GET READY FOR THE PENSION TSUMANI. It has started with DETROIT. We all know they are BANKRUPT. HOWEVER, THE SAME SCENCIO WILL BE PLAYING OUT ACROSS THE NATION, & the WORST PART is there maybe nothing we can do about it. You can lay the blame for this financial mess right at the doorstop nof city hall! They have always known that the pensions plans have been underfunded. Why? Gimmickry accounting practices, investment assumptions that were a disaster. Portfolio managers who knew didley about didley ! Right now, there are at least 10 or more states who are setting aside .43 cents for every $1.00. That is 60% underfunded ! Where will the $$$$$$ come from...Bondholders ? Federal Bailout? Increase in taxes? Or do people who have worked25, 30, 35, years take it on the chin....If they do, it will knock them out ! City Governments should be ashamed of themselves ! (
Posted on: Mon, 05 Aug 2013 21:32:06 +0000