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The-Shoveler
ParticipantSo you got City Pensions buying City Bonds so they can afford to pay the city pensions,
Just kidding, but it looks a little like the fed buying treasuries LOL
Participant[quote=CA renter][quote=The-Shoveler]It’s very simple really,
When the City files BK, it does so in Federal court.
If the Federal court over rules the State Law saying that “public employee pensions cannot be diminished or impaired”
Well I guess that’s where the real battle begins.
Interesting times.[/quote]
Employee compensation (including pensions), are priority claims. The only question is how they will determine the limits of the priority claims for a municipal BK, as opposed to limits for a business BK. Bondholders do not have priority claims.[/quote]
Thing is who will want to buy Muni-bonds in the future ?
There is going to have to be much high interest to get people to buy Muni’s in the future especially if they take the whole hit me thinks.
I think this is where Stockton’s case is still interesting.
Buffett recently got out of the Muni-bond insurance biz by the way.
ParticipantIt’s very simple really,
When the City files BK, it does so in Federal court.
If the Federal court over rules the State Law saying that “public employee pensions cannot be diminished or impaired”
Well I guess that’s where the real battle begins.
Interesting times.
ParticipantIn the end I guess that’s what it’s all about (the big one)
Does Federal BK law trump State law.
We will see I guess, there will be a lot of eyes on this one.
Participant[quote=SD Realtor]Also still taking bets on a federal bailout. I believe the dems are gonna push for it.[/quote]
Let the Moral hazard begin !!!
What could go wrong!Yea this is what I fully expect will happen,
My bet is there will be limits on benefits paid, (almost to the point where they could have done it themselves but it will take the fed gov to push it through).
ParticipantBeing destitute and healthy is better than being wealthy and bedridden (or worse).
What does that have to do with anything ?
Nothing just thought I would add that.(keep fit, if possible, it’s your best asset).
ParticipantDuplicate
ParticipantDon’t know about most locations,
But in Ocean Side all the trailer parks would probably be gone without rent control.In Santa Monica The landlords would elect you president.
No one enjoyed the great depression.
I don’t think anyone who lived through that would recommend it.
ParticipantIt’s very simple, the majority of middle class Jobs are NEVER COMING BACK.
they will be replace by a lot fewer high tech jobs that pay well and service jobs that don’t quite get you to the middle class again.
ParticipantOnce again
I guess the question is ????
Do you want a larger and larger part of your population to live like that and a smaller and smaller middle class (as seems to be the trend).
ParticipantI guess the question is,
Do you want a larger and larger part of your population to live like that and a smaller and smaller middle class (as seems to be the trend).
Participant[quote=spdrun]
The whole Idea of robots is to cut labor and you only need so many hopper loaders.
Shoveler: My argument is that the automation of manufacturing, etc has already happened. It’s just done by bio-robots in China and call-center employees in India.
Replace the bio-robots with actual robots in the US at a similar manufacturing + shipping cost, and manufacturing could actually come back to US shores en masse. It would be cleaner, safer, better quality, and most importantly, employ Americans at high productivity levels.[/quote]
Yep, Just a lot less people needed to get the same work done. (maybe 1 of 10, or 1 of 20).
this Automation thing is still just getting started. (just took it’s first baby steps, you have not seen anything yet).
ParticipantNot saying Europe is correct, just they have been at this game a little longer than we have.
ParticipantNot fighting anything, not saying Automation is bad.
Just saying things are going to change and not everyone can work at QCOM who lives in SD.
The whole Idea of robots is to cut labor and you only need so many hopper loaders.
Society is going to take a while to adjust.
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