 100% (126) Link To This Post |
Posted: 2/28/2012 11:02:52 AM
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. 
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pdg45acp
Your friend in the shooting range busniess
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Joined: Nov 2000 IN, USA
Posts: 12160 Feedback: 100% (18) Link To This Post |
Posted: 2/28/2012 11:03:45 AM
In other SHTF news - S&P just downgraded Greek debt to "Selective Default".
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danpass
Harvest time
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Joined: Sep 2005 FL, USA
Posts: 16060 Feedback: 100% (29) Link To This Post |
Posted: 2/28/2012 11:05:49 AM
I wonder if a responsible citizen could involve the FTC .....................
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9mmRandy
Sick & Tired
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Joined: Mar 2011 PA, USA
Posts: 2798 Feedback: 100% (126) Link To This Post |
Posted: 2/28/2012 11:06:04 AM
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. |
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sharps54
Member
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Joined: Dec 2004 VA, USA
Posts: 3004 Feedback: 100% (28) Link To This Post |
Posted: 2/28/2012 11:06:21 AM
It was only a matter of time. If anyone thinks their 401Ks and other are safe...
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Posted: 2/28/2012 11:06:33 AM
It's Social Security business model!
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Posted: 2/28/2012 11:08:45 AM
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.   |
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Posted: 2/28/2012 11:09:45 AM
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. |
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BrowardMason
Awake
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Joined: Jul 2011 FL, USA
Posts: 1705 Feedback: 100% (29) Link To This Post |
Posted: 2/28/2012 11:13:33 AM
Meh. Social Security anyone?
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Posted: 2/28/2012 11:37:30 AM
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... |
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David14
There is no David14 on the computer.
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Joined: Feb 2008 GA, USA
Posts: 8973 Feedback: 100% (31) Link To This Post |
Posted: 2/28/2012 11:49:26 AM
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billyjoebob
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Joined: Jan 2009 NY, USA
Posts: 409 Feedback: 0% (0) Link To This Post |
Posted: 2/28/2012 12:04:04 PM
[Last Edit: 2/28/2012 12:05:39 PM 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 |
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AKSig
I AM THE C.L.I.T. COMMANDER!
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Joined: Nov 2007 PA, USA
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Posted: 2/28/2012 12:07:40 PM
[Last Edit: 2/28/2012 12:08:23 PM by AKSig]
This seems familiar.
 SS anyone? Edit: Beat. Read entire thread. |
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Posted: 2/28/2012 12:10:31 PM
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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