Sucking up the wealth

[KRCummings]

http://www.youtube.com/watch?v=HftjwSJRGG4

Number 3 on my list of things I don't miss about business.

 

[islandman]

http://www.youtube.com/watch?v=HftjwSJRGG4

If that was her video resume, she'll never get another job.

 

[HermesVoice]

wasn't Christine Todd Whitman a democrat?

She was Republican. Still is.

the pension system needs to be shut down. too expensive and no longer a viable option in today's world. by wanting the pension system, is like wanting to keep the horse and buggy around

The pension system needs to be properly funded. Not overly expensive, very safe, and therefore an excellent option in today's world. By wanting the pension system, is like wanting to keep the automobile around.

Gee. That was hard.

 

[HermesVoice]

The answer lies in each and every citizen being aware of where their funds are invested, by whom, and to hold those individuals responsible. Funds are fungible and can be freely moved from one investment firm to another. It really is no different than shopping for the best deal on that wide screen TV. Every year or so the individuals, or their designated agents, have the opportunity to move those funds from manager 'A', who charges 7% management fee, to manager 'B' who may charge 6.25%.

Is such a thing possible with regard to a public pension system, however? So far as I understand it, individuals don't get a say regarding who runs their pension fund; I don't understand how any individual member COULD dictate how, say the PSEA (Pennsylvania State Education Association) for instance, could select its fund manager.

In the end it IS the individuals money and it is up to the individual to manage it for their own benefit.

Again, I see how that's possible regarding a 401k or 403b, but how would such a thing work regarding public pensions?

"Those that feed at the government trough will sooner or later find themselves starving."

Not if they're "too big to fail" apparently. In that case they can feed at the public trough and walk away with a quite tidy sum.

You see the same thing happening at thios very moment regarding charter and voucher legislation. Business - including some very importatn hedge funds - desperately want their turn at the trough of public money.

 

[NeverEndingMe]

She was Republican. Still is.


The pension system needs to be properly funded. Not overly expensive, very safe, and therefore an excellent option in today's world. By wanting the pension system, is like wanting to keep the automobile around.

Gee. That was hard.

the overhead is too high for a pension system, then again, this is the world of government and no expense is too high for these fools.

see how easy that was?

compare a government pension program overhead to say, fidelity investment. then again government people love paying $500 for a $10 hammer

 

[HermesVoice]

the overhead is too high for a pension system

see how easy that was?

The best part about a pension system is the reasonably-fixed overhead.

About as easy as that, eh?

compare a government pension program overhead to say, fidelity investment.

I would be interested to see the comparison, and since you're making the claim, I expect you'll be happy to provide it.

then again government people love paying $500 for a $10 hammer

True. And Big Box stores love giving away merchandise.

 

[NeverEndingMe]

The best part about a pension system is the reasonably-fixed overhead.

About as easy as that, eh?


I would be interested to see the comparison, and since you're making the claim, I expect you'll be happy to provide it.


True. And Big Box stores love giving away merchandise.

take it you are a government worker and believe in the power of the union also?

I love pro-government babble "reasonably-fixed overhead"

"true, the hammer was $500 at my father's store, but my uncle was selling the hammer for $600. see how much money I saved?"

 

[HermesVoice]

take it you are a government worker and believe in the power of the union also?

I love pro-government babble "reasonably-fixed overhead"

Translation: "I can in no way back up what I've just pulled out of my ass. Therefore I will simply offer an ad hominem and hope nobody notices."

"true, the hammer was $500 at my father's store, but my uncle was selling the hammer for $600. see how much money I saved?"

"True, the applicants could in no way repay the mortgage money we loaned them, but we ARE called 'auto-signers' after all. Did you REALLY expect me to go through all that paperwork?"

 

[NeverEndingMe]

Translation: "I can in no way back up what I've just pulled out of my ass. Therefore I will simply offer an ad hominem and hope nobody notices."


"True, the applicants could in no way repay the mortgage money we loaned them, but we ARE called 'auto-signers' after all. Did you REALLY expect me to go through all that paperwork?"

if you think what I said is untrue, prove it! and spinning your spew, its a fantasy that home ownership is a right. thank you bill clinton for that mess

 

[HermesVoice]

if you think what I said is untrue, prove it!

Translation: "I can in no way back up what I've just pulled out of my ass. Therefore I will try to reverse the burden of proof and pretend the OTHER fellow is the one who made a claim that requires proving."

and spinning your spew, its a fantasy that home ownership is a right. thank you bill clinton for that mess

Translation: "I cannot deny that the example of inefficiency that was offered to me was damning. Therefore I will try to switch the topic from private/public sector efficiency to an abstract discussion on rights and home ownership."

 

[NeverEndingMe]

Translation: "I can in no way back up what I've just pulled out of my ass. Therefore I will try to reverse the burden of proof and pretend the OTHER fellow is the one who made a claim that requires proving."


Translation: "I cannot deny that the example of inefficiency that was offered to me was damning. Therefore I will try to switch the topic from private/public sector efficiency to an abstract discussion on rights and home ownership."

translation - you are a dumbass

 

[HermesVoice]

translation - you are a dumbass

True. That's why I'm asking you to back up your claims with evidence and an argument. Then I will understand your position.

Please help end my ignorance by simply doing what I've requested over and over again.

 

[NeverEndingMe]

True. That's why I'm asking you to back up your claims with evidence and an argument. Then I will understand your position.

Please help end my ignorance by simply doing what I've requested over and over again.

prove that its wrong, its just that simple. TheTrove stated a bunch of crap, and he wasn't able to prove anything I said to be incorrect. same goes for Merc, but he's got his head so far up his own ass that he can see communist Russia

its simple common sense, government sends money irresponsibility and no one in government is accountable. personally, the DA for orlando should repay the citizens of Florida for this trial and they fucked up

 

[Sonny Limatina]

Number 3 on my list of things I don't miss about business.

What are 1 and 2?

 

[KRCummings]

What are 1 and 2?

Pretending to like people I don't because I have to work with them.

People coming to me for fucking answers to questions that shouldn't be asked. No stupid questions my ass.

 

[Joeybagadonuts]

This is the kind of shit that goes on when you put politicians in charge of money. I spent my whole goddamn life watching this crap and had my career destroyed because I wouldn't enable or condone it.

The frickin' politicians have always used public pension funds as a grab bag for patronage and as a means to reward their backers. They keep putting hacks, salespeople, an army of consultants, numbskulls and people like Goldman, Alex. Brown, Montgomery, Salomon, Merrill, Hambrecht, Robertson in charge. That's part of the reason state and local pension funds are so fucked up. The goddamn politicians just cannot keep their hands out of the cookie jar.

http://noir.bloomberg.com/apps/news?pid=20601110&sid=ah.4pfCQJ0Rg


Losing 84 Cents on Dollar Reveals Runaway Public Pensions
By Elliot Blair Smith

I can relate to that. My career in public service came to an abrupt and premature conclusion after 32 years when unscrupulous, cum sucking; politicians determined I was too ethical.

 

[Sonny Limatina]

Pretending to like people I don't because I have to work with them.

People coming to me for fucking answers to questions that shouldn't be asked. No stupid questions my ass.

I hated that first one, too.

 

[Joeybagadonuts]

Pretending to like people I don't because I have to work with them.

People coming to me for fucking answers to questions that shouldn't be asked. No stupid questions my ass.

Even worse than stupid questions were people coming to me to vent. I’d have to ask, is there a question in there someplace?

Do I look like your fucking therapist?


Yes, I'm still bitter.

 

[NeverEndingMe]

I can relate to that. My career in public service came to an abrupt and premature conclusion after 32 years when unscrupulous, cum sucking; politicians determined I was too ethical.

there is no ethics in government or government workers

clearly under obama, government is the new Enron

 

[HermesVoice]

prove that its wrong, its just that simple. TheTrove stated a bunch of crap, and he wasn't able to prove anything I said to be incorrect. same goes for Merc, but he's got his head so far up his own ass that he can see communist Russia

No! YOU prove I'M wrong! It's just that simple. You stated a bunch of crap, and you weren't able to prove anything I said incorrect. Same goes for insert random name here, but insert random derogatory observation here.

its simple common sense, government sends money irresponsibility and no one in government is accountable.

It's simple common sense, government workers answer to bosses who have to answer to the electorate, so everyone is accountable.

Dude. I gotta tell you. This offer-nothing-but-unsubstantiated-generalities method of yours is the SHIT! I've never had it so easy!

 

[HermesVoice]

clearly under obama, government is the new Enron

Oh, the irony: "The public sector is bad ... because it acts just like the private sector that I keep championing."

You know what, friend? Don't bother to respond to my post bove. Your capacity for doublethink far and away trumps any attempt at coherent discourse.

 

[NeverEndingMe]

Oh, the irony: "The public sector is bad ... because it acts just like the private sector that I keep championing."

You know what, friend? Don't bother to respond to my post bove. Your capacity for doublethink far and away trumps any attempt at coherent discourse.

the private sector is less corrupt

 

[NeverEndingMe]

I speak the truth, it isn't my job to post piles of dribble. clearly, since all you want to do is go round and around with this, you are working up the nerve to admit that I'm right.

its okay, it happens to all the best of you insane socialistic

No! YOU prove I'M wrong! It's just that simple. You stated a bunch of crap, and you weren't able to prove anything I said incorrect. Same goes for insert random name here, but insert random derogatory observation here.


It's simple common sense, government workers answer to bosses who have to answer to the electorate, so everyone is accountable.

Dude. I gotta tell you. This offer-nothing-but-unsubstantiated-generalities method of yours is the SHIT! I've never had it so easy!

 

[Holly Delight]

First of all it's not the public's money. The money invested is invested in the name of the individual and the individual is still responsible.

You are right. I should have been more specific in how I worded that. I meant that it was invested on the part of public employees vs private employees. Those who manage either type of funds should show due dilligence wherever the money comes from.

 

[hummermania]

Biggest problem in this recession, is that the entire middle class decided they could live like a CEO (with the help of a bank) on the payscale of the middle class.
Easy too see what happens - fail!