Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill.

[SlyPokerDog]

http://www.ibtimes.com/gov-christie...sting-new-jersey-taxpayers-38-billion-1667622

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Detroit is the alternative.

 

[BlazerCaravan]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Detroit is the alternative.

Is that the one where they lowered corporate taxes in desperation so much they couldn't get the tax funds to cover the pensions?

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Is that the one where they lowered corporate taxes in desperation so much they couldn't get the tax funds to cover the pensions?

Is that the lefty spin on it these days?

The government unions negotiated overly generous pensions with the people they helped elect and bankrupted the place.

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

http://www.freep.com/interactive/ar...-Bankruptcy-history-1950-debt-pension-revenue

Detroit is broke, but it didn’t have to be. An in-depth Free Press analysis of the city’s financial history back to the 1950s shows that its elected officials and others charged with managing its finances repeatedly failed — or refused — to make the tough economic and political decisions that might have saved the city from financial ruin.

Instead, amid a huge exodus of residents, plummeting tax revenues and skyrocketing home abandonment, Detroit’s leaders engaged in a billion-dollar borrowing binge, created new taxes and failed to cut expenses when they needed to. Simultaneously, they gifted workers and retirees with generous bonuses. And under pressure from unions and, sometimes, arbitrators, they failed to cut health care benefits — saddling the city with staggering costs that today threaten the safety and quality of life of people who live here.

The numbers, most from records deeply buried in the public library, lay waste to misconceptions about the roots of Detroit’s economic crisis. For critics who want to blame Mayor Coleman Young for starting this mess, think again. The mayor’s sometimes fiery rhetoric may have contributed to metro Detroit’s racial divide, but he was an astute money manager who recognized, early on, the challenges the city faced and began slashing staff and spending to address them.

And Wall Street types who applauded Mayor Kwame Kilpatrick’s financial acumen following his 2005 deal to restructure city pension debt should consider this: The numbers prove that his plan devastated the city’s finances and was a key factor that drove Detroit to file for Chapter 9 bankruptcy in July.

 

[Eastoff]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Is that the one where they lowered corporate taxes in desperation so much they couldn't get the tax funds to cover the pensions?

What is your opinion of the Intel tax break, since you live in Washington county?

 

[jlprk]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

http://www.ibtimes.com/gov-christie...sting-new-jersey-taxpayers-38-billion-1667622

Everyone should read this article, which shows that the Republican dream of privatizing pension investment will lose you most of your pension to Wall Street types who make contributions to Republicans to accomplish this.

Don't fall for Denny's thread hijack.

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Everyone should read this article, which shows that the Republican dream of privatizing pension investment will lose you most of your pension to Wall Street types who make contributions to Republicans to accomplish this.

Don't fall for Denny's thread hijack.

Read this?

New Jersey’s pension fund is currently $47.2 billion short of what it needs to fulfill benefit promises to retirees.

Or this?

Orin Kramer, a hedge fund manager who preceded Grady as chairman of the State Investment Council, told IBTimes that New Jersey’s move into alternative investments was necessary to diversify the state’s portfolio and protect against stock market volatility. He suggested that the strategy needs to be given more time to show its full results.

“Assuming you have an intelligent portfolio mix, over a 3 to 5-year period, stupid people can look really good and smart people can look really stupid,” he said. “Over any four-year period, the very best managers and strategies will look bad and managers and investment strategies you should find scary can look terrific. And obviously alternative investments have higher fees than managing pension money internally. But that’s the political risk you take.”

In a 2013 interview with a financial trade magazine about his push for more alternative investments, Grady criticized other pension systems’ problems with "pay-to-play or people who knew board members getting allocations." He said he aimed "to protect the staff from political influence."

And, Duh, the stock market crashed in 2008/09. Of course the management fees would be lower.

 

[Rastapopoulos]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

So we have to choose between New Jersey and Detroit? Which one is Sweden?

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

New Jersey was already ridiculously behind its ability to meet its obligations. Retirement funds are invested, so there's always risk.

 

[MARIS61]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Christie is stupid, dishonest, and incredibly obese.

New Jersey chose him as their Supreme Nanny. Apparently, he was the best person available.

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Christie is stupid, dishonest, and incredibly obese.

New Jersey chose him as their Supreme Nanny. Apparently, he was the best person available.

The guys from the other party kept getting sent to prison.

 

[Minstrel]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

The guys from the other party kept getting sent to prison.

The bumper sticker writes itself: "Christie, the criminal with the best cover-ups!"

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Christie isn't a crooked politician. He's vengeful against his political enemies.

 

[3RA1N1AC]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

He's vengeful against his ... enemies.

Just like god. Maybe this Christ-ie fellow is someone worth following.

 

[barfo]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Christie isn't a crooked politician. He's vengeful against his political enemies.

Just like ISIS. They aren't bad guys, just vengeful.

barfo

 

[jlprk]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

The bumper sticker writes itself: "Christie, the criminal with the best cover-ups!"

Folk groups used to sneak messages between the lines.

[video=youtube;cy3Lvtti7lw]

 

[BlazerCaravan]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Just like ISIS. They aren't bad guys, just vengeful.

barfo

I doubt you'd see a video of Christie willingly giving someone else candy.

 

[Denny Crane]

Re: Gov. Christie Shifted Pension Cash to Wall Street, Costing NJ Taxpayers $3.8 bill

Just like ISIS. They aren't bad guys, just vengeful.

barfo

Not like ISIS, but thanks for playing.