Comments on: Special Series: Bankruptcy Didn’t Make the Sky Fall In Orange County

By: SeeSaw

SeeSaw — Sun, 11 Mar 2012 01:08:36 +0000

This is a serious subject, Rex. It is not necessary for you to insult, my degree of education. I have a couple years college–no GED–and I have had economics and accounting courses. Yes, I understand that a pension is a property right–but, nobody with a pension, is allowed to cash in its future, aggregate worth, in place of its current worth, like they would a piece of real property. In order to have ten million dollars, the retiree, who makes over $100k a year, would have to bank every pension penny, for 30 years, without spending a cent, along the way. Be realistic, and stop the spinning, Rex.

By: Rex The Wonder Dog!

Rex The Wonder Dog! — Sat, 10 Mar 2012 21:22:49 +0000

San Diego votes in June on the 401K pension reform- reform for everyone except police. Police should have been included also IMO.

By: Beelzebub

Beelzebub — Sat, 10 Mar 2012 20:08:05 +0000

Even if they discontinue the 3%@50 scam for new hires – it still does not solve the problem that they created in the short or mid term. There is no way that they will be able to finance the next crop of retirees over the next 10 years. We won’t see any benefit from the reduction of pensions for new hires for 25-30 years. That’s doesn’t help us now. None of these people want to face the truth. It’s like they have their foot to the floorboard and that brick wall is getting closer and closer. The whole time they’re telling us to hold on tight and everything will be okay. It’s insane.

By: Rex The Wonder Dog!

Rex The Wonder Dog! — Sat, 10 Mar 2012 19:11:11 +0000

Beelz, what we are now witnessing is the END of the 3%@50 scam, and with it the other retro enhanced scams like 2.7% and 2.5% @ 55. These pensions will not be paid in the very near future b/c it is impossible to sustain them. These were a fraud, a rip off, a wealth accumulation vehicle for a special interest who gave big $$$$ to get them.

Whoever came up with 3%@50 did it as a scam. It was a public union cop in the CHP, and they thought the scam would work, but it didn’t, and it won’t in the future.

In less than 10 years (2007) the scam started going sideways. Today it is in full free fall. You cannot pay multi million dollar pensions to anyone, but especially rank and file, non educated, gov employees. That is the bottom line. This is the end.

It truly was, and is, now a Ponzi Scheme. Charles Ponzi would have been proud to see his scam working so good in the public secotr under a pretext of legitimacy.

By: Beelzebub

Beelzebub — Sat, 10 Mar 2012 18:34:04 +0000

The unions are grasping at straws, rex. The union leaders know full well that the math doesn’t work. But they are scared to tell the workers that it’s time to take big pension haircuts now to save the system since it would be career suicide. The workers would toss them out. So they keep propagating the LIE that the pension systems are solvent and there’s nothing to worry about.

Orange County and OCERS are in much bigger trouble than is being talked about. Read that Stanford study. The City of San Diego is in big trouble too. When is San Diego going to vote on the pension issue? June or November? That is going to be a huge ballot measure with widespread ramifications. The unions will try to use the courts to get it overturned. Count on it!

By: Rex The Wonder Dog!

Rex The Wonder Dog! — Sat, 10 Mar 2012 18:19:42 +0000

The jig won’t end until it does implode. Greece bond holders took an 80% haircut, expect to see that in public pensions too, namely any pension over %60K will be subject to a major haircut-and if you have a $200K pension and it is cut to $60K that is a 70% haircut.

By: Beelzebub

Beelzebub — Sat, 10 Mar 2012 18:02:38 +0000

Read this:

Stanford studied the 24 largest municipal (city/county) pension systems in CA. Most of them are funded at about 50%. Many consume 15%-20% of total expenditures for the municipalities. Shocking study. It puts it into perspective just how much danger the pension systems are in. No wonder the government is artificially pumping the stock market. Next time it crashes these pension ponzi’s are going to implode!

http://siepr.stanford.edu/system/files/shared/pubs/papers/pdf/Nation_More_Pension.pdf

By: Rex The Wonder Dog!

Rex The Wonder Dog! — Sat, 10 Mar 2012 16:21:59 +0000

Get real, Rex. You can only be a multi-millionaire, unless you possess money and property,

A pension is a “property” right seesaw, I guess they didn’t teach you that in your GED courses 😉

By: Rex The Wonder Dog!

Rex The Wonder Dog! — Sat, 10 Mar 2012 16:20:45 +0000

There are basically no multi-millionaires made, from pensions, at the age of 50.

ANY gov dork who retires today, or in the future, is a mutli millionaire, that is the VALUE of their VESTED pension. That is a well known fact and “seesaw spin” does not chnage the facts of life.

For cops it is MUTLI-MILLIOARE, as high as $10 million.

So once again seesaw, you prove you do not have the math skills to TALK SHOP HERE WITH US 🙂

By: SeeSaw

SeeSaw — Sat, 10 Mar 2012 03:49:39 +0000

Get real, Rex. You can only be a multi-millionaire, unless you possess money and property, that would bring you a million+, if you redeemed it all, at once. There are basically no multi-millionaires made, from pensions, at the age of 50. You are a lousy predictor–nothing you have ever predicted, has panned out, for you. The pensions are going to be paid, whether or not there is a very small tax increase. Services will suffer, though.