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Thread: weekend commentary - Bloomberg Business News sues for info on 'bailout' collateral

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    Default weekend commentary - Bloomberg Business News sues for info on 'bailout' collateral

    (snip)"Bloomberg Sues Fed to Force Disclosure of Collateral (Update1)

    By Mark Pittman

    Nov. 7 (Bloomberg) -- Bloomberg News asked a U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks.

    The lawsuit is based on the U.S. Freedom of Information Act, which requires federal agencies to make government documents available to the press and the public, according to the complaint. The suit, filed in New York, doesn't seek money damages.

    ``The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,'' said Matthew Winkler, the editor-in-chief of Bloomberg News, a unit of New York-based Bloomberg LP, in an e-mail.

    The Fed has lent $1.5 trillion to banks, including Citigroup Inc. and Goldman Sachs Group Inc., through programs such as its discount window, the Primary Dealer Credit Facility and the Term Securities Lending Facility. Collateral is an asset pledged to a lender in the event that a loan payment isn't made.

    The Fed made the loans under 11 programs in response to the biggest financial crisis since the Great Depression. The total doesn't include an additional $700 billion approved by Congress in a bailout package.

    Fed's Position

    Bloomberg News on May 21 asked the Fed to provide data on the collateral posted between April 4 and May 20. The central bank said on June 19 that it needed until July 3 to search out the documents and determine whether it would make them public. Bloomberg never received a formal response that would enable it to file an appeal. On Oct. 25, Bloomberg filed another request and has yet to receive a reply.

    The Fed staff planned to recommend that Bloomberg's request be denied under an exemption protecting ``confidential commercial information,'' according to Alison Thro, the Fed's FOIA Service Center senior counsel. The Fed in Washington has about 30 pages pertaining to the request, Thro said today before the filing of the suit. The bulk of the documents Bloomberg sought are at the Federal Reserve Bank of New York, which she said isn't subject to the freedom of information law.

    ``This type of information is considered highly sensitive, and it would remain so for some time in the future,'' Thro said. "(snip)

    from

    After all, why should US taxpayers expect to have any right to know what sort of 'toilet paper' was accepted as collateral against several hundred billion dollars worth of their tax money being 'loaned' to bail out various banks, insurance companies etc.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Now that the government is a partner in some of these companies, I wonder if they are required, ironically, to follow non-disclosure agreements. I think it should be released as it is public funds. The whole thing is an embarrasment to be sure, but it should not be done in smoke-filled backrooms.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by threlayer View Post
    Now that the government is a partner in some of these companies, I wonder if they are required, ironically, to follow non-disclosure agreements. I think it should be released as it is public funds. The whole thing is an embarrasment to be sure, but it should not be done in smoke-filled backrooms.
    Shit... Congress makes rules they themselves need not follow all the time. The president has his "signing" papers. The courts simply don't give a damn until someone rich enough to afford the fees and attorneys shows up.

    All three branches have become corrupted.

    No. Scratch that. I still believe in the system.

    I should say both parties we keep electing in are corrupt.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    ^^ I would have to agree with that.

    I believe those elected to Congress should have term mandatory limits, which would take a Constitutional Amendment, so likely it'll never happen. But it could provide an automatic weeding out process where voters (who have gotten their 'vote bribes' satisfied by earmarks and other pork-barrel favors) wouldn't be allowed to keep the rotten apples in the same barrel as the less corrupted elected officials.
    Last edited by threlayer; 11-17-2008 at 01:42 PM.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    (snip)"WASHINGTON — U.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation's financial system and should take back what is left of the $700 billion "blank check'' it gave the Bush administration.

    "It is just outrageous that the American people don't know that Congress doesn't know how much money he (Treasury Secretary Henry Paulson) has given away to anyone,'' the Oklahoma Republican told the Tulsa World.

    "It could be to his friends. It could be to anybody else. We don't know. There is no way of knowing.''

    Inhofe's comments, unusually pointed even for a senator known for being blunt, come on the heels of Paulson's shift in how he thinks the bailout funds should be spent.

    Last week the Treasury secretary announced he was abandoning his plan to free up the nation's credit system by buying up toxic assets from troubled financial institutions. Instead, Paulson wants to take a more direct action on the consumer credit front.

    "He was able to get this authority from Congress predicated on what he was going to do, and then he didn't do it,'' Inhofe said.

    "So, that's enough reason right there.'' "(snip)

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Last time our Congress 'trusted' someone with handling a big decision, we got a WAR we didn't need or want.

    Yeah, I know the front office needs flexibility, but it must be within some guidelines, not just whatever, based on hopes for results.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    arguably, Paulsen's decision to back away from the direct purchase of toxic mortgage bonds and other toxic debt instruments with US taxpayer money was the most prudent use of that money. The toxic debt was KNOWN to to be a money-losing proposition, whereas the purchase of financial institution stock shares at least offers the US taxpayer some chance of breaking even in the future.

    Ironically, the more heavy handed future regulation of financial institutions becomes, the LESS likely it will be that the US taxpayer will break even. This stems from the fact that new regulations limiting 'leverage' also limit profit potential if and when the world's economy recovers.

    Back to the subject at hand, after all of the gov't complaints that the financial system has been much too 'opaque', Paulsen appears to be acting with exactly the same 'opaqueness'.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    There were so many 'sins' and strong indications of those 'sins' you just have to wonder if anyone at Treasury/Commerce etc actually went to work and looked at the studies they ordered from their coworkers.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by threlayer View Post
    Last time our Congress 'trusted' someone with handling a big decision, we got a WAR we didn't need or want.

    Yeah, I know the front office needs flexibility, but it must be within some guidelines, not just whatever, based on hopes for results.
    I'm going to assume you are referring to Iraq 2. At the end of Iraq 1 (in 1991), a cease fire agreement was signed by all parties, and Saddam reused to abide by it, from day 1. How much time do we give him? Another 20 years.

    Now, let's see, couple that with our war against Serbia. There was no authority for it. Not by the UN, nor Congress. A wag the Dog.

    Quote Originally Posted by threlayer View Post
    There were so many 'sins' and strong indications of those 'sins' you just have to wonder if anyone at Treasury/Commerce etc actually went to work and looked at the studies they ordered from their coworkers.
    lol dude. We have been talking about the mortgage collapse since 2003. That was when the first warnings came out from people in the Treasury and Fed Reserve. We also talked about what would happen. It wasn't something that came upon us suddenly, and without warning.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    "Saddam...How much time do we give him? Another 20 years."
    That is not the basis on which Congress gave Bush permission to do what was necessary to "protect America's freedom." In fact it had nothing to do with that at all. As long as the US tries single-handedly (almost) to police the world, other countries will act dependent on the US (eg, Europe and the violent dissolution of the former Yugoslavia). Interestingly both Serbia and Iraq were countries entirely dependent on authoritarian regimes for internal peace. Probably some African countries are in the same situation. Saddam was not the only corrupt leader where some change would have greatly benefitted its people.

    The mortgage bubble and the gross lack of savings vs debt, coupled with Federal inattention (deregulation) is to blame. Mortgages didn't really get into the news until mid0decade,just worries about the bubble. But then "bull markets climb a wall of fear." So what else is new?
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    ^^^ along the lines of your post, what's new is ...

    Somali pirates (wasn't Somalia a hotbed of AlQueda activity for the past couple of decades ?) take Saudi oil tanker hostage. For some strange reason, there are no US ships in the area, and the handful of NATO ships that were nearby did nothing to intervene. By Sheer Coincidence, the US has quietly approached Saudi Arabia and other oil producing Gulf states for $300 billion worth of new 'loans'.



    Unlike toxic paper, crude oil is REAL collateral !

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by threlayer View Post
    "Saddam...How much time do we give him? Another 20 years."
    That is not the basis on which Congress gave Bush permission to do what was necessary to "protect America's freedom." In fact it had nothing to do with that at all.
    Congress authorized the use of force in 1990. Congress agreed with the cease-fire agreement in 1991. What happened in 2003 was a carry over from that time. Regardless of what else happened in the period since, Iraq 2 was bound to happen eventually.

    Quote Originally Posted by threlayer View Post
    As long as the US tries single-handedly (almost) to police the world, other countries will act dependent on the US (eg, Europe and the violent dissolution of the former Yugoslavia). Interestingly both Serbia and Iraq were countries entirely dependent on authoritarian regimes for internal peace. Probably some African countries are in the same situation. Saddam was not the only corrupt leader where some change would have greatly benefitted its people.
    We may have a bigger stake and a louder voice, but we are not in it single-handedly.

    Quote Originally Posted by threlayer View Post
    The mortgage bubble and the gross lack of savings vs debt, coupled with Federal inattention (deregulation) is to blame. Mortgages didn't really get into the news until mid0decade,just worries about the bubble. But then "bull markets climb a wall of fear." So what else is new?
    The main issue from 2003 was that people who should not be getting a loan were getting them. It was bound to fail when the rates went up even .25%.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by Melonie View Post
    ...Somali pirates (wasn't Somalia a hotbed of AlQueda activity for the past couple of decades ?) take Saudi oil tanker hostage. For some strange reason, there are no US ships in the area, and the handful of NATO ships that were nearby did nothing to intervene...

    Unlike toxic paper, crude oil is REAL collateral !
    The Somali pirates have been operating with increasing audacity for some years in scope as well as range; the Saudi tanker is the largest they've captured so far. Though Somalia is almost govern'less and al-Qaeda has been in the mix for some time, I haven't seen any indication that they are involved in the piracy, though I have a feelling that they benefit from it somehow. Reports are that some countries are starting to seriously fight back. About time.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by threlayer View Post
    The Somali pirates have been operating with increasing audacity for some years in scope as well as range; the Saudi tanker is the largest they've captured so far. Though Somalia is almost govern'less and al-Qaeda has been in the mix for some time, I haven't seen any indication that they are involved in the piracy, though I have a feelling that they benefit from it somehow. Reports are that some countries are starting to seriously fight back. About time.

    Piracy has been on the inrease for a decade or more. They have already taken not just tankers, but entire cargo ships (the really really big ones). This is just the largest this group has taken. One of the problems with combatting piracy is govt complicity and that some in govts are the pirates.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by glambman View Post
    ...The main issue from 2003 was that people who should not be getting a loan were getting them. It was bound to fail when the rates went up even .25%.
    It is pretty complicated. People have been encouraged to leverage themselves pretty far up the hilt on real estate (home mortgages) for a long time with the thought that when they sell they will be pretty well set up on retirement. And the housing bubble, caused in large part, by speculation which feeds on itself, was bound to burst--Hello? But the populace gets caught up in that nonsense, banks got greedy and took bigger than smart risks, and that's why bubbles are formed. Financiers/bankers also got caught up in the potential profits and began disregarding the risk because they perhaps thought that government regulations/incentives gave them some additional insurance from failures. So gullible and greedy people and ignorant and greedy money lenders set themselves up for a big failure. Then when the oil speculation and consequent farm product prices shot up, those house-poor citizens started having trouble making payments on their homes and flips. Meanwhile back at the ranch, the financiers/bankers where having their own self-indulgent Vegas game creation with that speculative money when such money became scarce. The regulatory people, swept up in Republican lassiz-faire-ism (no idea what the Dems were doing), just slept throught the whole thing. Because of all the interaction, the effects are now worldwide. Game over.

    Nice job protecting us, Mr Bush. We now have the interminable war in Iraq, the unwinnable ignored war in Afghanistan, a loan/trading partner (China) that is nowhere near trustworthy (an ill-conceived governmental philosophy), the lost Republican 'war' at home, a business-regulatory system that has gone to an eight year lunch, several unconstitutional (and possibly unrecoverable) intrusions on privacy, immoral treatment/torture of war prisoners, a long-lasting severe 'recession', an even more polarized congrtess and electorate, partisam politics in the Attorney General's office, attempted cronyism in the Supreme Court, and what may become a world-wide Depression, and a bunch more underhanded things I haven't discovered yet. All because of your stubborn cronyism and ill-preparedness for your job. Also nice eight-year choice Americans! What a friggin' mess !!!!

    This was the most incompetent presidency I've lived through and possibly in the country's history.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by threlayer View Post
    swept up in Republican lassiz-faire-ism (no idea what the Dems were doing), just slept throught the whole thing.
    lol the same laws that allowed what hapeened to happen were there before his administration.

    Quote Originally Posted by threlayer View Post
    Nice job protecting us, Mr Bush.
    1.)a loan/trading partner (China) that is nowhere near trustworthy (an ill-conceived governmental philosophy),
    2.)the lost Republican 'war' at home,
    3.)a business-regulatory system that has gone to an eight year lunch, 4.)several unconstitutional (and possibly unrecoverable) intrusions on privacy,
    5.)immoral treatment/torture of war prisoners,
    6.)a long-lasting severe 'recession',
    7.)an even more polarized congrtess and electorate,
    8.)partisam politics in the Attorney General's office,
    9.)attempted cronyism in the Supreme Court,
    10.)and what may become a world-wide Depression,
    11.)and a bunch more underhanded things I haven't discovered yet.
    12.)All because of your stubborn cronyism and ill-preparedness for your job. 13.)Also nice eight-year choice Americans!
    14.)What a friggin' mess !!!!

    This was the most incompetent presidency I've lived through and possibly in the country's history.
    1.) Clinton is the one that opened trade as it is today up in China. You remember when he was running in '92, he blasted Bush 1 about China, and then after getting in, he gave them Most Favored Nation status.

    2.) I'll give you that. But you forget it's in response to the Democrat/ socialist war (that's winning) that's ruining our country and bringing us down.

    3.) lol those laws didn't just create themselves when he took over. Look at Enron, they were cooking the books under Clinton, prosecuted under Bush.

    4.) lol let's see, the law that says that a church cannot say anything political is not a law, but a Presidential Executive Directive. Kinda shitty, ehh, especially since in 99% of cases, it applies only to conservative churches.

    5.) when you go speak to the taliban/ al-quada and get them to treat our prisoners in accordance with the Geneva Conventions, then you can argue this point. Ohhh, according to the Geneva Convention, terrorists are not provided for special treatment, ohh wait they are, they are sabatuers and do not get GC protections. But yet we still treat them a whole of alot better than they treat our prisoners.

    6.) because the ill gotten gains of the 90's were partially closed up.

    7.) It's always been the Dems that have more polarizing views. They said that if I don't vote for Obama, I'm a racist. lol Maybe I just think he has poor judgement and his policies suck. But that's just me.

    8.) Every appointed AG will propagate the views of the current admin. Why aren't you complaining about the previous admins AG, and his partisan politics?

    9.) lolololol Under Clinton, the Repubs refused to have a litmus test for the Federal Judges that were nominated. When Bush 2 nominated FG, look at the shit they went through, total partisan politics.

    10.) lol do ya think Dubya is also responsible for the 30's depression? sheeeez

    11.) lol considering most of your points are opinions, it doesn't really matter what the truth is for you.

    12.) 1993 that was the year the Twin Towers were atacked. War was declared on us by the terrorists, and the Unified Pussified Democratic Par-tay's response ensured the next pres war. Thatnks Clinton for 8 great wonderful years of being a pu-say.

    13.) yeap, as I said, Clinton's 8 years were awwwwfuulllll.

    14.) Yeap, now that Obama's in the WH.
    Last edited by glambman; 11-22-2008 at 02:39 PM.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Forgot one...

    ALSO: trying to 'privatize'/destabilize the Social Security defined benefits system by selling it into the unstable market (we see how stupid this would be now).

    I'll respond to the ones I consider worthy and to which i have not explained things previously; in the meantime re-read some of them, as you've missed a few words here and there.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by threlayer View Post
    Forgot one...

    ALSO: trying to 'privatize'/destabilize the Social Security defined benefits system by selling it into the unstable market (we see how stupid this would be now).

    But you forget that the SS system is illegal. It is a MLM scheme, illegal, whoops, except for the government.
    Quote Originally Posted by The Snark View Post
    But then I suppose the sort of people who write this kind of crap generally don't allow their opinions to be tainted by things like "facts" and "reality".
    Distortion becomes somehow pure in its wildness
    The note that began all can also destroy

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    ^ an out-there response

    govt does a lot if illegal stuff but that isnt it

    maybe risky, but less and most financial transactions we all do every day
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by threlayer View Post
    ^ an out-there response

    govt does a lot if illegal stuff but that isnt it

    maybe risky, but less and most financial transactions we all do every day

    I disagree, it is a MLM scheme, and businesses have been raided, etc. for it. Look up those companies that needed to get new 'investors' so old ones would get their 'benefit'. OK, a better name is Pyramid Scheme. Or maybe a Ponzi.


    Social Security was never intended to be the source of retirement for people. Supplemental Social Income. If people are too lazy to save up for themselves, sorry, not my problem.

    IMO everyone, from the time you are born, should get a Retirement Account Number, your parents can establish it, and you save some on your own, but I also think a portion of you wages should go in there, period. Even employee matched. And you just take it around with you, no need for roll-overs, etc.. Those are other head-aches. lol

    OK, maybe just one for when you start working. And you can save on your own, also.
    Quote Originally Posted by The Snark View Post
    But then I suppose the sort of people who write this kind of crap generally don't allow their opinions to be tainted by things like "facts" and "reality".
    Distortion becomes somehow pure in its wildness
    The note that began all can also destroy

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    http://exiledonline.com/war-nerd-upd...anker-of-crude

    This explains the Somali situation a bit better. Nobody got uppity with the Taiwanese and Koreans fishing the Somalis dry, but everyone wants to get all irate about their resort to piracy after their own resources were pirated away.

    But, funny, no mainstream news articles about those Koreans and Taiwanese stealing from Somalis...

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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    ^^^^^^^^^^^^lol On of the things about Somalia that I chuckle at, is in the 80's, the UN or some International Govt type org gave them funds and one stipulation was a new soccer stadium. lol Been a while since I read it. Still though, it shows (at least some) incompetence.
    Quote Originally Posted by The Snark View Post
    But then I suppose the sort of people who write this kind of crap generally don't allow their opinions to be tainted by things like "facts" and "reality".
    Distortion becomes somehow pure in its wildness
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    Default Re: weekend commentary - Bloomberg Business News sues for info on 'bailout' collatera

    Quote Originally Posted by glambman View Post
    I disagree, it is a MLM scheme, and businesses have been raided, etc. for it. Look up those companies that needed to get new 'investors' so old ones would get their 'benefit'. OK, a better name is Pyramid Scheme. Or maybe a Ponzi.
    (Raided? what do you mean??)
    Most big business types use the same type of growth assumptions; that is not pyramiding. Fact is that we need several different sources of retirement income because not a single one can be counted on entirely. SS is a system that was designed to be optimized on growth, just like almost all other business plans. But it includes features not at all related to old age income; eg SSI, SSD.... The one thing that could save it is to redesign it to accommodate the driving force that depletes it faster than the design -- update the increase of age at death, which has risen from maybe 68 to 78 (not sure of those numbers). And yet the old age benefits are centered on an ancient assumption, only slightly revised. This fixed age number is NOT something that politicians should promise to the public. Full benefits should begin much later, and belatedly should be gradually stepped up, say one additional year for every four or five calendar years. In time the overspending problem would stabilize with our increasing longevity. Every year we procrastinate this change, just makes the adjustment harder to sell.

    Social Security was never intended to be the source of retirement for people. Supplemental Social Income...
    Fully agreed there and no doubt the public realizes it. At the same time it should not depend upon the varagies of the equity/debt commercial market. Private savings plans that do this should be separate.

    IMO everyone...save some on your own, but I also think a portion of you[r] wages should go in there, period. Even employee matched. And you just take it around with you, no need for roll-overs, etc....
    I agree traditional pension plans have been converted to 401k and 403b plans for portability, but company proportional contributions have not kept up. But neither has employee or company loyalty kept up.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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