mdporter Posted January 30, 2010 Report Share Posted January 30, 2010 For Shorty: California State Teachers' Retirement System (Calstrs) said it recorded a $42.6 billion shortfall, hurt by investment losses and up from $22.5 billion a year earlier. Calstrs posted the funding strategy report of its flagship Defined Benefit Program, to be presented by chief executive Jack Ehnes on Feb. 5, on its website. "Given the 25 percent loss in investments in 2008-09, however, the funding situation has gotten much worse," Calstrs said in the report. The funding shortfall would reduce the Defined Benefit Program's funded ratio to about 77 percent, according to the report. If all the losses from 2008-09 were recognized, the shortfall would increase further to about $78 billion and would reduce the funded ratio to 58 percent, the fund said in the report. The fund will need to seek increases in contributions to offset the impact of the investment losses, it said. Source This week a whole bunch of CA school districts announced big shortfalls and layoffs, the SF transit district is millions in the hole, the SF school districts is $113 million short, the Sacramento transportation authority is millions in the hole and will lay off 300 peeps, etc. Everywhere you look budgets are blowing up and more people are losing their jobs. The state here is raising fees all over the place. Bridge tolls her in the Bay Area just got raised again another 25%. $5 to drive over a bridge, more depending on the time of day. Link to comment Share on other sites More sharing options...
shorty Posted January 30, 2010 Report Share Posted January 30, 2010 For Shorty: California State Teachers' Retirement System (Calstrs) said it recorded a $42.6 billion shortfall, hurt by investment losses and up from $22.5 billion a year earlier. Calstrs posted the funding strategy report of its flagship Defined Benefit Program, to be presented by chief executive Jack Ehnes on Feb. 5, on its website. "Given the 25 percent loss in investments in 2008-09, however, the funding situation has gotten much worse," Calstrs said in the report. The funding shortfall would reduce the Defined Benefit Program's funded ratio to about 77 percent, according to the report. If all the losses from 2008-09 were recognized, the shortfall would increase further to about $78 billion and would reduce the funded ratio to 58 percent, the fund said in the report. The fund will need to seek increases in contributions to offset the impact of the investment losses, it said. Source This week a whole bunch of CA school districts announced big shortfalls and layoffs, the SF transit district is millions in the hole, the SF school districts is $113 million short, the Sacramento transportation authority is millions in the hole and will lay off 300 peeps, etc. Everywhere you look budgets are blowing up and more people are losing their jobs. The state here is raising fees all over the place. Bridge tolls her in the Bay Area just got raised again another 25%. $5 to drive over a bridge, more depending on the time of day. SAN DIEGO -- Several law enforcement officers are voicing outrage over the early release of inmates from local jails as part of a state order to save money. Early release is expected to save the state $1.5 billion, but Clay said in the end it could cost the county $3 billion. In this current economic climate, Clay said inmates released early are more likely to commit other crimes. Link to comment Share on other sites More sharing options...
shorty Posted January 30, 2010 Report Share Posted January 30, 2010 Hour of Power ain't what it used to be GARDEN GROVE, Calif. – The Southern California megachurch founded by televangelist Robert H. Schuller Sr. is selling property, laying off workers and pulling its signature TV program "Hour of Power" from some markets to offset a nearly $8 million drop in revenue. Church leaders blamed the decline on the struggling U.S. economy. They intend to save $4.9 million and stave off further financial collapse by selling 170 acres in southern Orange County, including a retreat and wedding center, laying off 50 employees and cutting "Hour of Power" from eight of the 45 domestic broadcast TV stations that air it. Link to comment Share on other sites More sharing options...
cwd Posted January 30, 2010 Report Share Posted January 30, 2010 a serious war with with either N Korea or Iran could print 'er at 100 if it goes nuclear, then 50 in that event I'd be a buyer at that point, since I'm long-term bullish but I'd dollar-cost average in from 50 down to the 20 area How about oil and gold in the above scenario? Link to comment Share on other sites More sharing options...
cwd Posted January 30, 2010 Report Share Posted January 30, 2010 OIH looking a bit suspect after it's 900 tag as well... For some reason the Scwhab Street Smart pro show the 900 sma @141.74 Link to comment Share on other sites More sharing options...
cwd Posted January 30, 2010 Report Share Posted January 30, 2010 If we reach 211 i dont wanna live anymore honestly, if we would go to 211 the world as we all know it wouldnt be the same anymore. I highly doubt that it would be a better life for us. That would mean at least 25% unemployment in the US and that would mean civil war in the US. There is no doubt about that. The US is built on prosperity, once that goes, there wll be total chaos. If we study history it seems that - in opposite to popular beleive - various ethnicies are not made from mother to live together. In the US this does only work because of more than 200 years of prosperity. Once that goes, and the MAJORITY of the populace gets it that there is no prosperity anymore than the US will look into a abyss bigger than, well, the abyss! Foxie, there has not always been prosperity in the US especially in the states of the old Confederacy. In fact there was extreme poverty in much of the old south until after WWII. I agree things will be a lot worst, but life will go on. Link to comment Share on other sites More sharing options...
cwd Posted January 30, 2010 Report Share Posted January 30, 2010 Great stuff K Wave. Agreed Link to comment Share on other sites More sharing options...
DrStool Posted January 30, 2010 Report Share Posted January 30, 2010 S&P500 monthly March 09 lows will never ever been seen again Is that like the pronouncement you made about GM a couple years ago? Unemployment in the US is already 17.3%. 25% is not that far off. Link to comment Share on other sites More sharing options...
DrStool Posted January 30, 2010 Report Share Posted January 30, 2010 I don't understand how they could have fudged the GDP number as much as they did. Any of you sharpies figure that one out? Link to comment Share on other sites More sharing options...
Drano Posted January 30, 2010 Report Share Posted January 30, 2010 Foxie, there has not always been prosperity in the US especially in the states of the old Confederacy. In fact there was extreme poverty in much of the old south until after WWII.I agree things will be a lot worst, but life will go on. I happened to be in a bank shortly after 9/11, when a black man talking to the Hispanic-looking cashier was expressing his distress about what had happened to those people. It looked like a TV commercial -- white, Asian-Americans, black, Hispanic, all standing with tears in their eyes talking in a true color-blind conversation. One of the most striking moments in my life. There are too many middle-class and well-to-do members of every race in this country for there to be something like a true race war. Isolated violence like the inner-city riots of the 60's, Watts, etc., very possibly if conditions are right again. Link to comment Share on other sites More sharing options...
Drano Posted January 30, 2010 Report Share Posted January 30, 2010 I don't understand how they could have fudged the GDP number as much as they did. Any of you sharpies figure that one out? They used some kind of multiplier on the inventories that had a big effect, according to a number of articles in (incredibly enough) mainstream media. The articles actually stated that the reason was only because of the inventories, not that things were better. Link to comment Share on other sites More sharing options...
DrStool Posted January 30, 2010 Report Share Posted January 30, 2010 I was so disgusted by the headlines that I didn't even bother to scan the news items. Link to comment Share on other sites More sharing options...
DrStool Posted January 30, 2010 Report Share Posted January 30, 2010 I see that Mauldin has a pretty good explanation in his weekly spam. Link to comment Share on other sites More sharing options...
DrStool Posted January 30, 2010 Report Share Posted January 30, 2010 Latest Story Major Sell Signal- Professional Edition January 30, 2010 By Lee Adler The proprietary cumulative net differential line is now signaling a major downtrend after it made a head and shoulders top last fall, broke down, retraced, then made a much lower high in December. It has now broken the December, November and July 2009 lows. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information. Link to comment Share on other sites More sharing options...
fxfox Posted January 30, 2010 Report Share Posted January 30, 2010 Is that like the pronouncement you made about GM a couple years ago? what? that was an individual stock I might have added, that if we follow the 1970s script THEN we will never ever see the march 09 lows again. Maybe im just too much a 70s guy and thats my music style: [flash=425,344]http://www.youtube.com/watch?v=5qfJydF9wR0.swf Link to comment Share on other sites More sharing options...
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