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Thread: Detroit Files for Largest Municipal Bankruptcy in US History

  1. #151
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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    Pension systems are less expensive than setting up 401K systems for public workers.
    Rabbit! Did you pull that out of your hat? Please show a link that defined benefit or defined contribution pension plans are less expensive than 401K's. Respectfully, you don't know what you're talking about. I just can't think of a nicer way to say it right now.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    No, but I do get to chose which system I get to collect from even though I've contributed quite a bit over my life time to both systems. I may collect less than 10% on my social security though. Pension systems are less expensive than setting up 401K systems for public workers.
    Care to back this bold assertion up? What exactly do you think FERS is? Hint it is far less costly (to the taxpayer) than the CSRS that it replaced. If by less expensive, you mean that ZERO contribution by the gov't worker (for a defined benefit upon retirement - totally funded by the taxpayer) is less expensive than gov't workers putting a percentage of their pay into a pension plan (partially matched by the taxpayer) that has a return based on only what was contributed, then that is very dishonest indeed.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  3. #153
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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    Actually my statement

    I just love it how the right libertarians constantly expose their disdain for the common American and in turn favor corporations and the wealthy.
    And then you wonder why they cannot even muster 1% in the presidential vote and have to resort to carjacking an established party to get any semblance of power at all.



    is not a logical fallacy but a POLITICAL REALITY.
    How does supporting Detroit having to go through normal bankruptcy proceedings equate to "disdain for the common American and in turn favor corporations and the wealthy"?

    Explain this please...
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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by LowDown View Post
    What's especially stupid is this "us vs them" mentality with regard to the corporations and the people. What kind of loser isn't connected in some way with corporations in terms of his savings, investments, employment, corporate taxation, or his needs for goods and services? Corporations are the people, or a big part of them.
    Actually it's not stupid at all. With abysmal wage growth over the years most individuals don't have enough to put aside to reap the benefits of strong corporate profits. They would be infinitely better off if that revenue was going to them through wages.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MaggieD View Post
    My knowledge, of course, comes from Illinois. If you paid into Social Security and didn't receive a pension from it, please show a link.
    "and didn't receive a pension from it"

    I have no idea what that has to do with it..... I was simply reacting to your statement that teacher did NOT pay into SS.
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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by iliveonramen View Post
    Actually it's not stupid at all. With abysmal wage growth over the years most individuals don't have enough to put aside to reap the benefits of strong corporate profits. They would be infinitely better off if that revenue was going to them through wages.
    Do you have a solution or do you just want to whine? You think the govt. should force a private business to pass profits on to the employees and don't most companies do that through the stock programs? You think the elderly that invested their money into a company by buying stock should be penalized by not getting a return on their investment?

  7. #157
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by MMC View Post
    Because they would have the Fed buy up the Bonds which was totaling 96 Billion in pension liability. Then they would only pay a small portion of their debts. While continuing to spend more money. On everything.....including bad contracts with those outside Illinois.

    Which also would include those out of Chicago and its Debts.....as well as it's corruption.

    Now what benefits do you think they would have if they Upset the Bond markets? While continuing to get re-elected and still having the support of all their Unions?
    I can't for the life of me figure out why it's okay to use people as collateral damage. It's unjustifiable.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    "and didn't receive a pension from it"

    I have no idea what that has to do with it..... I was simply reacting to your statement that teacher did NOT pay into SS.
    I assume, then, that you did receive your SS benefits. That's the way it should be -- pay into the system/get the benefits. Wonderful opportunity for teachers in your state.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Jack Fabulous View Post
    How does supporting Detroit having to go through normal bankruptcy proceedings equate to "disdain for the common American and in turn favor corporations and the wealthy"?

    Explain this please...
    There is a question as IF future pension liabilities can be considered by the court. There is a serious question as if such future payments would be right and proper to include in this bankruptcy.

    http://www.detroitnews.com/article/2...xt%7CFRONTPAGE
    __________________________________________________ _
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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by MaggieD View Post
    I assume, then, that you did receive your SS benefits. That's the way it should be -- pay into the system/get the benefits. Wonderful opportunity for teachers in your state.
    I do not disagree with you. All I did was see you say that teachers do not pay into SS and wanted to correct that. At least in some states they do.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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