I don't care what anybody says about the stock market, it's still the best place to put your money. It has NEVER declined in any 10 year stretch, and there are mutual funds out there with a 30 year track record of 10%+ annual return. Individual stocks other than Blue Chips are suicide, IMO. Diversify and you'll be okay. Oh, and stay away from putting your 401K in company stock. Can you say ENRON? :messedup:
I am not pro union but how many cars do they have to sell to just pay the CEO for 1 year,salary, options,and bennies,golden parachute? Then follow the white collars down the line and see why cars cost so much and why they are building out of the U.S. Cheap labor doesn't mean cheaper product for us, just more profit for upper management salaries.
I would rather see a corperations profits, go to their management. than to the , more than likely corrupt, union management. Unions are like terminal cancer, it has a built in cure. Just take a look at the state of California.
Although this will be the largest pension default so far, the really scary pension default that may be on the horizon is GM. They have 3 times as many retirees as they have employees.
One of the most solid, and solvent pention plans in the US is GM's.
Don't be news media frenzied drivin.
Ford has a fully funded and excellent pension plan too.
Both plans have plenty of cash to handle future developments.
I suggest you run a search and check out GM's steller plan.
International Brotherhood of Elect Workers has a very solvent plan too.
My unit has 7200 retired people drawing off of a proprietary to just us 6.7 billion dollar fund.
Don't let the doom and gloom media grind ya down.
It aint all that bad. Research beyond the left wing media.
- Ross AKA TPC
Alaska Airlines fired all its union ground help (bagage handlers, etc.) this past winter. Reportedly it saved them 10 Mil a year.
something to note:
1) pensions are insured (PBGC) and the insurance is paid for by the company.
2) it is illegal to prefund too much of the pension. Which is retarded because if the company has a good year and has money they can't sock away some of it for a rainy day. Congress needs to change this rule.
Most of the underfunded pensions today are due goverment rules having to do with the interest rate changes (its complicated) and devaluation of assets within the plan and the inability to prefund for a "rainy day."
Much of United's problems with their pension plan has a lot to do with the archaic pension rules. Some of it has to do with their lack of competiveness.
Congress is addressing some of the regulatory problems but knowing them they will make it worse.
I suspect (my opinion) that most union pension plans will remain and be fully funded.
but what the hell do I know, I'm only an expert in this field.
(terminating pension plans ) i hope other companies dont jump on that boat.
You really think PBGC can handle the load?
I watched a united worker of 30yrs on tv said his pension will now be 200 a month. Grandstanding or truth?
This one needs to go to the top! This country needs to define whether it's run by thieves and bandits or by the people! If this is a pirate state let us all get on the same page. Let's default on the retired presidients, senators, congressmen, and judges pensions! Think of the savings!
Many judges don't conduct themselves as if they are "for the people by the people", so maybe the people need to give them the boot!
If the supreme court can't do this right, then the rules need to change on their life time assignment looking down at us!
Stealing from the retired. Isn't that like stealin' candy from a kid, hitting a girl, hurting small animals for entertainment?
Anybody(corp executives, judges, etc.) that resorts to or allows this kind of crime to happen, should be stripped of everything and sent to the poor house with all the people they sent there.
Sell your boats now. We'll all need to be liquid to support our parents after their retirement is stolen!
BTW. Before you donate to any more of their charities, you better consider your own future. Those $s may be better saved for your own retirement in 30 years.
Gross!
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