tag:blogger.com,1999:blog-27697009.post4513440496037938564..comments2024-02-29T03:21:35.007-08:00Comments on The Great Depression of 2006 : The Kalifornia SolutionJim in San Marcoshttp://www.blogger.com/profile/09435296419912935381noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-27697009.post-3297972120031800332010-05-21T09:22:33.714-07:002010-05-21T09:22:33.714-07:00Jim
I wonder sometimes if the talking heads on TV...Jim<br /><br />I wonder sometimes if the talking heads on TV are saying stuff like that to see if we are paying attention. I have funny feeling that the oligarchs are getting a little nervous this week watching the stock markets. <br /><br />I think the endgame with all this is near. It looks from my seat like it's only boys and old men that are still standing to throw into the fight.<br /><br />Cheers<br /><br />From Sunny Nova ScotiaRobnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-49710299745351561452010-05-20T19:07:29.843-07:002010-05-20T19:07:29.843-07:00Hi Rob
That's funny. PanzerFaus didn't ri...Hi Rob<br /><br />That's funny. PanzerFaus didn't ring a bell until I googled it. Bazooka--that use to be my favorite brand of bubble gum.<br /><br />I guess if you want to blow a bigger bubble, you need more gum;>)Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-86864137869887908422010-05-20T18:59:24.198-07:002010-05-20T18:59:24.198-07:00Hi 2Rational in Lima
I haven't been following...Hi 2Rational in Lima<br /><br />I haven't been following the retirement data for New York. So I am not sure how bad off they are.<br /><br />The Feds could take a two step approach to a New York bankruptcy. Let it happen and let the court receivers determine what gets paid. Then the Fed could come in and guarantee the bonds. I'm putting together my next missive on the retirement pension crisis. <br /><br />One thing to keep in mind, these benefits were made with an assumption of interest rates in a range of 6 to 12 percent. We are looking at 0 to 2 percent. It doesn't take a math major to figure that the interest income generated will not be close to planned. They will be 65 to 75 percent off target.<br /><br />It is hard to say what will happen with either state. With the Airlines, that went into bankruptcy, the retiree with a 20K pension took a small hit compared to the pilots who got a 50% haircut.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-76309501244095543972010-05-20T15:49:19.286-07:002010-05-20T15:49:19.286-07:00Jim,
It will be a tad difficult to reduce or take...Jim,<br /><br />It will be a tad difficult to reduce or take away the pension already earned in NYS because the state Constitution bars reducing pension benefits once granted. So the Pension fund cannot go bankrupt as long as the state has residents it can tax. (in theory)<br /><br />Do you think the feds will allow NYS to go bankrupt?<br /><br />2Rational in Lima, NY2Rational in Lima, NYnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-82189367346821317302010-05-20T07:38:51.409-07:002010-05-20T07:38:51.409-07:00Jim
This may seem a little off topic but I though...Jim<br /><br />This may seem a little off topic but I thought it was funny. Last week I was watching the talking heads on TV were discussing the Greek bailout. They made the analogy that the one Trillion euro rescue package was just a PanzerFaust in their back pocket to be used if only needed. The guy on TV said that analogy was originally used by Hank Paulson when they were getting TARP passed.<br /><br />I don't know why I bother going to movie theatre to watch comedies when I can watch this for free. I say this because if I remember my WW2 history correctly the PanZerFaust although effective did not ultimately hold back the Sherman's and T-34's on the drive to Berlin. I suspect that in the end the analogy these people are using here will prove closer to the truth than they expect.<br /><br />RobRob in NSnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-68169308256313721922010-05-19T22:03:24.256-07:002010-05-19T22:03:24.256-07:00Hi Tyrone
Reading between the lines, you're g...Hi Tyrone<br /><br />Reading between the lines, you're going to have to bring your own toilet paper when you go camping from now on.<br /><br />It reminds me of the Forest Ranger talk on protecting yourself from bears. He advised everyone to wear a bell (to warn the bear) and to carry a tear gas spray (to repel them). Somebody asked how to tell the difference between a black bear and a Grizzly. The Ranger said examine the bear droppings. The black bears droppings are full of seeds and plant matter whereas the Grizzly bears droppings smell like tear gas and have little brass bells in it.<br /><br />I do hope they keep the camp grounds open. Using a tent is better than a cardboard box on a city sidewalk. The rich aren't the only ones that can "afford" to go camping.<br /><br />Take careJim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-83598619827363879612010-05-18T22:17:52.199-07:002010-05-18T22:17:52.199-07:00Schwarzenegger says he will not cut the State Park...<i>Schwarzenegger says he will not cut the State Parks budget. Guess what the first thing that the Democrats will want to cut??--State Parks.</i><br /><br />Cut State Parks? Oh, yeah. Last time they talked about this...<br /><br /><a href="http://www.eastbayexpress.com/92510/archives/2009/09/18/state-park-closures-could-cost-tens-of-millions" rel="nofollow">State Park Closures Could Cost Tens of Millions</a><br /><i>The governor's plan to close more than 100 state parks could end up costing tens of millions of dollars, the San Jose Mercury News reports. An internal memo written by lawyers in the state parks department warned that the<b> mass closure of parks could prompt private vendors to sue the state for lost profits.</b> Those concessionaires generated $89 million in gross sales last year. In addition, park closures could open the state to liability if people are injured or set fires while trespassing in closed parks.</i><br /><br />This is AMERICA!! NOBODY LOSES!!Tyronehttps://www.blogger.com/profile/04226876002855072090noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-20162417105433730232010-05-18T19:03:22.286-07:002010-05-18T19:03:22.286-07:00Hi Anon 4:34
Glad you liked the article. I tend t...Hi Anon 4:34<br /><br />Glad you liked the article. I tend to agree that unions in general are a problem, they are out to improve the members wages, I can't really fault them for being successful in that respect.<br /><br />As for public unions whose paychecks are cut out of tax money, I think we can blame the legislature. 20 and 30 years ago, they signed off on benefits to be paid in retirement. Nothing got raised on their watch. Now the bill is coming due and the money isn't there.<br /><br />Everything was OK until we ran out of funds to finance these plans. It was only at that point that people took notice as to what these government employees were being paid.<br /><br />It's going to change, the state government retiree plan will go bankrupt in a timely manner. The max that the Fed pays out in bennies for failed plans is $43,000 per year. Retirement may not be an option for people in Cal$forn$a.<br /><br />Thank you for your commentsJim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-80587587597926121972010-05-18T18:32:37.586-07:002010-05-18T18:32:37.586-07:00Hi AIM
Thanks for the link. I think Schwartzie is...Hi AIM<br /><br />Thanks for the link. I think Schwartzie is doing fine. All he did was give the Republican side of where the cuts should lie. The Democrats can't pull an Obama here and sneak in something uncompromised, they are going to have to fish or cut bait.<br /><br />Schwarzenegger says he will not cut the State Parks budget. Guess what the first thing that the Democrats will want to cut??--State Parks.<br /><br />In a worse case scenario, if the legislature does nothing, it's Bankruptcy for California. It kind of solves the budget problem, no one gets paid.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-36765850021659558182010-05-18T16:34:46.922-07:002010-05-18T16:34:46.922-07:00Good article.
Sorry if this insults any of you bu...Good article.<br /><br />Sorry if this insults any of you but I don't care.<br /><br />Public unions are one of our biggest problems. Politicians are afraid of them. Down with the high salaries, high pensions and all the other benefits. It's time to get real and think about the nation instead of your own selfish selves. Union bosses who keep pushing in the wrong direction are a liability to our country.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-25779032628388817392010-05-18T16:28:40.142-07:002010-05-18T16:28:40.142-07:00I believe The Governator has failed us. The corrup...I believe The Governator has failed us. The corrupt democrat welfare oriented government officials have overwhelmed him. He better go back to the movies, at least there he always wins and is the hero.<br /><br />Good summation of this right here:<br /><br />http://globaleconomicanalysis.blogspot.com/2010/05/schwarzeneggers-budget-addresses-few.htmlAIMnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-39542442928822080382010-05-17T20:03:11.243-07:002010-05-17T20:03:11.243-07:00Hi 2Rational in Lima NY
I grew up close by in Pit...Hi 2Rational in Lima NY<br /><br />I grew up close by in Pittsford New York and spent a lot of time sailing on Canadagua lake. Great area to live in.<br /><br />California and New York are the two biggest states as far as state budgets go.<br /><br />There isn't any good news coming out of this mess, it looks like it is going to get worse before it gets better.<br /><br />Thanks for the info and take care.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-16423705211553702572010-05-17T19:43:13.928-07:002010-05-17T19:43:13.928-07:00Hi Tapped out Taxpayer
The budget for education, ...Hi Tapped out Taxpayer<br /><br />The budget for education, has been cut drastically, I think that teachers salaries have been cut about 5% in the Poway area. I featured the head of the Poway Unified School District Mr. Don Phillips in two blog articles. Both were letters he sent to the teachers and employees of the school district.Here are the links: <a href="http://greatdepression2006.blogspot.com/2009/12/educational-letter-from-educator.html" rel="nofollow">Dec 11</a> and <a href="http://greatdepression2006.blogspot.com/2010/02/final-letter-from-top-educator-in-poway.html" rel="nofollow">Feb 11</a><br /><br />The two letters are only 3 months apart. The obvious deterioration of Poway's school budget over that short period of time is startling to say the least.<br /><br />I think is is only a matter of time before we get to trimming salaries and retirement benefits for the teachers, firemen and police. Thats next after welfare gets trimmed.<br /><br />What most people in the state will not accept, is there is not enough money to pay everyone their present salary and that goes double for retirees.<br /><br />At some point, a college graduate has to earn more than a firefighter and that's not the case right now. It will have to change, California is broke. We can't pay more for brawn than brains, it makes no sense.<br /><br />Thank you for your comments.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-72586803563076190802010-05-17T16:35:00.276-07:002010-05-17T16:35:00.276-07:00We have a very similar story in NY State.
Our gov...We have a very similar story in NY State.<br /><br />Our government is looking at a $9.2B deficit. We are operating without a budget since 4/1/2010 on emergency bills. Our Governor decided to furlough State Workers for one day a week (20%). Three Unions went to court and obtained a stay for now.<br /><br />State revenues are dropping, tax increase - highly unlikely. Cutbacks, an uphill battle! Governor is NOT running for re-election.<br /><br />The only major change this summer will be - 55 State parks will be shut down. No parcel tax that I have heard of, yet.<br /><br />What is the possibility of another round of Stimulus in time for the Nov elections? Ben could rationalize the next round of stimulus on the unforeseen effect of the cumulative European austerity!<br /><br />2rational in Lima, NY2rational in Lima,NYnoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-54513191380860002042010-05-17T09:30:52.682-07:002010-05-17T09:30:52.682-07:00Sorry to disagree with you, but teachers have not ...Sorry to disagree with you, but teachers have not really participated in the cuts.<br />Average teacher salary in CA. is $70,430,per NEA,highest in the nation.<br /> In Alameda, CA. teachers are pushing for a parcel tax of nearly $1,000.per home, and up to $9,000per apt. bldg. or commercial property. This will allow teacher salaries and pensions to increase unaffected by the recession(parcel taxes can be used for salary and pension increases- bond issues can not.)<br /> Firemen are also pushing for a law that has a "minimum staffing level",in order to maintain their overtime and generous pensions.<br /> The entitlement mentality is alive and well.Tapped out taxpayernoreply@blogger.comtag:blogger.com,1999:blog-27697009.post-80903986212416941052010-05-16T22:25:25.091-07:002010-05-16T22:25:25.091-07:00Hi Tyrone
The seal is catchy, I've used it be...Hi Tyrone<br /><br />The seal is catchy, I've used it before on a previous missive. I stumbled across it and there was no credit line. I have no idea who put it together.<br /><br />Austerity could be the new word for the decade, but I hear an echo in the background saying "not me!"<br /><br />It's kind of like getting a real bad sunburn. You suffer for a while, but you do get better.Jim in San Marcoshttps://www.blogger.com/profile/09435296419912935381noreply@blogger.comtag:blogger.com,1999:blog-27697009.post-51917656178938854802010-05-16T22:04:51.376-07:002010-05-16T22:04:51.376-07:00I love that Kahlifoania seal. LOL
I've been ...I love that Kahlifoania seal. LOL<br /><br />I've been saying this a lot, lately: the "in" word for this decade... <b>austerity.</b><br /><br />It's becoming quite natural to hear it, now. The conditioning begins!Tyronehttps://www.blogger.com/profile/04226876002855072090noreply@blogger.com