Comments on: Special Series: The pros and cons of municipal bankruptcy https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/ Mon, 01 Jan 2018 06:38:12 +0000 hourly 1 By: Ryan https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-140511 Mon, 01 Jan 2018 06:38:12 +0000 http://www.calwatchdog.com/?p=27606#comment-140511 Ottawa Government Canada has a $11 Billion hole

]]> By: john moore https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16678 Mon, 16 Apr 2012 15:53:41 +0000 http://www.calwatchdog.com/?p=27606#comment-16678 There is no vested right to any salary level. Nor to full time. My example may have been extreme, but valid. I take your Reply as an “I don’t understand.”

]]> By: SeeSaw https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16677 Sun, 15 Apr 2012 02:08:11 +0000 http://www.calwatchdog.com/?p=27606#comment-16677 Your, “stand up” is no good Mr. Moore. Look into doing something else.

]]> By: john moore https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16676 Sun, 15 Apr 2012 00:07:48 +0000 http://www.calwatchdog.com/?p=27606#comment-16676 I suspect that CalPERS is no more effective at litigating than investing. The safety unions are heavily armed with legal and experience. No one should expect it to be easy. If I were negotiating the pre-bankruptcy mediation(per Stockton), my first offer would be that 90%+ of all 3%@50 employees would go to part time, w/o benefits. Just like a fast food franchise. There are tens of thousands of unemployed police and fire people out there who would love to make $50,000 per year. We should give them a fair chance.

]]> By: SeeSaw https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16675 Sat, 14 Apr 2012 23:08:27 +0000 http://www.calwatchdog.com/?p=27606#comment-16675 There is no collective bargaining when it comes to current pensions. You are the one who will dissappointed, Beez–because our pensions are rock solid.

]]> By: Ted Steele, Associate Prof. https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16674 Sat, 14 Apr 2012 18:19:31 +0000 http://www.calwatchdog.com/?p=27606#comment-16674 Beezy boob——- you alarmists have been tooting garbage for years now…..there are so many ways to work through this lawfully but your crew only advances the draconian nonsense…….dull——– have a super duper day too!

]]> By: Beelzebub https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16673 Sat, 14 Apr 2012 17:13:33 +0000 http://www.calwatchdog.com/?p=27606#comment-16673 The large urban areas like Los Angeles, Stockton, Fresno, San Jose – that are in deep, deep financial crap (according their own city officials) – have no other choice but to drastically cut both current pensions being paid and pensions of active duty city employees – since that is where 80% of the problem originates. If they cannot come to an agreement with the unions to accomplish that – then the next step in the process is bankruptcy to force it down their throats. This is reality. Bankruptcy has already been threatened by the city officials. It is not conjecture. These are the hard, cold facts. The thing about changing the pension formulas or going to a defined contribution for new employees does not scratch the surface of the CURRENT fiscal crisis. The ones who are stomping their feet and turning blue on these boards are simply not facing reality. They are in deep denial. When it finally happens it will hit them in the face like a glass of ice water.

You see, the revenue that the cities are relied on to finance all this excess is shrinking and IT AIN’T COMING BACK. The investments markets will be STAGNANT (in the very best scenario) and property tax revenue is on a steep decline. As interest rates climb (and they must) the cities will find it harder and harder to find buyers as risk goes substantially higher (remember: municipal bonds are supposed to be a SAFE HAVEN for conservative investors. Not a risky security to gamble with) and to service the interest on the huge debtloads.

I am sorry to be the messenger of bad news, but you current and former government people who rely on easy pension money are about to get screwed.

I ask you to remember this piece of wisdom going forward:

IT IS EASIER TO CHANGE RULES, POLICIES, LAWS AND EVEN THE CONSTITUTION ITSELF THAN IT IS TO PAY PEOPLE WITH MONEY THAT DOESN’T EXIST.

Please write that down for future reference.

Have a nice day.

]]> By: queeg https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16672 Sat, 14 Apr 2012 15:16:47 +0000 http://www.calwatchdog.com/?p=27606#comment-16672 The Brown tax will pass and here we go again. Spend. Spend. Spend

]]> By: Rex The Wonder Dog! https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16671 Sat, 14 Apr 2012 05:39:17 +0000 http://www.calwatchdog.com/?p=27606#comment-16671 You and your cohorts cheering to see the public sector workers brought down, are sickening.

I will b throwing a partay!~

]]> By: SeeSaw https://calwatchdog.com/2012/04/12/special-series-the-pros-and-cons-of-municipal-bankruptcy/#comment-16670 Sat, 14 Apr 2012 05:12:53 +0000 http://www.calwatchdog.com/?p=27606#comment-16670 That’s because Cali is not RI, or NJ, or ALabama, or any other state, Rex. If you think any other City who claims bankrupty is not going to be growled at by CalPRS, just like Vallejo was, you better think again. You and your cohorts cheering to see the public sector workers brought down, are sickening.

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