Bob Calco wrote: > http://market-ticker.denninger.net/archives/759-Here-It-Comes.html > > or > > http://tinyurl.com/c28htw > > - - - > We stand on the edge of the failure of all of American's retirement assets. > Literally all of them. Buried in some of the earnings reports of the last > quarter are the fact that half of the market capitalization of some firms > was wiped out in the last year due to pension fund shortfalls as a > consequence of the stock and credit market swoon. CALPERS and other funds > are rapidly going from being adequately capitalized to critically > undercapitalized. If the Treasury and Stock market both sell off as I > believe both can and is likely to happen if the current policies are > continued essentially ALL American Retirement Assets will be destroyed - > 401ks, IRAs and both private and public Pension systems. Total losses > through these systems is likely to reach 80-90%, and the Boomers start > retiring "en-masse" just a few years from now. > > In short, if policies are not changed now there will be no retirement for > Americans and the currently-retired who rely on these funds will find them > gone and be forced back into the workplace. Unemployment in that scenario > is likely to reach and may exceed 20%, and what's worse, Medicare funding > will be severely curtailed at the same time due to the inability of the > government to fund it. > > It is absolutely critical that Obama and Congress understand these facts > (and they really are simple; we have $53 trillion in public and private debt > - that is, credit - and yet the monetary base is just shy of $2 trillion up > from the "normal" $800 billion or so) - it is not mathematically possible > for a $2 trillion dollar thing to control the outcome of a $53 trillion > thing, especially when you are threatening to add $7 trillion to it. > > Let me put forward a different view of what should be done, and hope that > President Obama and his cabinet direct Geithner and company to take these > actions. I fully realize that parts of this call for Geither to "turn on" > some of his banking buddies, but irrespective of his desire not to, if he > does not then the plan will fail. > - - - > > Well, I for one am encouraged by the fact we have an admitted tax cheat for > Treasury Secretary now, and Obama has nominated two other admitted tax > cheats besides for other cabinet and administration positions of > considerable power (Daschle and Killefer, his "Performance Czar," both of > whom have since had to withdraw after getting caught red-handed with huge > unpaid tax bills). > > I can only conclude that it must be a nomination requirement of some > kind---after all, they had the most stringent vetting process in the history > of the world to ensure only folks Obama considers ethical were chosen. > Change You Can Believe In. > > (Echo: Just words. Just speeches.) > > On a more serious note, the article is very long, rather detailed, and spot > on. Scary too, but makes some eye-opening recommendations that, sadly, make > too much sense. > > - Bob > Bob. I thought we had a deal. Is this how a Christian keeps his word?
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