CalPERS gets dreaded decision: Judge rules Stockton can sever its city pensions

[jtuck004]

58. But lawyers who wanted to stick their hands in their money wrote in the advantagous terms you

praise. Of course those could be done with defined pensions. But the thieving, lying financiers wouldn't make anything from your labor. So the Larry Summers and other Republicans in the government have swayed people to their way of thinking.

The other thing is that while you have had good fortune, the process of moving to this has meant that tens of millions of Americans living around you have been excluded, so this game can be played by the wealthy and financiers. (Partly why the financial sector, which use to be about 12% of our economy, is now about 40% - YET THEY MAKE NOTHING. Worth about that, too).

But that means, increasingly, the buffer of people around you who have money is getting smaller and smaller, and the other folks live very different lives.

I don't say that to knock you down - I am happy for you, without reservation. But it is precisely that funneling of the profits to a few that is the problem. And these sorts of mechanisms enable it. (That is incontrovertible. It is why some of them were designed - it's recorded history.)

Which means that people with money, especially former "middle class" dwellers, will increasingly find themselves alone over the next few years, as many of these funds implode and the life they live will be far different than many imagined, I suspect. There are whole books out there on the subject, and have been for a number of years. Interesting to watch the predictions play out and how.

These next few years are going to be interesting, whether one has assets or not, I suspect.