Dharmaeye Posted December 13, 2009 Report Share Posted December 13, 2009 Kind of odd to get that news from an Australian paper. Not if they are sweating in the heat. Link to comment Share on other sites More sharing options...
DrStool Posted December 13, 2009 Report Share Posted December 13, 2009 I will be on my way to Canada on Wednesday. Link to comment Share on other sites More sharing options...
cwd Posted December 13, 2009 Report Share Posted December 13, 2009 Good interview on CRE from a vulture Bloomer Link to comment Share on other sites More sharing options...
DrStool Posted December 13, 2009 Report Share Posted December 13, 2009 No comment- http://www.philly.com/philly/education/PA_...lions_more.html But look at the comments there. hoo boy. Link to comment Share on other sites More sharing options...
capitall Posted December 13, 2009 Report Share Posted December 13, 2009 No comment- http://www.philly.com/philly/education/PA_...lions_more.html But look at the comments there. hoo boy. Shorty, this situation is just like you predicted it would be, a long while ago now. Am sorry to see this unpleasant situation, but I have to congratulate you on your accurate forsight. I also can't wait for the Brave New World movie by the maker of Blade Runner to come out so I can go and see it. Speak and Pretzel are right about Huxley's amazing forsight. People who say "Nobody could have seen this coming" just weren't reading the right book authors, or the right message boards, like the ones here at the Stool. Link to comment Share on other sites More sharing options...
jickiss Posted December 13, 2009 Report Share Posted December 13, 2009 jickiss is back! jickiss is back! and Dear Doc, tanks for the link to PeeSirs! the Publick Schools Teachers Union Pension Plan for the Benefit of all Them Retired Toochers in the Un-Commonwealth of PeeNsylvania! indeed. back on one of your jickiss's Compukers that blew up was the article about Kali State Plans that would have to Liquidate Assets to Pay Benefits. Somehow, these predictions have disappeared from Web discussion. Anyway, if PeeSirs in Penna is in a Problem Situation, and all of the other mainly Lower 47 are in bad con-dition, as well as Hawaii and Laska, Doc, do you Thimk! that (mayhaps) the Us Trashury will simply start to send cash to fund the check writing Obligations of these Manifold plans, so as to ensure the con-tinuation of the Sacred Socialistic School-Goobermint-Federal Alpha Bets-Judges-Fire-Prison Guards-Cops Structure? or, alternatively, (Thimk Houston) will we actually have Austerity and the Abrogation of the Faulty Contracts????? your jickiss, FWIW, would like to see all con-tributions Frozen for all Public Plans, and then let the beneficiaries Today, (all them that are gettin Checks) FIGHT with their Buds still building up hourly credits to join in the (EXPECTED) GRAVY TRAIN. any time to OPINE? Link to comment Share on other sites More sharing options...
Charmin Posted December 13, 2009 Report Share Posted December 13, 2009 But look at the comments there. hoo boy. Sounds like pension benefits could stir up the next revolution. Link to comment Share on other sites More sharing options...
Jorma Posted December 13, 2009 Report Share Posted December 13, 2009 Sounds like pension benefits could stir up the next revolution. Pension benefits have been disappearing or otherwise impossible to deliver at the promised rate ever since they became a normal part of US employment in the 50s. A bit of history. Old style conservatives, mainly Republican, were opposed to worker pensions on principal, even SS, because they thought that a less secure and fearful worker is a better worker. This sort of carping disappeared as the checks from the defined beneift plans started rolling into Wall Street month after month. Then too if companies went bankrupt the pension plan assets reverted to the company to pay off creditors. That was done away with in the early 80s. There is other complicated stuff having to do with employers actually making enough contributions and the assumptions about investment retruns but the bottom line has always been that a good number of retirees will never get what they thought they would get. My take is that was all by design. The money goes into the Street and doesn't multiply. It always divides and sometimes subtracts. Wonder why. The same applies to the tax advantaged investment plans. I wouldn't say that cumulatively the results would have been better if people put the money in their mattress but perhaps not far off. I think those old fashioned conservatives were onto something but for the wrong reason. Give someone your money and they are likely to keep it or fritter it away. Finance being the art of passing money hand to hand until it disappears. That is too harsh but don't tell that to Madoff's investors. The faith, admiration and deference given to people who use others peoples money is insane. It used to be Americans were supposed to pride themselves on their skepticism. Then again there is what PT Barnum said about suckers. I am working on a theory that there is too much money to invest versus any possible cash flow to give people the 10% they seem to think is their right. I don't think there is any doubt about that. Which is why speculation, which depends totally on asset price changes and not cash flow returns came to be called investment and then savings. So we cut taxes at the top and on capital gains to spur investment and we got investment in CDO's squared and Palm Island and all manner of sillyness and still we hear what is needed is more investment. In a vicious circle. I know this is a back asswards way of looking at things that will rub many the wrong way. Link to comment Share on other sites More sharing options...
Charmin Posted December 14, 2009 Report Share Posted December 14, 2009 Pension benefits have been disappearing or otherwise impossible to deliver at the promised rate ever since they became a normal part of US employment in the 50s. Will the wave of retirees see their companies claim bankruptcy because of pension obligations? The NRECA that covers pensions for electric cooperatives is forcing their members to cough up some dough to cover the unfunding going on right now. I don't think it's happened but twice in the last 20 years. We could start a revolution by just turning off the power. People get ugly without electricity. Link to comment Share on other sites More sharing options...
jickiss Posted December 14, 2009 Report Share Posted December 14, 2009 jickiss is back! jickiss is back! link to the RE Short Sale Article that Sinclair features on his site at the moment. does any body here understand the Short Sale, as described in the Article....to your jickiss, it looks like the guy who borrowed too much for the Florida condo bot many more.....what about the rest of his properties??? how can fradulent sales be stopped.... what happens to the Back Taxes....in this article, are we to assume that the Florida Investor paid the taxes but not the mortgage payments due? or was the guy current? If all of the loans that are not being paid are put up for short sales, what does this imply for the average median house price? http://www.bloomberg.com/apps/news?pid=206...id=a_NoPFp0r8Y4 Link to comment Share on other sites More sharing options...
capitall Posted December 14, 2009 Report Share Posted December 14, 2009 ...Finance being the art of passing money hand to hand until it disappears. And financial innovation means the art of creating new ways to make it disappear faster and faster, at lightening speed, LOL. Great post, Jorma. Your ideas are great food for thought. Thanks. My first thought about it is that the financial industry is selling people a rosy story about having their nest egg multiply,so that they can magically end up with dozens of eggs. Sort of like the Loaves and the Fishes story in the Bible. Makes sense, since the story tellers are saying they are "doing God's work." But instead of that happening, their 401K ends up turning into a 101K, and the same with public pensions. So ultimately the vast majority of folks end up with a much tinier egg, if they have one at all, and wondering how did this happen, as it wasn't what they were promised. Link to comment Share on other sites More sharing options...
T_Slim Posted December 14, 2009 Report Share Posted December 14, 2009 went short euro yen and have taken half off already. hope the other half runs to 129 at least . . . Link to comment Share on other sites More sharing options...
jickiss Posted December 14, 2009 Report Share Posted December 14, 2009 jickiss is back! jickiss is back! and in case you missed this department, Miss Gibraltar is the One! http://www.abc.net.au/news/stories/2009/12/13/2770047.htm Link to comment Share on other sites More sharing options...
psyche doctor Posted December 14, 2009 Report Share Posted December 14, 2009 Picked up some gold futures (GC) at lower levels, gonna dump some around 125. Link to comment Share on other sites More sharing options...
DrStool Posted December 14, 2009 Report Share Posted December 14, 2009 Latest Story Concrete or Quicksand- Professional Edition December 13, 2009 By Lee Adler Cycle based stock screening data strengthened across the board on Friday. 6-7 week cycles are strengthening, suggesting a new upturn in that cycle. 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...
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