Posted on 12/17/2008 2:46:17 PM PST by Michael Eden
I understand Barney Frank’s mom was on the board of Fannie Mae during this time. And now he’s angling for her to be the “Car Czar” or at least on the GM board. Heaven help us. Please. Since 9-11 haven’t ordinary Americans suffered enough?
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They do not! Part of the money goes to retired workers. I wish these guys would stop making it sound like the current workers are soaking the U.S. consumer.
And that is a horrible arrangement...virtual theft. The now retired workers could have been putting part of their overinflated wages into a 401K and living like kings.
I wish these guys would stop making it sound like the current workers are soaking the U.S. consumer.
Well the current unions are. I vote for more robots, or right to work.
You see there’s the ruling class....and then, there’s the American people.
Why isn’t Barney Frank being investigated. Where are the people that are supposed to look into this stuff??
“They do not! Part of the money goes to retired workers. I wish these guys would stop making it sound like the current workers are soaking the U.S. consumer. “
One thing I have not heard anyone talk about is, most companies that do pensions have stopped extending them to new employees and often, like in my case stopped allowing them to build for current employees. Are the automakers doing anything like the two situations above yet?
there was NO ECONOMIC GROWTH during the Bush tenure. The deficits and borrowing more than offset the “growing” gdp figures which means REAL gdp actually has been shrinking for 10 years.
There was a poster on FR who's husband worked for the UAW. She said that her husband was only making about $25/hr and was not in the pension plan. The seventy-three dollar figure is what it breaks down to when you include the cost of money going into pensions they don't belong to.
“In retrospect, lighting the match was a mistake. But I was only trying to retrieve Barney Frank’s bankroll.”
(“ARMAGEDDON!”)
And current workers will not be owed pension benefits? Good accounting requires future costs to be accounted for.
Yes, undoubtedly. New hires don’t get near the wage or benefits package. Health care has got to be a big portion of expense. So, either way the taxpayer at some point is on the hook going into the future?
It was fake growth, and now we've got about 13 trillion worth of fake GDP value posted over the last fifteen years that needs to reset and find its proper level. The Great Deflation is upon us, and Bernanke and Paulson resemble nothing so much as a couple of circus clowns frantically trying to reinflate a blimp with their own lips. ;)
I agree. There are still people on this forum that insist that equity equals wealth.
The Great Deflation is upon us, and Bernanke and Paulson resemble nothing so much as a couple of circus clowns frantically trying to reinflate a blimp with their own lips. ;)
LOL I like that. With GW squeezing their bellies to get more air.
Barney Frank and Chris Dodd ARE the people who were supposed to look into this... So the people who caused this problem are the ones who are going to fix them! Yeah, that's a good idea... Fox - Chickencoop.
Mark
As a percentage of GDP the deficit was not out of line. Where do you get your figures. Prove it!
You said:
It was fake growth, and now we’ve got about 13 trillion worth of fake GDP value posted over the last fifteen years that needs to reset and find its proper level. The Great Deflation is upon us, and Bernanke and Paulson resemble nothing so much as a couple of circus clowns frantically trying to reinflate a blimp with their own lips. ;)
I was going to agree with you - that it WAS fake growth - and then point out that it was the SAME sort of fake growth that we saw under Clinton. And then I noticed that you’d already said that.
The thing that bothers me - “frightens” is a better word - so much is the massive debt spending that we’re doing. There’s no possible way we can avoid a massive depreciation of the value of our currency as the repercussions of our actions take their toll. Think about the interest payments on these trillions of dollars!!!
California is in crisis because it is $14.8 billion in the hole. They are facing insolvency. Realize that it represents about 15% of the entire US economy. Now realize that the United States is talking about going several trillion more dollars into the hole. California can’t print money; the federal government can. But you can’t just print more money and fix your problems. We are devaluing our monetary supply.
The UAW just flatly rejected an effort that would have made the wages and benefits of Detroit workers in line with the workers of the US-based Japanese automakers by 2009.
Quote:
“Republicans, breaking sharply with President George W. Bush as his term draws to a close, refused to back federal aid for Detroit’s beleaguered Big Three without a guarantee that the United Auto Workers would agree by the end of next year to wage cuts to bring their pay into line with Japanese carmakers. The UAW refused to do so before its current contract with the automakers expires in 2011.”
http://apnews.myway.com/article/20081212/D95106M80.html
That pretty much blows up the bubble that there is any kind of parity between the wages of US and Japanese carmakers.
In other words, wherever your getting your info aint giving you good info.
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