"All we have to do...STOP PICKING YOUR NOSE!
"All we have to do is raise taxes on the rich to 300%! Problem solved!"
Posted on 06/22/2017 2:11:43 AM PDT by Yosemitest
Mostly all Union members, voting democrat for decades.
These folks propped up the democrat controlled state
of Il for decades.
I’m sure they’ll get some money from the Democrat party.
They have tons of money.
They just spent $30,000,000 to lose a House race in Georgia.
In Memphis all a union worker has to do is work 12 yrs, and they have a pension. But now the city council is cutting all the bennies for them to where they are worthless, while raising their own pay, no money to hire the 300 short LEO, yet they cut OT pay, many stay a few years and move on to greener pastures in other cities. They only want to hire blacks/female, well with half their population with criminal records they can’t pass background checks. Add in POOR education from the schools and that is a higher percentage of the ‘pool’ to chose from.
Try finding a job after 60, say hello to Wal-Mart PT work if you can get it.
> This is just setting the stage for a federal bailout. <
That had better not happen. And Illinois cannot be allowed to go bankrupt. Either would set a terrible precedence, as any state could then go on a wild spending spree with no real consequences.
But there is a real solution here. Illinois must change the clause in its state Constitution the prohibits the reduction of pensions. Reduce all pensions as needed. Those getting, say, $20,000 a year should lose little. Those getting, $120,000 a year should lose a lot.
It’s the only way. A that’s what Trump should tell them.
In times of financial difficulties, they always cut back on things that hurt the most. They never cut back on their own rich benefits. They don’t stop bringing in “refugees.” They keep the money flowing to themselves and their best buddies.
Not a legal option.
OH, and they don’t pay SS. My bride is a teacher, and that is a big concern. We don’t count on the pension, but the risk of having to pay back SS is a worry.
Funny thing is that the state constitution is such they can’t put it into a safer harbor.
Illinois seems to want to be Venezuela.
Same same.
... Dodd Frank was passed in the aftermath of the crisis to avoid another speculative bubble.
The key fact of Dodd-Frank, Title II of the Act to establish an Orderly Liquidation Authority, which vests the FDIC with the authority to conduct a European-style bail-in. The preamble to the Dodd-Frank Act claims “to protect the American taxpayer by ending bailouts.” This is done, through “bail-in”, which is a critical feature of the internationally established regime of what is called cross-border bank resolution.
It claims to protect the American taxpayer by ending bailouts. That is done by implementing” bail-in” to stave off financial collapse, but is this constitutional?
The Dodd-Frank Wall Street Reform and Consumer Protection Act took up 848 pages and contained 383,013 words. In July 2012 an additional 8,843 pages of rules were added, representing only 30% of the rules to-be-written. The estimate for the final length of the Act is 30,000 pages. The six largest banks in the U.S. spent $29.4 million lobbying Congress in 2010, and flooded Capitol Hill with about 3,000 lobbyists–a ratio of 5 lobbyists per 1 congressman The Dodd-Frank Wall Street Reform and Consumer Protection Act currently stands as the single longest bill ever passed by the U.S. government. The length of the bill was intended to intimidate members of Congress and the public as well.
Title I of the Dodd-Frank Act requires each banking entity to periodically submit to the FDIC and the Federal Reserve a resolution plan that must address the company’s plans for its rapid and orderly resolution under the U.S. Bankruptcy Code.
Title II of the Dodd-Frank Act provides the FDIC with new powers to resolve by establishing the orderly liquidation authority (OLA). Under the OLA, the FDIC may be appointed receiver for any U.S. financial company that meets specified criteria, including being in default or in danger of default, and whose resolution under the U.S. Bankruptcy Code (or other relevant insolvency process) would likely create systemic instability.
Title II requires that the losses of any financial company placed into receivership will not be borne by taxpayers, but by common and preferred stockholders, debt holders, and other unsecured creditors, and that management responsible for the condition of the financial company will be replaced. Once appointed receiver for a failed financial company, the FDIC would be required to carry out a resolution of the company in a manner that mitigates risk to financial stability and minimizes moral hazard. Any costs borne by the U.S. authorities in resolving the institution not paid from proceeds of the resolution will be recovered from the industry.
Dodd-Frank, Title II, Sec. 209 (b):
if claims are made against a firm, they will be paid in this order:
The liquidation during resolution is done at the discretion of the receiver, the FDIC, on the basis of salvaging what is, in its view, most important for financial stability. Under Title II, Sec. 9 E, it is stated that the FDIC, “shall, to the greatest extent practicable, conduct its operations in a manner that–..(iii) mitigates the potential for serious adverse effects to the financial system.”
When you deposit money in a checking or savings account, that money no longer belongs to you. Technically and legally, it becomes the property of the bank, and the bank just issues you what amounts to an IOU. The bank considers this as an unsecured debt.
You will have to stand in line behind trillions of dollars of derivative payouts before your checking and savings accounts will be made available to you. Both the Bankruptcy Reform Act of 2005 and the Dodd Frank Act provide special protections for derivative defaults, giving them the legal right to demand collateral to cover losses in the event of insolvency.
Reinstating America’s traditional banking act is crucial to protecting U.S. depositors by rebuilding the wall of separation between commercial banks and investment banking which would dissolve the “mega super market” banks.
Glass-Steagall was repealed by Congress and President Clinton in 1999 under pressure from Wall Street speculators who needed access to Main Street’s commercial bank deposits. Less than 10 years later, Wall Street suffered a financial collapse that required hundreds of billions in taxpayer bailouts to the country’s largest banks.
If implemented as an act of the United States, an act of the sovereignty of the United States, (Glass-Steagall) would effectively override Dodd-Frank. It would override this bail-in regime as soon as it is implemented,
This Act needs to be nullified or the result of its enactment will be the mass destruction of U.S. citizens through economic means. The fact is this has NOT been openly disclosed to bank depositors or the general public.
This legislation will result in the mass destruction of the citizens of the United States through economic deprivation, through the collection and extraction of funds done in such a way as to leave the US Bank holders subject to become extremely desperate to the point of extermination.
The United States of America has been a free and sovereign nation, based upon a foundation of law. What underlies the founding laws of the nation is the issue of its “Right”. The right of the nation to govern itself and to govern in a way that upholds the right of each citizen to his or her life, is the most fundamental value in law.
As of 2010, the total world derivatives had a value of $1.2 quadrillion, approximately 20 times the world GDP. Because of the lack of clarity of the derivatives markets, the exact numbers are virtually impossible to produce. However, the Bank for International Settlements quoted global OTC derivatives – derivatives that have a paper-trail–at $632 trillion as of December 2012.
Dodd-Frank, will deprive the citizens of the United States of those rights guaranteed to them under the Constitutional Law to their right to life. They will be deprived of their right to petition their government, they will be deprived materially and certainty that many will be deprived of their lives–by violence, poverty, starvation, extreme want, or suicide.
This Act establishes a Cyrus style bail-in mechanism that would enable the government to transfer enormous amounts of wealth from the collapsing banks into the hands of a private cartel that control the new Orderly Liquidation Authority. ...
The ILLINOIS GENERAL ASSEMBLY passed the vilest of laws, while they shook their fists at ALMIGHTY GOD. They forgot Who holds the purse strings.
HAGGAI 2:8
‘The silver is Mine and the gold is Mine,’ declares the LORD of hosts.
1 SAMUEL l 2:7
“The LORD makes poor and rich; He brings low, He also exalts.
1 CHRONICLES 29:12
“Both riches and honor come from You, and You rule over all, and in Your hand is power and might; and it lies in Your hand to make great and to strengthen everyone.
They will do it to fund SS.
And most of the retired FReepers will support it.
Sell said, sir...
So that throws the debt onto 5 other state, The Feds can print the cash they need and inflate the currency.
Illinois can only manage a weak imitation by issuing bonds.
Of course their bond rating is tanking big time...
It depends. All of us know government “workers” who are unproductive and who max their pension through manipulation of their last years’ hours or by going on questionable “disability” (making their checks tax free). Just because someone is a policeman or a firefighter doesn’t necessarily mean that they are not of questionable character.
States and govt should do away with pensions. Instead have a system that contributes designated amounts to each employee yearly like a 401- k employers contribution that invests in the employee retirement plan. The contributions are paid in from allocations from the yearly fiscal budgets that are balanced. Therefore the taxpayers aren’t held liable paying for exorbitant retiree pensions and the employees retirement funds are not subject to future government fiscal issues.
I have a friend who worked for the city government in her town in Illinois. Her pension was paid for and she also paid into SS. She receives two checks each month. She lives off her government pension and her SS is her ‘walking around money’. When I was growing up, the government jobs paid less but gave more benefits. Now they pay exponentially more (at taxpayers expense) and give even better benefits. Thanks to Democrats, the number of jobs in Government jobs has exploded......much to the aggravation of taxpayers. Mr Trump, please get the Government under control and trim all those ‘make work’ Government jobs created by Dems to employ their own!
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