Comments on: Guest Post: Jersey’s Jitters: An Omen For Public Plans? http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html Sun, 22 Nov 2009 01:21:03 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: skippy http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html#comment-50289 skippy Sat, 11 Jul 2009 08:23:53 +0000 http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-an-omen-for-public-plans/#comment-50289 @Leo...mabe its time to go with he flow. I've done the gault-A and experience anxiety upon impending return. <br /><br />Your experience and wisdom can travel the length of this world via the net...so people like me can learn a bit more and adjust our behaver accordingly...whilst you get a nice tan.<br /><br />Cheers,<br /><br />Skippy...good guys should see some rewards for their efforts eh, may you be rubbed with scented oils, which bring thoughts of yesterdays, man of the old code. @Leo…mabe its time to go with he flow. I've done the gault-A and experience anxiety upon impending return.

Your experience and wisdom can travel the length of this world via the net…so people like me can learn a bit more and adjust our behaver accordingly…whilst you get a nice tan.

Cheers,

Skippy…good guys should see some rewards for their efforts eh, may you be rubbed with scented oils, which bring thoughts of yesterdays, man of the old code.

]]> By: Leo Kolivakis http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html#comment-50283 Leo Kolivakis Sat, 11 Jul 2009 05:29:42 +0000 http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-an-omen-for-public-plans/#comment-50283 @Kid Dynamite,<br /><br />If you do a search on my blog (upper right hand corner), you will see that I have written on GM's pension fund. For years, they were at the forefront on investing in alternative investments like hedge funds, private equity and real estate. Then, in 2008, all these alternatives got clobbered along with stocks. I read that their pension assets are good for 20 years...only problem is that they need to cover 50 years. They have cut benefits and will likely cut more as they resurface from Chapter 11. <br /><br /><br />@skippy<br /><br />With MS, summers in Montreal can be brutal (high heat and high humidity). Winters in Montreal are beautiful but too cold and way too long. I love the Fall season in Montreal, one of my favorites. But every time I swim in the seas of Greece, I feel a lot healthier. <br /><br />Sometimes I wonder if the North American rat race is worth all the headaches that come along with it.<br /><br />cheers,<br /><br />Leo @Kid Dynamite,

If you do a search on my blog (upper right hand corner), you will see that I have written on GM's pension fund. For years, they were at the forefront on investing in alternative investments like hedge funds, private equity and real estate. Then, in 2008, all these alternatives got clobbered along with stocks. I read that their pension assets are good for 20 years…only problem is that they need to cover 50 years. They have cut benefits and will likely cut more as they resurface from Chapter 11.

@skippy

With MS, summers in Montreal can be brutal (high heat and high humidity). Winters in Montreal are beautiful but too cold and way too long. I love the Fall season in Montreal, one of my favorites. But every time I swim in the seas of Greece, I feel a lot healthier.

Sometimes I wonder if the North American rat race is worth all the headaches that come along with it.

cheers,

Leo

]]> By: skippy http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html#comment-50278 skippy Sat, 11 Jul 2009 00:15:19 +0000 http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-an-omen-for-public-plans/#comment-50278 How much does pensioner (die off), 10, 15 umm 20 year factor in. Can they muddle around that long and let nature fix it for them?<br /><br />In Pacific Islander cultures, after a big cyclone (reduction in Islands capacity to support population), many would just jump in a canoe never to return. <br /><br />Leo, the winters back home must be murder for you. Did you just paddle to your new tropo home?<br /><br />Skippy...wink, wink. How much does pensioner (die off), 10, 15 umm 20 year factor in. Can they muddle around that long and let nature fix it for them?

In Pacific Islander cultures, after a big cyclone (reduction in Islands capacity to support population), many would just jump in a canoe never to return.

Leo, the winters back home must be murder for you. Did you just paddle to your new tropo home?

Skippy…wink, wink.

]]> By: Kid Dynamite http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html#comment-50267 Kid Dynamite Fri, 10 Jul 2009 18:10:40 +0000 http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-an-omen-for-public-plans/#comment-50267 Leo - Question for you:<br /><br />it's clear to me that one of the major problems GM had was their pension liabilities. Regardless of the restructuring of there CURRENT liabilities - have they modified the benefits for new and future employees, so that they won't have this problem again in 20years? In other words, are they still offering the same extensive benefits to employees? Leo – Question for you:

it's clear to me that one of the major problems GM had was their pension liabilities. Regardless of the restructuring of there CURRENT liabilities – have they modified the benefits for new and future employees, so that they won't have this problem again in 20years? In other words, are they still offering the same extensive benefits to employees?

]]> By: Skeptical Economist http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html#comment-50254 Skeptical Economist Fri, 10 Jul 2009 15:55:57 +0000 http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-an-omen-for-public-plans/#comment-50254 Blissex,<br /><br />You left out<br /><br />"and where the immigrant underclass is dazzled with ever greater dreams of wealth from a subprime fueled housing bubble that makes them full participants in the American Dream"<br /><br />I guess that part didn't work out real well either.<br /><br />The Bush/Blair/Clinton economy in a nutshell. Blissex,

You left out

"and where the immigrant underclass is dazzled with ever greater dreams of wealth from a subprime fueled housing bubble that makes them full participants in the American Dream"

I guess that part didn't work out real well either.

The Bush/Blair/Clinton economy in a nutshell.

]]> By: Brick http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html#comment-50245 Brick Fri, 10 Jul 2009 11:57:03 +0000 http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-an-omen-for-public-plans/#comment-50245 I am expecting an outcry from business as the rules for how long you have to make up the deficits in public pensions are changed. The same rules will not of course be applied to private pensions, hence the outcry. This off course is just kicking the can down the road one more time. Either the bill will eventually have to be paid by the coming generation or public pensions will be drastically cut. Failing that significant devaluation of the curency and bailouts from central government seem to be the only options. I am expecting an outcry from business as the rules for how long you have to make up the deficits in public pensions are changed. The same rules will not of course be applied to private pensions, hence the outcry. This off course is just kicking the can down the road one more time. Either the bill will eventually have to be paid by the coming generation or public pensions will be drastically cut. Failing that significant devaluation of the curency and bailouts from central government seem to be the only options.

]]> By: Blissex http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-omen-for.html#comment-50240 Blissex Fri, 10 Jul 2009 10:13:14 +0000 http://www.nakedcapitalism.com/2009/07/guest-post-jerseys-jitters-an-omen-for-public-plans/#comment-50240 «<i>Governments around the world are grappling with seriously underfunded public and private pension plans and there are no real solutions to deal with global pension tension.</i>»<br /><br />But they did have a solution: a rentier-friendly economy for most voters, with massive capital gains on most assets owned by retirees, to be paid by ever greater numbers of immigrants, and the same also providing cheap labour to drive down the costs of the services bought by those retirees.<br /><br />A plantation economy where each retiree lives in a McMansion on the hill served by many brown skinned labourers paying top prices for their rents, and being paid bottom wages for their work.<br /><br />That did not work out too well... «Governments around the world are grappling with seriously underfunded public and private pension plans and there are no real solutions to deal with global pension tension.»

But they did have a solution: a rentier-friendly economy for most voters, with massive capital gains on most assets owned by retirees, to be paid by ever greater numbers of immigrants, and the same also providing cheap labour to drive down the costs of the services bought by those retirees.

A plantation economy where each retiree lives in a McMansion on the hill served by many brown skinned labourers paying top prices for their rents, and being paid bottom wages for their work.

That did not work out too well…

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