Posted on 06/03/2012 9:40:52 PM PDT by hope
Now, all we need is for “Someone” to say they have withdrawn $500Billion from the markets, and it’s Groundhog Day, all over again!
The Face Book fiasco should have people scratching their heads.
There was blatant trading fraud.
You’re welcome!
Thats right. Blatant trading fraud under the watchful eye of Obama and under the security of Dodd/Frank
What a surprise
I'm not sure how many places in the United States are as screwed up as it is in California. Oh, yeah, I know the economy here stinks, but what I'm more talking about is CALPERS - the public employee retirement and embezzlement system. Cities, counties and the state contributes to CALPERS with an assumed return on investment. For every dollar CALPERS loses in investments, those entities, and much more explicitly, the people, have to make up for those losses.
Right now, in California, many cities and counties are still trying to pay back the losses from the dot com bust, as well as the crash of 2008. CALPERS has made deals with various cities and counties to just pay, for right now, the interest that would have been made off that money, and they can pay back the principle later... Only 1) It's already later. And 2) few cities or counties in the state have any budget left to make up for THIS round of losses, even if it was JUST the interest on the lost principle.
Yep, our own little version of PIIGS is going to be swiftly coming to roost in the good old USA.
So, yes, for the common man, the gains have been erased. And to add to that bad news, you now have cities and counties looking to find more money to feed the beast - hold on to your wallet, they're coming for it. And likely this will be repeated across the United States.
The problem with Calpers is that the public funds it and the Calpers folks spend more than the public folks make
Hows that gonna work?
It isn't. It's pure embezzlement from top to bottom. Any of us steal like that, we go to jail. Public employees? It's just how business is done.
Indeed.
Funny how the asians suspend trading for lunch
POLICY RESPONSES EYED
Analysts said the flight to bonds was expected to continue until clarity emerged on issues such as the outcome of Greek elections due on June 17 and the recapitalization of European banks, now in the shadow of a Spanish banking crisis.
Good luck folks, Obama wont take charge, Rajoy wont take charge.
Merkels doing the best she can
The last 3.5 years have been complete fiscal foolishness
Greece is going to default and bond holders will be left holding the bag.
Spain is next to go and when Spain goes the euro goes.
Bernake and Obama a will try to stop it all by spending money we dont have to bail them out
Grrrrr...
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