Let's Bailout Union Pension Funds

[guido911]

The problem with "bailout" is that it's an RNC talking point, too.  It's completely politicized at this point, and so means virtually nothing. 

You are such an unbelievable hypocrite. You used the term "teabaggers" in referring to the tea partiers.
http://www.tulsanow.org/forum/index.php?topic=14957.msg153619#msg153619

But oh no, can't use the term "bailout" because that's a talking point.

[nathanm]

I lost 40% of my investment value during the "recession", anyone going to bail me out?

What the hell do you think all that money going to the banks, AIG, and Goldman was? If we hadn't done that you'd be whining about being wiped out instead of losing "40%". And if you don't have most or all of it back by now, you're doing something terribly wrong.

On the topic at hand, it's ironic, but Fannie and Freddie are largely responsible for retirement plans taking CDO losses in the shorts. That's because they had the foresight to mainly only enter CDO deals in which they got a special super senior (above AAA) tranche. Fannie was especially good about this. Regular investors in the supposedly safe AAA tranches get wiped out before the GSEs lose a dime. Despite that, the GSEs have to report enormous losses, because most MBS-backed CDOs have little to no market value (even though the ones they have are still paying just fine) and they're provisioning aggressively for possible future losses.

As mentioned by others, these plans have lost quite a bit on the contribution side recently and have been chronically underfunded for years because the companies responsible for the contributions refuse to meet their obligations. Sort of like the federal government forces the USPS to overcontribute to make up for the government's underfunding.

[guido911]

What the hell do you think all that money going to the banks, AIG, and Goldman was? If we hadn't done that you'd be whining about being wiped out instead of losing "40%". And if you don't have most or all of it back by now, you're doing something terribly wrong.

Care to source that? I am dying to know how you know about my portfolio.

[nathanm]

Care to source that? I am dying to know how you know about my portfolio.

I know that my 401k, being mainly in treasuries and index funds (and 10% in some foreign funds) is well above where it was this time last year.

Or are you seriously asking how it is that preventing the entire banking industry from imploding might keep your investments from going to zero?

[JeffM]

That's more like it.

^^^Typical name calling from a freeper POS. 
/snark

[guido911]

Or are you seriously asking how it is that preventing the entire banking industry from imploding might keep your investments from going to zero?

No, I just wanted you to source your position.

[we vs us]

You are such an unbelievable hypocrite. You used the term "teabaggers" in referring to the tea partiers.
http://www.tulsanow.org/forum/index.php?topic=14957.msg153619#msg153619

But oh no, can't use the term "bailout" because that's a talking point.

Wow. 

You know, I actually stopped calling y'all that because Conan didn't like it.  Fair enough.  I'm willing to play nice.  But if you're gonna dig up an old thread to make a point that in actuality doesn't make sense . . .  I may just have to start calling you guys what you WANTED to be called all along. 

[nathanm]

No, I just wanted you to source your position.

We're not on the debate team, bud. Common knowledge qualifies here.

Since we're on the topic of banking now, I might mention that there's a good chance that the new Tory government in Britain may very well be about to bring down a world of economic hurt on their country. I haven't looked at their inflation numbers recently, but ours are pretty dismal. Less than one percent core inflation over the last year, despite a nearly unprecedented loosening of the money supply and a beefy spending binge by the federal government.

The Conservatives are talking about significant reductions in Government spending. Why they would voluntarily sign up for the deflation Greece is being forced to go through, I'll never figure out. Deflation hurts badly. Worse than anything short of Zimbabwean hyperinflation.

[Conan71]

Wow. 

You know, I actually stopped calling y'all that because Conan didn't like it.  Fair enough.  I'm willing to play nice.  But if you're gonna dig up an old thread to make a point that in actuality doesn't make sense . . .  I may just have to start calling you guys what you WANTED to be called all along. 

I appreciate the consideration, but hope when you say "y'all" you aren't inferring I've got anything to do with the Tea Party movement as I don't. 

[we vs us]

I appreciate the consideration, but hope when you say "y'all" you aren't inferring I've got anything to do with the Tea Party movement as I don't. 

No, I'm talking about G exclusively. 

I did it to be a little more civil, but it's pretty obvious what civil gets you around here.

[guido911]

But if you're gonna dig up an old thread to make a point that in actuality doesn't make sense .

What doesn't make sense; the fact that that you accuse me of reiterating talking points which is exactly what you do? O/T;   Are you in favor of bailing out, rescuing, or whatever word will not offend your sensibilities union pension funds?

[nathanm]

What doesn't make sense; the fact that that you accuse me of reiterating talking points which is exactly what you do? O/T;   Are you in favor of bailing out, rescuing, or whatever word will not offend your sensibilities union pension funds?

Your insistence on calling them "union" pension funds is interesting. What difference does it make if it's employer run or union run?

[Red Arrow]

The Pension Benefit Guarantee Corp didn't guarantee anything (that I remember) from my Telex pension fund until Telex went out of business.  Close down the Union and I agree, the PBGC should help the folks expecting benefits.

[Gaspar]

You people. . . Before the market impact of the recession, most of these funds were failing (only 6% of them showed a profit). 

They've been grossly mismanaged by the Unions for years.  Now in the spirit of Rahm's "Never let a crisis go to waste" they are attempting to fleece the government, just as they have fleeced their members for decades.

This is beyond hilarious. . . It's sad!

President Obama has put his foot down and said "no more bailouts."  I am confident that he will stick to his word, just as he has in the past. 

[Townsend]

You people. . . Before the market impact of the recession, most of these funds were failing

"What do you mean "you people"?"