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18 days ago.
by Ohwiseone
rocker
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Daily breaking news and news the liberal media doesn't want you to know, won't report, or just daily news issues.

Americans for many years have had to rely on left leaning biased news reporting from liberal media such as NBC, ABC, and CBS and the New York Times. As most of these outlets struggle to remain on the air and in print, the new media is flourishing and people are hearing both sides of the issues. This forum will provide people with a place to discuss daily news issues of any kind or discuss articles not printed or aired by the liberal news outlets.

 
 

Member Comments

scrappile

So i wonder whose idea it was to invest in stock market over bonds? Surely not investment bankers, or incorruptable, federal and state reps. K street is fine wall street doing well, main street not so good. Are all pers members living lavishly off their pensions? No, just the select few who set up the pers investing in the market system.

Posted 568 days ago.

luvthesouth

Munster, generous and unrealistic taxpayer-supported pension plans are the problem. they are set in stone (contracturally and politically) without consideration of future economic downturns or contractions. in the instance of Stockton, it was not a case of robbing peter to pay paul. it was a case of selling bonds to cover the (predictable?) shortfall in revenue by spineless and inept city officials. the very same ones that renegotiated a costlier pension while the revenues were tanking. the bond money generated was then turned over to CALPers to be invested in real estate and the stock market for increased returns to cover the existing and additional pension costs as well as interest on the bonds. the city officials and CALPers gambled and lost for the citizens of Stockton and the unfortunate bondholders. BTW what did you mean when you posted this? "Yeah , tax revenues are down but then so should the cost of providing services be down since there was a loss of taxpayers !"

Posted 568 days ago.

luvthesouth

Munster, it would save a great deal of my and your time if you would just take a few moments to answer your own questions and concerns. i am not sure of why you are trying to insert your personal idea into the narrative of what actually occurred. the loss of taxpayer revenues does not indicate an actual loss in the number of citizens that the city has obligated itself to provide services to. i think you will find that the lack of funding from taxpayers actually increases the demand and strain on existing city services as well as any state or federal programs.

Posted 568 days ago.

luvthesouth

Munster, i do hope it has been a "good" busy. you have a made a generic statement regarding a specific event. your blanket statement was not accurate in this case. the pensions were a anchor-heavy burden on the city due to the loss of tax revenue from the property owners and other taxpayer revenue. the pensions tipping point was when the city leaders decided to issue bonds and allow a state sactioned entity to manage and invest the bond money. your beef should be with the managers. the taxpayers and pensioners got screwed by the elected officials of the city as well as the managers at CALPers. either way you are going to believe what you think the problem is verses what the problem actually is and with that in mind....i think our discussion about Stockton may be done. enjoy your day my friend.

Posted 568 days ago.

luvthesouth

patriotic tax and spend crowds will have their own little kleenex party.

Posted 568 days ago.

luvthesouth

scrappile, personally i have nothing against the average worker that is eligible for whatever benefits are in their compensation package. the entire conversation was based around munsters inaccurate pinning of the blame for the city of stocktons troubles. the cities which should operate like a business do have the misfortune being forced to intertwine business with politics. in that union there is no long term winner. in case you have missed a post of mine long ago, i will restate that i did not support the financial bail-outs. the institutions should have gone through the bancruptcy process like anyone else. although i will admit that out of all of the "bailouts" this was the only one that actually worked and returned a healthy profit to the treasury. conversely all it did was provide a slush fund for the current President and possibly his sucessor. so far the taxpayers have only had their behinds nibbled on, just wait til the big chomping starts. then the liberal patrioti

Posted 568 days ago.

scrappile

A real question posters?, Did these PERS pension members,and those who were trusted to invest pension plans into the Stock exchange CREATE " synthetic" credit default swaps, or bet against them like Blankfein`s Goldman Sachs, and others, who then raked in huge profits on the too big to fail crash? if not, why the resentment of these pensioners living on 30 thou and less, but say nothing of the faux free maketeers, who bloviate capitalism until it bites them in the backside.Then hey taxpayers, can ya spare a dime or trillion.

Posted 569 days ago.

luvthesouth

dream the Democratic Plantation Dream as long as you can Munster. heck, you may not even have to click those Ruby Red Slippers Dorothy.

Posted 569 days ago.

luvthesouth

Munster, do you even bother to read? who are the people that you claimed in your original statement that caused the problem? would that be the taxpayers????? i went back and read what you posted. never once did you mention the taxpayer or the state sanctioned bond managers. nope according to you it was the profiteering stockbrokers that hoodwinked those innocent and "stupid" pensioners. you have got to realize that just because government bows to the labor unions in exchange for their continued reign of fiscal terror does not mean they can continue to squeeze the taxpayers forever. at some point the funds will dry up and you are left with what Stockton has realized. if asked most people, when given the choice, would say they had rather eat with their money than fund the next pie-in-the-sky dream of a politician.

Posted 569 days ago.

luvthesouth

scrapile, the safest way to issue municipal bonds is through direct private investment with the bonds being backed by the governments ability to generate revenue to cover the maturity of the bond. it could be argued that the greed exhibited by CALPers caused the pension bonds to be caught with their pants down so to speak. munster was correct in that if you gamble, you have to be ready to lose....and lose they did.

Posted 569 days ago.

luvthesouth

*somehow DO NOT fully grasp when to contract.

Posted 569 days ago.

luvthesouth

will be at-risk throughout the process. Public safety represents 80%, or almost $160 million, of the city’s nearly $200 million annual budget.

munster...take a few moments to compare your reason verses the three primary reasons. there is a vast difference between the two. in addition look into CALpers and it's board members who oversee and managed the pension bonds. the city like many government entities do very well at expansion but somehow fully grasp when to contract. that is why labor and long-term contracts are devastating when the governments get in financial trouble. i will not bother to post this in duplicate since you seemed to be courteous enough not do it either.

Posted 569 days ago.

luvthesouth

including pensions, are also rising steadily. The city now faces more than $800 million in unfunded liabilities for pensions and OPEB.

3. An ill-timed bond offering. In 2007 the city sought to lower it’s pension costs, so policymakers undertook a bond offering to lower interest payments on roughly $125 million of its pension obligation. The proceeds of these pension obligation bonds were given to the California Public Employees’ Retirement System (CalPERS) to manage. California Common Sense found that CalPERS was overexposed to the real estate and stock markets, so it was unable to meet the expected returns. The original pension obligation bond money is now worth under $100 million while the city owes $248 million.

Increased debt payments, combined with multiple years of negative net annual activity, ultimately pushed Stockton over the edge. While bankruptcy will sort out the details of the city’s restructuring, it’s safe to say that employee services (namely police and fire) wi

Posted 569 days ago.

luvthesouth

Times reports that state mediation law requires assigning blame in cases of bankruptcy, which will determine whether this was an honest mistake or if there was corruption at play.) This reported optimism led to breakneck pace spending on various redevelopment initiatives. The city sold $129 million in bonds to fund rehabilitating the Philmathean building’s rehabilitation, the downtown marina and waterfront’s development and the Hotel Stockton’s renovation. California Common Sense found that the city also renegotiated generous compensation for city employees, when employee services compose approximately three fourths of the city’s almost $200 million budget. For example, city employees receive a guaranteed salary increase from 2.5-7%, depending on General Fund revenue growth—even if the General Fund shrinks from the previous year. Meanwhile employee healthcare costs are also rising, growing at a rate of almost 10 percent over the past decade. Other post-employment benefits (OPEB), incl

Posted 569 days ago.

luvthesouth

current as of june 27, 2012

1. The housing and financial collapses. The housing bust decimated Stockton’s housing prices, and so went the city’s property tax (and related) revenues. Housing prices plunged from nearly $400,000 in median home prices in 2006, down to $110,000 in 2009 (where median prices were in 2000 before the bubble.) Meanwhile the city has the second highest rate of foreclosures in the country. Revenues from related areas, such as: sales taxes, utility user’s taxes and housing permit fees also plunged. The city burned through emergency cash funds and took efforts to rein in spending that weren’t enough. For example, they issued a hiring freeze for open positions in May 2008 and cut the general fund by $90 million in the last three years. Despite those efforts they continued to run budget deficits.

2. Excessive optimism and unsustainable compensation promises. City policymakers appear to have mistaken the real estate bubble for real growth. (The Los Angeles Time

Posted 569 days ago.

scrappile

Fact Check on Public Employees' Pensions****seiu****/.../publicservices/fact-check-on-public-sector-pe...Cached - SimilarShare Shared on Google+. View the post. You +1'd this publicly. Undo Are taxpayers the ones who foot the bill for public workers' pensions? ... viable for 70 years and were on solid financial ground until the stock market crash. ... investors, pension funds experienced investment losses during the market downturn.

Posted 570 days ago.

scrappile

Pensions do so well that most of the pension dollars (in California for example, 75 cents of every dollar) paid to teachers, firefighters, and school employees comes from investment earnings, not contributions by government.

Posted 570 days ago.

luvthesouth

Munster, you are hilarious...yep it was those dumb hayseed pension and city adminstrators that fell for those slick-talkin' city folk with their greased back hair, gold tooth and polished shoes. do your homework before you utter such nonsense.

Posted 570 days ago.

scrappile

EGG ON GOOGLE'S FACE?Site's Doodle Passes Over Jesus for Cesar Chavez

foxnews.mobi Google celebrates Cesar Chavez, ... Among those outraged is also a faction who believe the labor rights activist whose work was rooted in Christian ... ****salon****/2013/03/31/google_?celebrates_cesar_chavez ; SOUR GRAPES perhaps!

Posted 571 days ago.

moderation

'their' - to correct. maybe I wil only receive half a ding.

Posted 571 days ago.
 
 
 
 

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