• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Ouch! That is going to leave a mark.

oldgaranddad

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#1
Add to this Illinois, and every other union pension fund that is barely funded or underfunded. This alone would cause a financial meltdown.

California's Public Employees Retirement System Just Lost A Stunning $69 Billion In One Month
https://www.zerohedge.com/personal-...ment-system-just-lost-stunning-69-billion-one

In what is likely to become a trend around the country, California's Public Employees Retirement System just watched $69 billion go up in smoke as the coronavirus panic has gripped global markets.

CALPERS total fund balance is now about $335 billion, down from a record high of $404 billion only one month ago. CALPERS administers pensions for about 1,500 local governments around the state, as well as California state employees, according to the Sacramento Bee.

The California State Teachers’ Retirement System doesn't publicly report its value as often, but likely suffered similar losses. As of the end of February, its balance was about $243 billion. If it were to have fallen by the same amount as CALPERS, it would likely be somewhere near $200 billion now.

The losses stand to have a profound impact on California, as cities, counties and schools will have to pay CALPERS more in upcoming years to make up for the losses. This will, in turn, put pressure on state and local government to raise their already astronomical taxes even higher...
 

TAEZZAR

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#2
In what is likely to become a trend around the country,
GREAT NEWS ! I hope it happens here too !
We have slugs retired at $90K/ MONTH !!!
 

oldgaranddad

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GREAT NEWS ! I hope it happens here too !
We have slugs retired at $90K/ MONTH !!!

Problem is, we all wind up paying for it in the end whether we like it or not.
 

TAEZZAR

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oldgaranddad

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What is meant by "slugs," and under what theory would anyone qualify for $90K, much less $1,080,000.00 ($90K per month) for life under a pension?
I guess you never heard of the Long Island Rail Road, NYPD or any number of union retirees in the NE USA
 

Fatrat

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#9
Stock Market has been make believe for a long time...
 

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Let's wait and see if the market comes roaring back after this China virus thing fades as Trump has suggested...

That should make all these funds whole...
 

TAEZZAR

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#11
What is meant by "slugs," and under what theory would anyone qualify for $90K, much less $1,080,000.00 ($90K per month) for life under a pension?
Slimy POS that has no value, even chickens won't eat them !!
I could have well called them a parasite on a bleeding skunks ass !!

BTW, the statistics have been altered from 3 years ago, when I had those figures. Now they show $76K/ MONTH as the highest payment.

PERS RET.png
 

Alton

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#12
Let's wait and see if the market comes roaring back after this China virus thing fades as Trump has suggested...

That should make all these funds whole...
It will. And CALPERS will still be way underfunded. In the end the state will get sued as benefits will fail any renegotiation attempts and a judge will cut benefits anyway. The Golden State will be forever tarnished after that...at least until the next benefits scam.
 
Last edited:

Strawboss

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#13
Slimy POS that has no value, even chickens won't eat them !!
I could have well called them a parasite on a bleeding skunks ass !!

BTW, the statistics have been altered from 3 years ago, when I had those figures. Now they show $76K/ MONTH as the highest payment.

View attachment 158844
This is simply disgusting.

This is insane...
 

Voodoo

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#14
Wont be just Calpers either. I'm sure every state run pension plan took a devastating 1-2 punch. They are the worst investors run by committees full of people who have no clue.
 

GOLDBRIX

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#16
I guess you never heard of the Long Island Rail Road, NYPD or any number of union retirees in the NE USA
Them and what is known as Double and Triple Dippers.
Retire with enough military time then work a public sector job. Retire from that job, hired on to another job under different agency or come back in the first job but as a Contractor not an employee.
Many state, county, local retirements can begin after certain age (lower than 65) and at least five years of service. And then the guy moves on to another separate .gov entity.
 

Fatrat

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#17
Wont be just Calpers either. I'm sure every state run pension plan took a devastating 1-2 punch. They are the worst investors run by committees full of people who have no clue.
Worse than that, most of these guys are political appointees, do you remember Enron and the Florida Pension Fund(FRS)?
 

Buck

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#18
It will. And CALPERS will still be way underfunded. In the end the state will get sued as benefits will fail any renegotiation attempts and a judge will cut benefits anyway. The Golden State will be forever tarnished after that...at least until the benefits scam.
and, like PG&E, they'll sell the fund, someone will get it for pennies on the dollar, they'll break it up, charge off what they can to the one's they spin-off as 'good investment' paper (read that Derivatives) and slip off into retirement while we pay the tab
 

WillA2

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#19
Seems like the beer virus scare was more than an attempt to oust President Trump. Perhaps it was also intended to wipe out generational wealth from the middle class. The ones who have saving all their lives to have something to pass onto their kids and so forth.
 

TAEZZAR

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#20
Seems like the beer virus scare was more than an attempt to oust President Trump. Perhaps it was also intended to wipe out generational wealth from the middle class. The ones who have saving all their lives to have something to pass onto their kids and so forth.
WillA2, did you mean to say "Perhaps it is intended to be the FINAL BLOW to wipe out generational wealth from the middle class. ? :don't    know2::totally steamed:
 

TAEZZAR

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#22
Something like that. My apologies.
No apologies needed, you just gave me an opportunity to VENT. I have watched the designed demise of the middle class for the last 25 to 30 years.
 

WillA2

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#23
It's like standing in front of an oncoming freight train, and I cannot get off the damn tracks. Hoping some of the preps taken will be enough.
 

the_shootist

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#24
Seems like the beer virus scare was more than an attempt to oust President Trump. Perhaps it was also intended to wipe out generational wealth from the middle class. The ones who have saving all their lives to have something to pass onto their kids and so forth.
They underestimated how tough and resilient us old bastards are. Now its our turn!
swinging noose.gif