User Panel
User Panel
User Panel
|
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 |
|
|
|
Posted: 2/28/2012 6:38:11 AM EDT
[#1]
I am going to buy an $80k car now, because I will make a million dollars in the next two years.
|
|
|
|
Posted: 2/28/2012 6:38:20 AM EDT
[#2]
in on 1
Preparing my anus... 
|
|
|
|
Posted: 2/28/2012 6:39:09 AM EDT
[#3]
Geezeus, SHTF has NOT just started.
It started years ago. |
|
|
|
Posted: 2/28/2012 6:41:21 AM EDT
[#4]
Quoted:
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. |
|
|
|
Posted: 2/28/2012 6:53:27 AM EDT
[#5]
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. |
|
|
|
Posted: 2/28/2012 6:58:21 AM EDT
[#6]
Sounds very similar to a ponzi scheme......
|
|
|
|
Posted: 2/28/2012 6:59:08 AM EDT
[#7]
Quoted:
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. |
|
|
|
Posted: 2/28/2012 7:01:23 AM EDT
[#8]
Quoted:
Sounds very similar to a ponzi scheme...... No, it's only a Ponzi scheme when it's done by an individual or a corporation. |
|
|
|
Posted: 2/28/2012 7:02:13 AM EDT
[#9]
Quoted: Quoted: 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. |
|
|
|
Posted: 2/28/2012 7:02:52 AM EDT
[#10]
Quoted:
Quoted:
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. 
|
|
|
|
Posted: 2/28/2012 7:03:45 AM EDT
[#11]
In other SHTF news - S&P just downgraded Greek debt to "Selective Default".
|
|
|
|
Posted: 2/28/2012 7:05:49 AM EDT
[#12]
I wonder if a responsible citizen could involve the FTC .....................
|
|
|
|
Posted: 2/28/2012 7:06:04 AM EDT
[#13]
Quoted:
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. |
|
|
|
Posted: 2/28/2012 7:06:21 AM EDT
[#14]
It was only a matter of time. If anyone thinks their 401Ks and other are safe...
|
|
|
|
Posted: 2/28/2012 7:06:33 AM EDT
[#15]
It's Social Security business model!
|
|
|
|
Posted: 2/28/2012 7:08:45 AM EDT
[#16]
Quoted: 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.   |
|
|
|
Posted: 2/28/2012 7:09:45 AM EDT
[#17]
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.
|
|
|
|
Posted: 2/28/2012 7:13:33 AM EDT
[#18]
Meh. Social Security anyone?
|
|
|
|
Posted: 2/28/2012 7:37:30 AM EDT
[#19]
Quoted:
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... |
|
|
|
Posted: 2/28/2012 7:49:26 AM EDT
[#20]
|
|
|
|
Posted: 2/28/2012 8:04:04 AM EDT
[#21]
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 |
|
|
|
Posted: 2/28/2012 8:07:40 AM EDT
[#22]
This seems familiar.
 SS anyone? Edit: Beat. Read entire thread. |
|
|
|
Posted: 2/28/2012 8:10:31 AM EDT
[#23]
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. |
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
