I sense a trend

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Of course the solution for each of these cities is to raise taxes......
http://www.foxnews.com/politics/2012/07/09/political-statemate-leads-to-...
http://ca.news.yahoo.com/bankrupt-alabama-county-asks-second-look-lawyer...

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Stealing Your Pension: The Daily Show Looks At The 1% Reverse Robin Hood
http://crooksandliars.com/nicole-belle/stealing-your-pension-daily-show-...

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

Yes, from a very credible, hard hitting, and respected institution: The Daily Show.

wolfman you are your own punchline.

MikeyA

Banks Sell 'Toxic Waste' CDOs to Calpers, Texas Teachers Fund
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aW5vEJn3LpVw&refe...
Many pension funds, facing growing numbers of retirees, are still reeling from investments that went sour after technology stocks peaked in March 2000. Fund managers buy equity tranches, which are also called ``first loss'' portions, even though those investments are never given a credit rating by Fitch Group Inc., Moody's Investors Service or Standard & Poor's.
`I Have Trouble'
The California Public Employees' Retirement System, the nation's largest public pension fund, has invested $140 million in such unrated CDO portions, according to data Calpers provided in response to a public records request. Citigroup Inc., the largest U.S. bank, sold the tranches to Calpers.

The Subprime Meltdown: For CDO & CLO Investors
http://www.hg.org/article.asp?id=6365
Over $1 trillion in CDOs have been sold by Wall Street since 2002. It is estimated by some that CDO investors stand to lose as much as $250 billion.
The big losers will be the universities, municipalities, insurance companies, and pension funds that bought CDOs thinking they were taking little risk by owning a rated tranche.

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

It would appear from the above post that those buying the CDO's were ignorant in their purchases. I have seen nothing in either story that banks forced anyone to buy anything, instead that buyers looking for a quick profit decided to take a chance with someone else's money. i wonder if the decision makers would have done the same with thier own dollars.

Any statement I make is the opinion of me exercising my first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and is generally permitted.

There's an element of force that you've overlooking.

The crooked system collaborated with securitizers and the rating agencies to fraudulently rate these CDOs at the top level, which pension systems are largely restricted by law to obtain. They don't have to buy, per se, but they must invest in order to gain ROI, and when they do, the law tells them to buy the top-rated securities only.

Sadly, since our system of bailouts and fear and partisan stupidity neatly sidestepped the issue of BLAME, the rating agencies (Fitch, S&P and Moody's) went totally unpunished for their fraudulent ratings of crap as gold, and so they continue today doing pretty much the same thing.

So pension systems are filled with more crap than even I realize at the moment, and I'm the educated guy on the topic. Pension systems were underfunded in the first place, since the 8% ROI design element is clearly unsustainable. If the economy grows at 2.5% yearly over the long term, then how can any sane person expect that they can obtain 8% yearly over the long term for a pension fund? For anything, really? It boggles the mind that people still don't see this as a problem. But then I stopped crediting Americans with any sense, a long time ago.

Yes a unregulated and underfunded regulatory system has, over the decades, given a sense of bliss when the thieves were stealing us blind. Foolish mindless parroting talk show hosts never see the true problem. Phony triple A rated securities were, in fact, junk and the banksters ran our world economy into bankruptcy without penalty. So the pensions were robbed in the dead of night and the thieves are buying the regulators. Sounds like a union problem......right!

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

What kind of debt was it? If it was GM's CDO then I would say the teacher's got royally screwed.

MikeyA

went into bankruptcy last month and the lying, liberal media was absolutely silent ?!
Odd, it is a 100% D ruled City and has been forever , in a predominated State of D's, very unionized and very "progressive" ?!

Could it be that the water carriers for the lying left in the entire World, doesn't want the rest of the World, to know what happens when one-party D ruination occurs, do you ?!

I saw a sign the other day for George Sarantou--who is now running for Country Recorder. I did a little research and saw that his opponent is Phil Copeland.

According to the County Recorder job description:

"In a year, the office collects about $2.4 million in fees, half of which goes into the county general fund and half into the Housing Trust Fund."

It made me wonder, what do either of these candidates have in their backgrounds that would lead us to believe they are qualified to individually oversee $2.4 million? Okay, so Sarantou has worked as a financial advisor; and Copeland is qualified because...because...his last name is "Copeland." This is typical of the cavalier way we approach government workers who are responsible for millions of our tax dollars.

It's time that we privatize anything/everything we can at all levels of government. Enough of these know-nothings mooching off us for their entire lives.

We need to do more than just privatize in Toledo. This city is fast becoming a positive proof that local government is obsolete. Entire departments of government functions in the city should just be canceled. True privatization of stuff like garbage collection can fulfill that function. If you don't want to handle your garbage stream yourself, then hire a participating contractor to take your garbage. That's merging function-cancellation with privatization.

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