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

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

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.