General Discussion

jtuck004

(15,882 posts)

29. Wtf would a bondholder care about retirees? You don't want to pay you don't get debt to

Wed Dec 21, 2011, 01:34 PM

Dec 2011

continue running your city, and it dies. Most especially in the next 2 decades of a virtually no growth (or worse) economy. And with virtually every state bankrupt or nearly so (lots of creative bookeeping going on at high levels, btw), and no political will to spend, there will likely be no backstop. Will be a bunch of yelling, however. We shall see.

But share the pain? pffffft. The robber-barons of wall street have shown us the way, and the way is greed. Their friends in the government (some of them former employees) are creating the rules by which they thrive.

Not my position, (IMHO there is too much rent-seeking behavior, not enough investment and productivity building), but what fund with a few billion to invest in the return they can get from tollways, parking meters, people's pockets as taxpayers, (you can only get so much from student loan interest, mortgage fees and interest, consumer loans, car rental contracts, etc) is going to suddenly become a charity?

Not gonna happen.

btw - "I can't imagine anything worse than having spent a lifetime of work, looking forward to a little ease in one's waning days, and then getting the shaft instead."

I can, but that doesn't take away from the changes these folks will see.

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Highlight:

A Very Bad Idea Coming Soon to a City Near You [View all] McCamy Taylor Dec 2011 OP

Wouldn't a bankruptcy judge have to approve such a plan? badtoworse Dec 2011 #1

Will a judge more likely have a city financed retirement account or city bonds RC Dec 2011 #3

The judge is bound, one would hope, to enforce the laws. Igel Dec 2011 #10

Not to mention, has his own retirement plan to think about bhikkhu Dec 2011 #15

Wtf would a bondholder care about retirees? You don't want to pay you don't get debt to jtuck004 Dec 2011 #29

The pensioners would still be risking everything Nuclear Unicorn Dec 2011 #4

So the rest of us have to stick it to the bond holders to the degree where they no longer can profit saras Dec 2011 #6

If they cannot profit they will not put money in bonds Nuclear Unicorn Dec 2011 #9

I would think bondholders are pushing ahead of others in line in the bankruptcy, RickFromMN Dec 2011 #16

I was under the impression that bondholders are first in line in a bankruptcy proceeding badtoworse Dec 2011 #20

Typically, bondholders are first in line joeglow3 Dec 2011 #32

Good questions. Nuclear Unicorn Dec 2011 #27

I did not realize bondholders were first in line. RickFromMN Dec 2011 #36

Yes, and people to whom wages and benefits are owed are the first priority treestar Dec 2011 #25

Cutting pensions is immoral beyong belief. Odin2005 Dec 2011 #2

Why do you hate America? What are you some kind of commie? stillwaiting Dec 2011 #12

I was one in high school! Odin2005 Dec 2011 #13

How do i rec this? we can do it Dec 2011 #5

I think you click DU rec. aquart Dec 2011 #8

Employment contracts don't seem to be considered worthy of being honored. aquart Dec 2011 #7

Pensions are deferred pay. The RWrs have messaged pensions to mean some sort of golden parachute wiggs Dec 2011 #11

How will the Plutocracy protect itself if it keeps doing this to its police gangs? n/t Zalatix Dec 2011 #14

K&R (n/t) a2liberal Dec 2011 #17

Let's hope the officers who have harassed & abused OWS read this or hear about it. pacalo Dec 2011 #18

Another instance of "class warfare" from the top down. Disgusting in the extreme. n/t whathehell Dec 2011 #19

the main problem we(as citizens)have onethatcares Dec 2011 #21

Sad trends continue along with this austerity madness. mmonk Dec 2011 #22

I have been getting cuts to my pension in one way or another since 2004 NNN0LHI Dec 2011 #23

When my father was alive, he worked for a corporation that promised him and my mom medical care fasttense Dec 2011 #24

K'd & R'd nt DeathToTheOil Dec 2011 #26

Take 'em to court. lumberjack_jeff Dec 2011 #28

Us UAW retirees did just that when the retirees were not allowed a vote in the cuts NNN0LHI Dec 2011 #30

Seriously? The court ruled that retirees will just take whatever the current managers want to pay? lumberjack_jeff Dec 2011 #34

No, the court ruled we had to take what the current employees voted for in their contract NNN0LHI Dec 2011 #35

It's all part of the sick, twisted disgusting plan... Earth_First Dec 2011 #31

This is the same city that fired ALL it's teachers to break the union Marrah_G Dec 2011 #33