Latest posts
Quants and market collapse
5/4/2010 8:41:00 PM
Love this video. I like the part where they talk about how the bankers tell them to change the model so the model reflects the risk the bankers want to have. Nothing like fudging the numbers. I believe that is called FRAUD!!!
Can a state go bankrupt? They wish.
11/14/2009 3:09:00 AM
State Finance Directors Warn of More Trouble Ahead - WSJ.com:
"'I looked as hard as I could at how states could declare bankruptcy,' said Michael Genest, director of the California Department of Finance who is stepping down at the end of the year. 'I literally looked at the federal constitution to see if there was a way for states to return to territory status.'"
As of July 2009, California's budget shortfall was 49.3% of its general funds. States have considered drastic options to fill such gaps.
Michigan, which could end the recession with 25% fewer jobs than in June 2000 and a total of one million job losses has an unemployment rate in September was 15.3% (more likely well over 20% if you look at those who have given up looking or are working reduced hours).
"Citizens don't quite understand yet the implications of some of the cuts that we've made," Mr. Bean said. "A lot of it has fallen on local governments. I am very concerned that
we're going to have a lot of insolvencies in local governments."
Dilbert - on the take
10/14/2009 5:29:00 PM
A great Dilbert today. Nicely timed for all the bills coming off the hill.
Pension Trouble
6/3/2009 6:07:00 PM
How can pensions be guaranteed? My 401k is not guaranteed. It is a taxpayer black hole and a Wall Street dream. Wall Street looses pension money; governments send them more money to make the pension whole – again and again. It is time for full reform.
http://www.pensiontsunami.com/
State governments buried under pension debt. NY State has nearly 700 educators receiving annual pensions of more than $100,000. Story from Albany Times Union: http://www.timesunion.com/AspStories/story.asp?storyID=692650
California has over 5,000 people receiving pensions of more than $100,000, some making almost $500,000 a year (retired treasurer from city of Vernon, CA). Over 3,000 are educators. http://www.californiapensionreform.com/calpers/
Unions are payed off with sweetheart deals for pensions – government agencies thinking they paying for the pension will be someone else’s problem. Many pensions end up paying out more each year than the employees earned at any year in their working career – this is due to the employee padding their final years wages with additional income.
Watching the AIG testimony for the second time
5/15/2009 6:59:00 PM
Every time I watch this I get more out of it. This time Marcy Kaptur stood out in her strong advocacy for the American worker. Rep Kaptur - you have my support - go after them and bring out the TRUTH. You are so right in how wall street and corporate America has decimated mid America and the small towns across the country. We as a people are ashamed of how we have supported them throughout the years.