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| User Info | CALL TO UNIONS - TIME TO CALL GENERAL STRIKES in forum [Ticker] | |||
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Genesis Posts: 71435 Incept: 2007-06-26 
KD^2 
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http://market-ticker.denninger.net/2008/....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 14:27:30
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Jkilkelly Posts: 1419 Incept: 2007-07-20 
Mercer Island WA
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gen explain what the deficiency notice means - is this a margin type call?
---------- “They say there are no atheists in a foxhole. Well, there are no libertarians in a financial crisis, either.'' Jeffrey Frankel, Harvard economist
2008-05-01 14:36:09
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Its an ERISA-required notice that tells you that your pension fund has fallen below "safe" levels of assets to liabilities. If you get one, your pension fund is at extreme risk of ****ing your retirement straight up the ass. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 14:37:06
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Jubber Posts: 4242 Incept: 2007-07-05 
UK
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why are they getting these if the stock market is only off 10% ? is it specific holdings in their pension schemes, or is it that their pension schemes have bought MBS ?
---------- "War is God's way of teaching Americans geography." Ambrose Bierce "The Emperor realized that the people were right but could not admit to that. He though it better to continue the procession under the illusion that anyone who couldn't see his clothes was either stupid or incompetent." Hans Christia
2008-05-01 14:39:06
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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They were sold the **** and told it was safe. Specifically, it appears many were sold "prime" paper that was in fact contaminated with liar loans. If the unions do not act RIGHT NOW to get this money back from the banks who ripped them off by the time AMBAC and the rest get done there won't be anything to get. They either act right now or their members are going to lose, and a lawsuit won't do it. They need to force immediate repayment of these losses from the banks before the money to do so is all gone. The only way to do that is to strike. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 14:45:32
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Aja Posts: 2209 Incept: 2008-03-19
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If you have a state pension plan, you can check the website and see the list of investments. I recently checked for a client in PA, and it was astonishingly full of various Reits and similar ..
2008-05-01 14:56:33
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Jubber Posts: 4242 Incept: 2007-07-05
UK
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Karl, I suspect that the UK pension funds are also up to their eyeballs in this ****, the UK has been the 2nd or 3rd biggest buyer of US treasuries for the last few years , so I'm assuming that we have been buying shed loads of this ****e as well...? is that likely?
---------- "War is God's way of teaching Americans geography." Ambrose Bierce "The Emperor realized that the people were right but could not admit to that. He though it better to continue the procession under the illusion that anyone who couldn't see his clothes was either stupid or incompetent." Hans Christia
2008-05-01 14:59:31
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Probably. If you're exposed to this **** you either act on it now or you're going to get ****ed. There is no "maybe" on this as the money is not there to make any but perhaps 10% of the ****ees whole. So you're either in the front of the line and force these asshats to make your whole (which means you have to find a lawful way OTHER than suing) or you're cooked. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 15:02:45
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Finn Posts: 1144 Incept: 2007-08-02 Near Russia
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Anybody got links to confirm these critical shortfalls? I'm not doubting this, but some other people might be - and I'd like to be able to throw them with a link.
2008-05-01 15:04:48
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Yal Posts: 3544 Incept: 2007-06-27
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Karl, do you expect "wall street" to simply "return" the money ?
2008-05-01 15:05:15
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Cumulina Posts: 240 Incept: 2007-08-03
Denmark/Norway
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Got this in the mail today: Treasury investments can be threatened by factors that may seem to be unrelated, like inflation. But when inflation rises, the value of Treasury investments usually declines. Take control with ProShares Now, two new Short ProShares make it easy for you to protect against a drop in Treasury prices. These unique ETFs give you short exposure to Treasurys as simply as buying a stock—no margin account required. Introducing Short Treasury ProShares • UltraShort Lehman 7-10 Year Treasury ProShares | PST Seeks 200% of the inverse of the daily performance of the Lehman Brothers 7-10 Year U.S. Treasury Index* • UltraShort Lehman 20+ Year Treasury ProShares | TBT Seeks 200% of the inverse of the daily performance of the Lehman Brothers 20+ Year U.S. Treasury Index* Timing???!
2008-05-01 15:06:40
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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I don't have links - but what we do have is Calpers having a sudden exodus of top people and reports coming in from all over about the letters; I had a couple but when I started getting emails from people in OTHER Unions my ears perked up BIG. An isolated problem is not unusual. This smells systemic and if so the amount of pain about to be served upon union members who did NOTHING wrong is going to be immense. Union members need to get off their asses and get the truth about THEIR pension system, then act immediately if they're in the blast zone. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 15:07:06
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Finn Posts: 1144 Incept: 2007-08-02 Near Russia
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Karl, if history is any guide, the unions are actually just about the only part of the modern society left, which still has the guts to take out the pitchforks and act. So your call for action might land in fertile soil this time. What I mean is that these guys are ready to strike sometimes for seemingly ridiculously smallish issues, and in cases these guys (and gals) are sometimes able to grind the whole economy into halt. Take truckers for instance. At least where I'm coming from, this is the case. I'm not sure if you should so much urge these people to call the Congress, you see the common man doesn't trust the suits in congress. They hardly speak the same language. What these people need to do is to call their union representatives, whom they trust. And these union reps need to start acting. Right eff'n now.
2008-05-01 15:14:43
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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I'll believe it when I see it. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 15:18:35
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Meatpuddle Posts: 630 Incept: 2007-07-26
Madame Merriweather's Mudhut Malaysia
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  You have identified a chink in the armor of the pigmen and have put a spear directly though it. But be careful man, you are ****ing with some seriously bad people here and you're ok as long as you spread the word without being too high-profile. In this case, the squeaky wheel may get greased. IMHO, this is the one issue that may finally get some people fired up. The Calpers thing is especially delicious because that is a government worker pension of monstrous proportions, the biggest pension in the world (that I know of.) These state worker leech****s have had it far too easy for far too long and they assume that their pension is solid as a rock when in reality it is filled with garbage and is a paper-tiger illusion. Once these self-important entitled CA worker leeches catch a whiff that their future consists of Wal-Mart greeting, they will burn down the ****ing state! Just look what happened when Arnold tried to institute various anti-union reforms during his first couple of years in office. They damn near ran him out on a rail and he had to totally reverse course to maintain his office. So great work figuring out this angle! The PBGC, much like the FDIC is seriously under-capitalized which is why that Blair-Witch bitch came on bubblevision calling for more intervention and handouts. She knows which way the wind is blowing. ---------- "the idea that you're "entitled" to a 5 or 6 percent 30 year mortgage is horse****, and so is the housing prices that it has created." - Genesis Last modified:
2008-05-01 15:26:02 by meatpuddle
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Thesev Posts: 395 Incept: 2007-10-30
Louisiana
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Well, I guess if the union reps DO something, it may help. But if they start covering their own asses, guess who else is involved with the pigmen... ---------- Anyone who thinks the great United States can never fall, directly contributes to the forces that will make it so. - me '93
2008-05-01 15:25:57
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Finn Posts: 1144 Incept: 2007-08-02 Near Russia
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Thesev, you think the union reps have their pensions elsewhere? I don't think they have a reason or means to cover their own asses. However, if this is as systemic as it sounds, the solution is again going to be some kind of a taxpayer funded bailout. Sorry.
2008-05-01 15:34:18
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Akula Posts: 1809 Incept: 2007-10-01
Moscow
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Gen, Have your received anything specific by any chance in regards to the Florida State Employee Pension Plan? Thanks.
2008-05-01 15:36:13
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Theone Posts: 6865 Incept: 2007-08-07 They crucified the only PERFECT one Banned
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---------- Let me know when the DENIAL of who runs everything is over. Until then enjoy the circle jerk. I'm going fishing. State of the Union ---> http://www.mindspring.com/~lcruiser/Stat....
2008-05-01 15:36:19
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Akula, not yet. I'm not going to divulge what I'm getting, but when my email box starts getting pinged (and you have to WORK to do it, since I don't make it easy) with multiple people saying "heh, you didn't mention MY union!" its BAD. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 15:40:29
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Muscleknight Posts: 2791 Incept: 2007-06-26 Columbia, SC
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I'm a state employee and I tried 6 months or so ago to get out of my pension fund here. They told me that it was not possible. I looked up the state laws and couldn't find anything that I could use to opt out. I have thought about talking to my local state and house representatives but I have to be careful as I could be branded a trouble maker. I would prefer to do my own retirement.
---------- My Financial Avatars - http://s677.photobucket.com/albums/vv131.... The best lies have elements of truth. If my uncle jack helped you off an elephant, would you help my uncle jack off an elephant? Yesterday's Tinfoil is Today's news
2008-05-01 15:44:42
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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You guys either act on this and do it now or you're ****ed. Choose. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 15:50:50
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Thesev Posts: 395 Incept: 2007-10-30
Louisiana
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I've already sent the link to over 40 people that I know are in unions. They didn't listen to me back in SEP 07, maybe they will now. I've also asked if anyone has received the notices. FINN- I don't trust union management....period. ---------- Anyone who thinks the great United States can never fall, directly contributes to the forces that will make it so. - me '93
2008-05-01 15:55:59
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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$500 says they won't act on it. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-05-01 15:56:46
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Meatpuddle Posts: 630 Incept: 2007-07-26
Madame Merriweather's Mudhut Malaysia
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Muscleknight, great point and this is one of the reasons why the government workers will get fired up big time! They are stuck in golden prisons that are collpsing around them, so this is a brilliant move by KD. I'm not sure if these draconian rules apply to other states as well but the one everyone needs to pay attention to is CALPERS. That is the elephant in the room and the fact that the CALPERS management is abandoning ship is a huge warning signal. These people don't want to be on the freakin' PLANET when this thing blows! They have a pretty good idea how much damage ****ed off and well-coordinated government unions can do and it looks something like this: 
---------- "the idea that you're "entitled" to a 5 or 6 percent 30 year mortgage is horse****, and so is the housing prices that it has created." - Genesis
2008-05-01 15:57:14
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