If you find yourself not facing foreclosure (yet), and wonder why your pension is tanking, read the report below. You see, the same criminals that stole everyone’s homes, equity, life savings, etc from people facing foreclosure, stole your money too…
The turmoil this country, actually the world is facing right now, all ties directly back to the financial games that Wall Street played with all of us. They want to make you believe it was the “deadbeat borrower” that caused all this but it is a lie, a distraction.
Once you realize that this was the largest Ponzi Scheme perpetrated on a global scale, to take every bit of wealth from the population, you will become angry too.
Hopefully, you will realize it before it is too late and stand up a do something about it…
From the report…
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The Origins and Severity of the Public Pension Crisis
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The major reason that shortfalls exist at all was the downturn in the stock market following the collapse of the housing bubble, not inadequate contributions to pension funds.
It is important to recognize that the main contributor to the current funding problem facing public pension funds was the collapse of the housing bubble and the subsequent downturn in the economy and the stock market. The plunge in the stock market led to a sharp decline in the value of pension fund assets.
Figure 1 below projects pension fund assets if pensions had continued to earn on average a 4.5 percent nominal rate of return in the period since the end of 2007. Under this assumption, state and local pension fund assets would have been $857 billion higher at the end of the third quarter of 2010.
The economic fallout from the collapse of the housing bubble has also led to budget shortfalls in state and local governments across the country. One result of these shortfalls is that governments reduced payments in pension funds. In the period since the beginning of the recession, annual payments into state and local pension funds have averaged $6.9 billion less than withdrawals. By contrast, in the three years prior to the downturn, payments averaged $18.4 billion more than withdrawals. If state and local governments had continued to contribute to their pensions at the same rate as they had in the prior three years, then the total assets of these funds would be $77 billion higher than was reported at the end of the third quarter of 2010. Adding this to the $857 billion figure above results in an additional $934 billion in pension funds, a figure far higher than most estimates of the size of state and local government shortfalls.
While state and local government pensions should be funded at levels that allow them to weather the impact of cyclical downturns, it is important to recognize that the current downturn is by far the longest and deepest of the post-war period. The managers of these funds obviously failed to recognize the housing bubble and the dangers it posed to the economy, but this was true of the vast majority of economic and business analysts at the time. Certainly state and local pension funds were not well served by the professional managers who advised them. It might be reasonable to ask why financial experts, who were often highly compensated for their services, failed to see such an obvious threat to the economy and the stock market as the collapse of a housing bubble.
However, this is an issue of the failings of the financial industry, not the failings of state and local governments, except insofar as they exercised poor judgment in buying the industry’s services.
Full report below…
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4closureFraud.org
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The Origins and Severity of the Public Pension Crisis
LISTEN I WAS HOPING I HAD ONE OF THESE EMAILS lol so i could tell you this! i had this dream last night dont know who person was he was standig in front of a blackboard with a gree color back round like a teacher and he said tell the man who says they stole our money…the answer is MR SOBEIT!!! HAHAHAHAHA OH MY CHECKED MAIL FIRST OR I WAS GOING TO SHOOT ME AN EMAIL THAT SAID THEY STOLE OUR MONEY!!!
No, No, No With regards to pension funding: Read the Stanford study.
http://siepr.stanford.edu/system/files/shared/GoingforBroke_pb.pdf
Wall Street was certainly an eager participant in and is partially responsible for the financial collapse, but by no means did they do it alone. Your piece above pretends that housing bubbles come out of nowhere like rouge waves – without any identifiable cause. Housing bubbles can’t happen without the means to buy houses, and in this case the means was cheap, plentiful money provided initially by the Federal Reserve to banks, which act as the distribution system. At the same time, there was a disconnect between those working with the public to lend the money, and those who bear the risk of the loan. They were lending other people’s money – which turned out to be taxpayer money – and were making money themselves based on how many loans they made, regardless of whether the borrower could pay back the money.
Then, the lard-ass from Massachusetts and the rest of his crew lowered underwriting standards so everyone could play. Finally, the rating agencies totally and utterly failed and should be chased out of the country as they are corrupt idiots. By the time it all got to Wall Street, it was already a disaster. Wall Street misrepresented the junk assets they were securitizing and turned out to be too incestuous to adequately spread the risk but it would have fallen apart with or without them. They just made a ton of money off the whole deal which is why everybody hates them.
But they couldn’t of done it without you, and you and you too. Sorry, Charlie.
Take it to the streets people. Get rid of every single scumbag judge and politician..
No American citizen should vote for any of these liars and frauds. We elect no one and that LIE is a gigantic diabolical deception. They fear the day we STOP VOTING!!!! Dylan Ratigan had a guest on his show at election time who wrote a book Don’t Vote For Any Of The Bastards. That is what will let the liars know we all know the whole system is RIGGED. .
Yes, massive, pernicious fraud in the banking sector. Diabolical Financial Terrorism committed by the large MULTINATIONAL BANKSTERS. Now, It feels kinda like we are all walking in quicksand and that is just where they want us.
These MULTINATIONAL BANKSTERS are NOT who many perceive them to be. We all need to take a closer look. They are very deceptive indeed. Chase, BofA, and all others are percieved as being American owned, that is an absolutely , destructive, diabolical LIE, that is a giant deception. Wake Up America..
So who owns them?
Of course if this financial crisis is, as the conspiracy theorists claim, an attack on the financial system of the US, then maybe the suits to expose the REMIC shattering’s are yet to come.
After all, stealing our money is one way to gain power, ruining what can’t be stolen would be another.
Kinda like the ancients who, in times of siege, would catapult human bodies with the plague into fortresses… or salt or poison the water supplies.
It looks rather diabolical. It also looks like we are all living in the revived Roman Empire. If it looks like a dictatorship and it smells like a dictatorship than…………my God, I think we’ve got it.
And doesn’t it also make sense that every time a Judge “legitimizes” a post dated assignment of mortgage, that he’s participating in shattering the REMIC veil? As these are static Trusts, with the requirement of only ONE Depositor, and that ONE Depositor having only a specified amount of time to deposit into the Trust, an Assignment of Mortgage dated past that date or a Deposit from some entity other than “the depositor” proves acceptance into the Trust of an Asset in violation of the trust’s Legal ability to accept it.
Puncture the veil enough times (actually only once) and it’s no longer a REMIC… it’s just a trust and therefore all the income that WAS Deposited into it bears the requirement of taxable income!
So for hypothetical purposes… we’ve got a $1 Billion REMIC that lost half it’s value in the “Fall” of 2008
Down to $ 1/2 a Billion now.
The REMIC shield is removed!
The trust now owes 30% (hypothetical… I don’t know current rates) of the original $1 Billion or $300,000 in Taxes.
Now that same Trust (once $1 billion) is now only $200,000.
Since the Judge’s retirement funds are the owners of a lot of these Trust Certificates, you’d think they’d be pissed.
🙂