Retirement savings ....Yikes !

[Gale Hawkins]

I think we can safely assume most all companies, governments with unfunded or under funded pension plans will at least explore the bankruptcy "solution". The future lucky retires will perhaps only have to take a cut in retirement pay like the post office, school teachers, etc across the country. When the US Government clips a chunk out of 401's, etc that will reduce the retirement income for that segment.

The nice thing about the move in Cyprus it is giving people in the other countries time to get physical control of retirement funds before it is too late. Gates on retirement funds may be come locked sooner than later even in the USA.

Stockton is not planning to go out of business. Just look how GM was able to start showing profits by reselling the company to new investors and not having to carry all of the old debt and liabilities.

 

[daugen]

Just look how GM was able to start showing profits by reselling the company to new investors and not having to carry all of the old debt and liabilities.

All I can think of is all the injection molding subs, the seat makers, the windshield glass, all the subbed out stuff, and many of them got stiffed.
Worse, is GM probably came back to them and wanted more goods, at a lower price, and "not our problem" regarding the old accounts payables.
I don't understand why they shouldn't pay back every dime, over time. That would be a work out bankruptcy, not a dissolution, but get enough lawyers involved and
the machine shop in Illinois is going to get hosed.

 

[300UGUY]

Just look how GM was able to start showing profits by reselling the company to new investors and not having to carry all of the old debt and liabilities.

All I can think of is all the injection molding subs, the seat makers, the windshield glass, all the subbed out stuff, and many of them got stiffed.
Worse, is GM probably came back to them and wanted more goods, at a lower price, and "not our problem" regarding the old accounts payables.
I don't understand why they shouldn't pay back every dime, over time. That would be a work out bankruptcy, not a dissolution, but get enough lawyers involved and
the machine shop in Illinois is going to get hosed.

As far as I know, the suppliers got paid. They had to wait a bit, but they got paid. Otherwise, many of them would have been closed up. GM has a pretty complex financial structure. I read that the preferred stock holders got paid, 100 cents on the dollar, and some bondholders got paid, depending on the bond. Common stockholders fared the worst. The bond thing was a little goofy, different parts of GM issued bonds, and in different countries. The bonds were tied to assets in those countries.

 

[Ken]

Thanks, ken! I've been self employed over 34 years, so I know about the quarterly paying taxes!

So, you're saying that the wife will get 50% of what my SS would have been when I reach 66 when she gets 66 even if I take it now? Is that understandable? I'm doing a ton of research trying to figure out when to take. I KNOW I'll start at 66 anyway, which is only one year seven months for me.

Maclawn
This is what the lady at the SS building suggested and you can call them ask for benifits and when applied. and since your so close they could make up the amounts.
Just have your ss cards # and wife close to the phone.
Always wondered how they know to the penny what you put in and when Then some one uses your # and adds to the account and they never
let you know . (I can add to my wifes bank account and it is hers)why not the ss.
Admire someone able to be self employeed and know most of the political garbage is hog wash usually.
ken

 

[mjarrels]

I remember the CEO looking right into the camara and saying we repaid all tax payer money. I almost lost $40,00 in bonds.

mark

 

[Gale Hawkins]

I remember the CEO looking right into the camara and saying we repaid all tax payer money. I almost lost $40,00 in bonds.

mark

Mark I hate to hear that. The mess really had a negative impact on many. From what I was reading there are many bondholders who will get washed out over the next five years. Not sure what the plans are for the Stockton bondholders are in for yet. Many bonds across the USA are at risk I leaned from several directions at the same time.

 

[schoolsout]

PBR= Private
Muni = Public

 

[Larry Caldwell]

Japan's unemployment rate is in the 4% range and Germany's in just over 5%.

They both have very large export manufacturing sectors, universal healthcare, much high energy costs and much higher marginal tax rates.

Both Germany and Japan have governments intimately involved in the manufacturing business. That's unlikely to ever happen in the USA. They also have tax rates of about 65% for mid range wage earners. That's with the USA picking up the tab for Germany's national defense, and spending $billions a year on military bases there.

There is a word in Japanese for working yourself to death. Kar Japan also has a horrifying public debt to deal with.

 

[daugen]

There is a word in Japanese for working yourself to death. Kar

Whatever letter our current generation is, perhaps their biggest worry is carpal tunnel
and eye strain. Not back strain...

My great grandfather was a farmer in Eastern Europe. I think my grandfather wanted no part of that subsistence life, and
really believed what was written on the Statue of Liberty. So he came over in 1901, through Ellis Island, and
immediately went to work in a relative's butter and egg business in Newark, NJ.
And sent my Dad to Brown and Harvard Law School. Really an amazing accomplishment. And it took driving fifteen year old
Chevies to do it. Not a material family at all. My Dad's all time favorite thing was to come home, get in his blue jeans, light up a cigar, and
work in the garden. There is something in our family where we all want to get out hands in the dirt. Good genes I guess.

My mom died of cancer at 53 and my father of cancer at 65. Yes the cigars did him in. So in some ways they died before retirement. For seriously hard working folk, that
was pretty unfair. But unless one has a crystal ball, and not sure I want to know my last day on earth, we have to plan for the long, long term.
We are told to finance our retirements into our nineties.
Not sure I'm going to, plus I don't have kids, but we all watch our balances and at some point, naturally we ratchet back our normal expenses. Because medical expenses
take over.

Sounds kind of gloomy. Which is why I didn't wait any longer to get my new tractor. Every day is a great opportunity. Don't want to miss anything.

 

[keegs]

Both Germany and Japan have governments intimately involved in the manufacturing business. That's unlikely to ever happen in the USA. They also have tax rates of about 65% for mid range wage earners. That's with the USA picking up the tab for Germany's national defense, and spending $billions a year on military bases there.

There is a word in Japanese for working yourself to death. Kar Japan also has a horrifying public debt to deal with.

To each of your points Larry ....they're all policies we are often told kill jobs.

Please provide us with some examples of the intimacy between business and these government that you apparently find objectionable.