[quote=Leorocky]And it was up to the union members and their bought and paid for politicians to oppose those sales pitches. of course when you havent contributed your fair share and your bought and paid for pols dont make the employer contribution the Wall St sales pitch looks very tempting.
The responsibility for the pension crisis lies almost entirely with the public sector, and no amount of whitewashing will change that. (I wouldnt actually call it a crisis, I’d call it an inevitability)[/quote]
Many union members DID fight against this. The Privatization Movement liked the riskier investment schemes because they benefited both directly (Wall Street/financial sector), and indirectly when the public employers could LOWER their pension contributions as a result of the higher yields…so more money was freed up for “public-private partnerships,” Big Development, and other give-aways to the private sector.
