Was the Fed created by democrats or Republicans?

[BackAgain]

Yes, because of their investment losses, not because of their pensions.

The duty to meet their legal payment obligations included pensions.

 

[Toddsterpatriot]

The duty to meet their legal payment obligations included pensions.

So?

 

[BackAgain]

So?

So, why’d you bring it up?

 

[Toddsterpatriot]

So, why’d you bring it up?

This guy brought up pensions.

 

[BackAgain]

View attachment 715529

This guy brought up pensions.

You’ve studiously missed the point. But that’s ok.

 

[Toddsterpatriot]

You’ve studiously missed the point. But that’s ok.

Feel free to explain your point.

 

[BackAgain]

Feel free to explain your point.

I already did.

 

[Toddsterpatriot]

I already did.

LOL

 

[BackAgain]

LOL

No joke. You are being studiously obtuse.

Let me assist you a little:

Government Employee Pension Funds Force Bankruptcy

An editorial in USA Today reviews the bad news about government employee union pension funds, which are seriously underfunded in many cities and states.

nilrr.org

 

[BackAgain]

Also @Toddsterpateiot you may wish to contemplate this:

https://sgp.fas.org/crs/misc/LSB10116.pdf

Bottom line: when a government (state or local) can’t handle its own budget (and that includes underfunded pension funds when pension payments keep needing to get paid), the impact may be a declaration of bankruptcy.

A private company’s bankruptcy could impact pensions for retirees, but there is a federal program to financially assist them (akin to the FDIC). As far as I can tell, however, there is no such program for government employees under such circumstances.

 

[Toddsterpatriot]

No joke. You are being studiously obtuse.

Let me assist you a little:

Government Employee Pension Funds Force Bankruptcy

An editorial in USA Today reviews the bad news about government employee union pension funds, which are seriously underfunded in many cities and states.

nilrr.org

I live in Chicago, I've heard a lot about stupid government pensions driving localities and states toward bankruptcy.

 

[Toddsterpatriot]

Also @Toddsterpateiot you may wish to contemplate this:

https://sgp.fas.org/crs/misc/LSB10116.pdf

Bottom line: when a government (state or local) can’t handle its own budget (and that includes underfunded pension funds when pension payments keep needing to get paid), the impact may be a declaration of bankruptcy.

A private company’s bankruptcy could impact pensions for retirees, but there is a federal program to financially assist them (akin to the FDIC). As far as I can tell, however, there is no such program for government employees under such circumstances.

Thanks.
You know what else causes declarations of bankruptcy?
$1.7 billion in investment losses.

 

[BackAgain]

I live in Chicago, I've heard a lot about stupid government pensions driving localities and states toward bankruptcy.

No doubt.

You asked for my “point.” And I believe that partly satisfies the request.

 

[BackAgain]

Thanks.
You know what else causes declarations of bankruptcy?
$1.7 billion in investment losses.

I don’t disagree with that at all. But in many cases, the investments are for the fund designed to cover pensions.

Ineptitude and/or criminality in that process can be disastrous.

 

[Toddsterpatriot]

No doubt.

You asked for my “point.” And I believe that partly satisfies the request.

If your point was that stupid state and local government promises will drive stupid state and local governments bankrupt........ok. Obviously.

 

[Toddsterpatriot]

I don’t disagree with that at all. But in many cases, the investments are for the fund designed to cover pensions.

Ineptitude and/or criminality in that process can be disastrous.

Yes, the city Treasurer was, in part, investing for pensions.

 

[BackAgain]

If your point was that stupid state and local government promises will drive stupid state and local governments bankrupt........ok. Obviously.

I think the point was clearer than your effort to synopsize it.

 

[presonorek]

Was the Fed created by democrats or Republicans?

Why was it created?

Neither republicans or democrats. I can’t answer your first question without being called a racist so I will refrain.

Your second question is easy. It prevents hyperinflation.

 

[presonorek]

And after the Federal Reserve gets paid, what does the Fed do with the money?

They loan it out again .

 

[presonorek]

I gave my kid an IOU for $30 billion.

Should my family declare bankruptcy?

Yes. Although you don’t have to.