If the taxpayer had not guaranteed the UAW's pensions, my suspicion is that they'd be a bit more reasonable in their negotiations with GM, and GM would not be going bankrupt.
1 posted on
11/15/2005 2:13:27 PM PST by
Brilliant
To: Brilliant
Amen. Plus, this is going to be the next huge S&L style bailout that we all end up paying for.
To: Brilliant
What a surprise!!!! ////NOT/////
Just wait until GM declares bankruptcy and it's pensioners gets added to the mix
3 posted on
11/15/2005 2:18:42 PM PST by
dennisw
(You shouldn't let other people get your kicks for you - Bob Dylan)
To: Brilliant
That is okay. We need those taxes to give the illegals more free stuff. Never mind that people who have put in to these funds will not get them, just as long as the illegals and the dreaded poor get their money.
4 posted on
11/15/2005 2:21:21 PM PST by
RetiredArmy
(I have no faith in any politician or political party any more. They all lie for their agendas.)
To: Brilliant
Traditional employer-paid pension plans, giving retirees a fixed monthly amount based on salary and years of employment, are now estimated to be underfunded by as much as $450 billion. That could jeopardize the retirement security of millions of Americans, lawmakers have warned.
Now why do I have a feeling that my IRA and 401K are going to be "shared" with quite a few people to make up for this shortfall?
7 posted on
11/15/2005 2:28:45 PM PST by
Kozak
(Anti Shahada: " There is no God named Allah, and Muhammed is his False Prophet")
To: Brilliant
Any Boomer who thinks that his retirement will be as long or as secure (financially) as were those of his parents, he's
CRAZY
To: Brilliant
To: Brilliant
this is peanuts, why the money for a bridge in Alaska costs about the same as the pensions for 10% of the retired people of America. /sarcasm off
15 posted on
11/15/2005 2:43:53 PM PST by
q_an_a
To: Brilliant
If the taxpayer had not guaranteed the UAW's pensions, my suspicion is that they'd be a bit more reasonable in their negotiations with GM, and GM would not be going bankrupt. A GM bankruptcy would likely be yet another load on the PBGC. Is there a bankruptcy date pool?
17 posted on
11/15/2005 2:45:19 PM PST by
Cboldt
To: Brilliant
There has been an explosion in recent years in the number of big, ailing companies -- especially in labor-heavy industries like airlines and steel -- transferring their pension liabilities to the PBGC.Hmmm...is AP incapable of saying LABOR UNIONS??
19 posted on
11/15/2005 2:48:49 PM PST by
randog
(What the....?!)
To: Brilliant
Note to Freepers everywhere - this is not perfectly analogous to the S&L Crisis. In that situation people laced money on deposit with organizations which could offer the federal government backing prospectively. It was a contractual obligation through federal deposit insurance. Now that was a debacle - but the PGBC is not federally guaranteed. It will take an act of Congress to take federal taxpayer money and siphon it to the pension beneficiaries of these dead and dying corporations. It will be one incredible political mess - but it is no foregone conclusion that Congress would do such a thing. Right now the Delta pilots are trying to obliterate the airline - there is no way that the general revenue taxpayer should pick up the tab for that.
To: Brilliant
Corrected:
Note to Freepers everywhere - this is not perfectly analogous to the S&L Crisis. In that situation people placed money on deposit with organizations which could offer the federal government backing prospectively. It was a contractual obligation through federal deposit insurance. Now that was a debacle - but the PBGC is not federally guaranteed. It will take an act of Congress to take federal taxpayer money and siphon it to the pension beneficiaries of these dead and dying corporations. It will be one incredible political mess - but it is no foregone conclusion that Congress would do such a thing. Right now the Delta pilots are trying to obliterate the airline - there is no way that the general revenue taxpayer should pick up the tab for that.
To: Brilliant; Willie Green; A. Pole
There has been an explosion in recent years in the number of big, ailing companies -- especially in labor-heavy industries like airlines and steel -- transferring their pension liabilities to the PBGC. With billions of dollars flying out of the agency's door, concern has been mounting in Congress and elsewhere over its financial footing.
31 posted on
11/15/2005 3:52:59 PM PST by
raybbr
To: Brilliant
35 posted on
11/15/2005 4:18:31 PM PST by
Mo1
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