As I predicted years ago, pensions are now going "poof" overnight with the stroke of a pen. Today's news on this is that the trucker's union pension looks to be gutted by 60% or more in order to achieve stability. And that is when stocks are near their all time highs. Imagine what it will be like when the depression hits the US.
I will say that I am sorry to see truckers getting F-ed like this. They work as hard as anyone and they do not deserve to get screwed out of their retirement money. At the same time, I don't feel so badly about it that I care to make them whole at my expense (read my share of taxpayer bailout should someone want to do that).
No, I think those who backed the liberal unions made their beds and now they can lie in them just like the rest of us will have to lie in whatever bed we made for ourselves during our working lives. If we try to save every collapsing fund here is what we will find: the first to get out will get out in good shape but at some point the collapse will be too great to bail out. So why should anyone get out whole on the backs of the other tax payers.
No, Teamster truckers, I'm sorry, but you should have been reading my blog earlier. Had you done that you would know that any value of yours held by someone else is their property the first time a crisis hits. In other words possession really is 9/10ths of the law. Always has been, always will be. It is for exactly this reason that I laugh each time I hear that someone wants to store my gold and silver coins for me (as if it is very hard to do on your own...). No, bozo bankers, you cannot store my retirement money for me because if I let you do that then I know it will not be there for me in retirement! How many times do sheeple have to learn these lessons??
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