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View Full Version : Fox Business: $165,000,000,000 Taxpayer Bailout for Private Unions to be introduced




Cowlesy
05-24-2010, 01:34 PM
Presented without comment.

http://www.foxbusiness.com/personal-finance/2010/05/24/lawmaker-introduces-b-union-pension-bailout/


A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

It’s hard to say at the moment what the chances are that the bill will pass. A hearing is scheduled Thursday, which will give the public a sense of where political leaders sit on the topic, said Willis.

Just last week President Obama said there would be no more bailouts.



You Make It. They Take It.

Fox McCloud
05-24-2010, 01:40 PM
"save jobs" and "create jobs" are becoming political quips everyone and their brother is saying or attaching to bills just to get them passed anymore...if the public may bristle at it, hey, no need to worry! We'll just call it "the jobs creation act" and be sure to liberally say "creates/saves jobs" whenever we talk about it in the news.

this is ridiculous--I swear it doesn't pay to be a liberty lover anymore; you end up making more money if you gain as many political favors as possible as opposed to working hard and providing consumers with what they really want.

If unions can't fund their own pensions, then they should go bankrupt, just like any corporation.

Kotin
05-24-2010, 01:49 PM
I am speechless.. I can't fuckin believe this but at the same time I can.. The madness never ends :mad:

angelatc
05-24-2010, 01:54 PM
I'm sure the Teamster running against Kokesh in the primary will be sure to vote against this!

Fox McCloud
05-24-2010, 01:56 PM
I might also add that this is effectively making every tax-payer pay unions dues, if you really want to get technical, whether they're in a union or not.

ChaosControl
05-24-2010, 01:59 PM
Ugh more damn bailouts for companies that were too stupid when negotiating pensions to plan ahead. **** that.

ItsTime
05-24-2010, 02:03 PM
How long are we going to take this?

Cowlesy
05-24-2010, 02:05 PM
This bill cannot pass. The country would go apesh*t.

That'd be like saying, "Hey my 401(K) that I personally fund is down 35%, so make me whole, taxpayer."

Brooklyn Red Leg
05-24-2010, 02:07 PM
This bill cannot pass. The country would go apesh*t.

To a degree, probably.


That'd be like saying, "Hey my 401(K) that I personally fund is down 35%, so make me whole, taxpayer."

Government' gonna seize 401(k)s, so they will be 'bailed out' anyway.

At this point, I would almost surmise they're doing this to cause hyperinflation to accelerate the death of the FRN.

ItsTime
05-24-2010, 02:12 PM
This bill cannot pass. The country would go apesh*t.

That'd be like saying, "Hey my 401(K) that I personally fund is down 35%, so make me whole, taxpayer."

The most ape shit the tea party will be is that they will get mad, sing the national anthem at rallies, then come next April fill out their tax papers and pay the bill.

The left not getting their hand out is where shit will hit the fan.

Dems will lose in a land slide if they give the bailout, but the damage would already be done.

Anti Federalist
05-24-2010, 02:25 PM
This bill cannot pass. The country would go apesh*t.

That'd be like saying, "Hey my 401(K) that I personally fund is down 35%, so make me whole, taxpayer."

Make a bet? A friendly wager?

$100 to the candidate of your choice if this does not pass within one year of today.

That has to include renaming the bill and slipping it into an unrelated bill.

http://i54.photobucket.com/albums/g108/Kaiba21/RageFace2.png

AuH20
05-24-2010, 02:30 PM
They truly are intent in inciting a civil war.

AuH20
05-24-2010, 02:36 PM
The most ape shit the tea party will be is that they will get mad, sing the national anthem at rallies, then come next April fill out their tax papers and pay the bill.

The left not getting their hand out is where shit will hit the fan.

Dems will lose in a land slide if they give the bailout, but the damage would already be done.

I don't know. The Tea Party people are rapidly being pushed to that point of no return commonly referred as the "I have nothing left to lose" land. Playtime is over.

Danke
05-24-2010, 02:38 PM
Fox is such a good source for factual news.

ItsTime
05-24-2010, 02:41 PM
I don't know. The Tea Party people are rapidly being pushed to that point of no return commonly referred as the "I have nothing left to lose" land. Playtime is over.

Far from that. The tea party political culture is MUCH different than the political culture of the common protesting union worker/left protester. The tea partier is more likely not to panic because of independent thinking. Where as the everything is handed to me union worker/left protester feels entitled and when they don't get it will get violent.

Look at what the unions are doing now going to people houses! Protesting in their lawns! How much would it take for them to get violent and inside the house? Not much.

AuH20
05-24-2010, 02:49 PM
Far from that. The tea party political culture is MUCH different than the political culture of the common protesting union worker/left protester. The tea partier is more likely not to panic because of independent thinking. Where as the everything is handed to me union worker/left protester feels entitled and when they don't get it will get violent.

Look at what the unions are doing now going to people houses! Protesting in their lawns! How much would it take for them to get violent and inside the house? Not much.

But at the same time, the tea party has been pushed to the brink. Yes, they're less prone to take a violent approach but they're not stupid. International bankers have been bailed out despite their protestations. A highly unfavorable health care bill was just rammed down their throat. Deficit spending continues at record levels. Now suddenly the unions are being given carte blance treatment. Meanwhile, the private sector is being battered by unemployment, shrinking revenue and the specter of increased taxation.

ItsTime
05-24-2010, 02:53 PM
But at the same time, the tea party has been pushed to the brink. Yes, they're less prone to take a violent approach but they're not stupid. International bankers have been bailed out despite their protestations. A highly unfavorable health care bill was just rammed down their throat. Deficit spending continues at record levels. Now suddenly the unions are being given carte blance treatment. Meanwhile, the private sector is being battered by unemployment, shrinking revenue and the specter of increased taxation.

I agree any group of people can be pushed to much, I just do not think the tea party movement is anywhere near that. A lot more unemployment with high taxes and people going hungry will have to happen for that to happen.

But the left, all you need to do is pull out their pacifier and take away their blankie and they go ape shit.

devil21
05-24-2010, 02:55 PM
We knew this was in the works for a long time. This will probably end up being more contentious than the health care bill was. Violence probably won't be far behind.

Cowlesy
05-24-2010, 02:55 PM
Sorry, I meant apesh*t in the sense of voting incumbents out of office to the point we could override a presidential veto after pass a bill to repeal it.

AuH20
05-24-2010, 02:56 PM
But the left, all you need to do is pull out their pacifier and take away their blankie and they go ape shit.

True. But they are paper tigers. I'm far more concerned when the patient members of our side finally roll up our sleeves and throw down the gauntlet. The unions will be in a world of pain if that day arrives.

Cowlesy
05-24-2010, 02:56 PM
Make a bet? A friendly wager?

$100 to the candidate of your choice if this does not pass within one year of today.

That has to include renaming the bill and slipping it into an unrelated bill.

http://i54.photobucket.com/albums/g108/Kaiba21/RageFace2.png

Deal.

Just because I love the RageFace.

Anti Federalist
05-24-2010, 03:02 PM
Deal.

Just because I love the RageFace.

Deal.

I think I'm going to clean your clock on this one brother, the unions are disciples in this administration.

Wouldn't surprise me if they ended up getting more than the 165 billion.

Danke
05-24-2010, 03:06 PM
I hate contract law, Fox is right again!

Cowlesy
05-24-2010, 03:08 PM
I hate contract law, Fox is right again!

explain yourself you cranky German

AuH20
05-24-2010, 03:08 PM
And Rand Paul is the dangerous extremist? Really? :eek:

Original_Intent
05-24-2010, 03:14 PM
I am speechless.. I can't fuckin believe this but at the same time I can.. The madness never ends :mad:

+1

MsDoodahs
05-24-2010, 03:16 PM
explain yourself you cranky German

lol....thanks....needed a laugh....depressing thread....

HOLLYWOOD
05-24-2010, 03:18 PM
http://www.wseu-24.org/Web%20Site%20Graphics/AFSCME_BlockLogo-2Color.jpghttp://mcmahon.homestead.com/AFSCME_MAIN.jpg

http://www.ronpaulforums.com/showpost.php?p=2715066&postcount=28



http://www.liberalstreetfighter.com/ee/images/uploads/art.clinton.afscme.gi.jpg

puppetmaster
05-24-2010, 03:38 PM
To a degree, probably.



Government' gonna seize 401(k)s, so they will be 'bailed out' anyway.

At this point, I would almost surmise they're doing this to cause hyperinflation to accelerate the death of the FRN.

The govenment would seize the 401ks so that they can add the union pensions to it with out backlash....

TinCanToNA
05-24-2010, 04:45 PM
Send all the cheeseburgers and bacon-wrapped bacon to all the union retirees you know. Get them out of the system the American way--by heart disease.

phill4paul
05-24-2010, 04:53 PM
Why would they need their pensions? They have Social Security to fall back on like every American does. Right?

Right?:(

QueenB4Liberty
05-24-2010, 05:03 PM
This bill cannot pass. The country would go apesh*t.

That'd be like saying, "Hey my 401(K) that I personally fund is down 35%, so make me whole, taxpayer."

Is this the bill that would confiscate people's 401k's to pay for the Unions? My mom talks about this all the time but I've never heard about it before as in actual legislation.

I just started my 401k too, so I hope this isn't true..:confused:

TC95
05-24-2010, 05:54 PM
Is this the bill that would confiscate people's 401k's to pay for the Unions? My mom talks about this all the time but I've never heard about it before as in actual legislation.

I just started my 401k too, so I hope this isn't true..:confused:

They're totally after your 401k.

http://www.humanevents.com/article.php?id=36823

peacepotpaul
05-24-2010, 06:21 PM
I am speechless.. I can't fuckin believe this but at the same time I can.. The madness never ends :mad:

you'll get used to it soon.

catdd
05-24-2010, 06:35 PM
When all of this bail out business first started it was suppose to be a "temporary fix" until they could find a solution.

PeacePlan
05-24-2010, 06:42 PM
They're totally after your 401k.

http://www.humanevents.com/article.php?id=36823 (http://www.humanevents.com/article.php?id=36823)

Good reason to hold gold or silver - all paper is going to burn.......

BetaMale
05-24-2010, 06:56 PM
How long are we going to take this?

until the dollar collapses. And probably even after that point. Americans won't mind being slaves, as long as the government allows us to watch Idol a few times a week, and allows us to buy iPads to keep us busy.

Kylie
05-24-2010, 10:29 PM
I found a fairly good article on this.


http://www.realclearmarkets.com/articles/2010/04/08/decrying_the_union_pension_bailout_bill_98411.html


Even has some of my union friends questioning WTF is going on with their "unions".

HOLLYWOOD
05-24-2010, 10:37 PM
I found a fairly good article on this.


http://www.realclearmarkets.com/articles/2010/04/08/decrying_the_union_pension_bailout_bill_98411.html


Even has some of my union friends questioning WTF is going on with their "unions".


The REAL Ulterior Motive is Bailing Out: GOVERNMENT Pensions

http://online.barrons.com/article/SB126843815871861303.html#articleTabs_panel_articl e%3D1

Barron's Cover
| MONDAY, MARCH 15, 2010
The $2 Trillion Hole <===== BINGO! bailout government pension hole
By JONATHAN R. LAING

Promised pensions benefits for public-sector employees represent a massive overhang that threatens the financial future of many cities and states.

LIKE A CALIFORNIA WILDFIRE, populist rage burns over bloated executive compensation and unrepentant avarice on Wall Street.
Deserving as these targets may or may not be, most Americans have ignored at their own peril a far bigger pocket of privilege -- the lush pensions that the 23 million active and retired state and local public employees, from cops and garbage collectors to city managers and teachers, have wangled from taxpayers.

Some 80% of these public employees are beneficiaries of defined-benefit plans under which monthly pension payments are guaranteed, no matter how stocks and other volatile assets backing the retirement plans perform. In contrast, most of the taxpayers footing the bill for these public-employee benefits (participants' contributions to these plans are typically modest) have been pushed by their employers into far less munificent defined-contribution plans and suffered the additional indignity of seeing their 401(k) accounts shrivel in the recent bear market in stocks.

And defined-contribution plans, unlike public pensions, have no protection against inflation. It's just too bad: Maybe some seniors will have to switch from filet mignon to dog food.
file:///C:/Users/WINDOWS7/AppData/Local/Temp/msohtmlclip1/01/clip_image001.jpgJames Bennett
Sweet retirement for public servants could lead to severe cuts in basic services.

Most public employees, if they hang around to retirement, can count on pensions equal to 75% to 90% of their pay in their highest-earning years. And many public employees earn even more in retirement than their best year's base compensation as a result of "spiking" their last year's income by working ferocious amounts of overtime and rolling in years of unused sick and vacation days into their final-year pay computation.
A survey by the watchdog group California Foundation for Fiscal Responsibility found that some 15,000 Golden State public employees are knocking down $100,000 or more, while some 200, mostly police and fire chiefs and school administrators, are members of the $200,000-a-year-and-up club.

Inflation
05-25-2010, 12:10 AM
This is great news...

...for the tax protest movement.

Nothing will throw more fuel on the fire than pissing off people with BS like this, at least until they take the 401ks.

fj45lvr
05-25-2010, 03:13 AM
what a joke....