Congress passes major change to law on union pensions

[A HERETIC I AM]

42. Sure.

Last edited Sat Dec 20, 2014, 12:29 PM - Edit history (1)

"Care to clarify what I'm not understanding?"

Based on what you typed in your previous responses to this thread......all of it.

As an example, NO ONE that has any real understaanding of how a Pension Fund is invested, how they are managed and how they work in general would say;

The money was invested in Wall Street.

Really? Invested in Wall Street, eh? In what fashion? Are they part owners of the actual real estate itself?

I get that you know Wall Street is a real place, but I don't see that you have any real understanding of what those nasty people who work there every day actually do.

Wall Street then crashed the economy causing pension funds lose massive amounts of value. They have not recovered.

Bullshit. "Causing Pension Funds...." Really? Which pension funds? All of them? Every sngle one? And how exactly did "Wall Street crash(ed) the economy"?

Do you understand that if you had a broad portfolio in September of 2007 and made absolutely no changes whatsever over the last 7 years, your balance would be higher today than it was then?
So by what mechanism exactly is it that you are relying on to posit "They have not recovered"?

So yes, as has been detailed for the last 6 years in a variety of places, Wall Street ripped these pension funds off.

More bullshit. I know it sounds great and it perfectly suits your righteous indignation, but the New York Stock Exchange and "Wall Street" is not a thinking, calculating, vengeful entity. It's a street with buildings on it. Are there crooks that work there and in the securities industry at large? Without a doubt. Was there criminal activity in the last decade and before? Absolutely. Is the downturn/recession/bad times as well as the difficulties some pension funds are now experiencing SOLELY the responsibility of "Wall Street"?

No. No they aren't.


And FWIW, the article in the OP refers to a way to keep the pension funds in question SOLVENT

Perhaps the alternative would be preferred?