The Goat Pen

Pensions sucked. Company controlled. At least with a 401k you took the blame if you lost it all.

The biggest downside of IRA's and 401k's is what the occasional plunges in the stock market do to the portfolios of almost-retirees who unwisely kept all their accounts in stocks. 2008 was brutal for people like that.

2008 was brutal for all of us.

2008 was especially brutal for the obama-haters who pulled out of the market and vowed never to came back, missing out on an 8-yr bull market run.

A slew of them came roaring back last November, however, even though the market was perceived to be near the top and probably in need of a correction or three. So thanks for the new money, the trumpbucks as it were, and now it's anybody's guess how much longer this thing will run.

Jungle Rat wrote:2008 was brutal for all of us.

True, but younger investors had time to recover from 2008. Almost-retirees that lost half their money in the stock market didn't have that luxury. They had to keep working for the next 8 years.

Yep, the old folks lost half their money in the market fall, then took the advice of all those Fox News shills and bought gold coins. Gold shares are up almost 10% since 2010, whereas Iowa dirt is up 24%, Nevada brothels are up 60%, and Coca-Cola is up 100%.

Professor Tiger wrote:The infrastructure in ATL seems pretty good, except when stoners set fire to a major interstate highway and it collapses.

The biggest example of crumbling infrastructure everybody talks about is LaGuardia airport. I layed over there for the first time a few years ago and was shocked. It was small, dirty and dim. I couldn't believe one of the two airports of one of the greatest cities in the world was such a dump.

From LaGuardia I flew to Dublin. Their airport was modern, clean, spacious and bright.

I asked myself which country was a superpower and which country was Mayberry?

Ireland didn't pay for that airport. The EU did...

Professor Tiger wrote:

Jungle Rat wrote:2008 was brutal for all of us.

True, but younger investors had time to recover from 2008. Almost-retirees that lost half their money in the stock market didn't have that luxury. They had to keep working for the next 8 years.

It probably caused some people to work longer, but I can't imagine that people who stayed in the market haven't made it back (along with the gains realized from further contributions and gains therefrom).

Also, my wife's family hates unions with a passion, but that's because they were in the textile business. Those fuckers vote Republican without knowing a damn thing or caring to know a damn thing. They're just worried about taxes.

bluetick wrote:Yep, the old folks lost half their money in the market fall, then took the advice of all those Fox News shills and bought gold coins. Gold shares are up almost 10% since 2010, whereas Iowa dirt is up 24%, Nevada brothels are up 60%, and Coca-Cola is up 100%.

LMAO. Smart investing in 2008 made some people a lot of money. Ford is up nearly 800% since then (and was up 1,300% at one point), and there were some other buys out there.

If you are omniscient and prescient, the stock market is great.

I remember GE getting down below $7 a share in 2008. I jumped on it back then. When its bottoming out like that , why not buy ? if it goes belly up money is worthless anyways

First 100 days. Heh.

Lots of stuff posted here in the last few days that's right in my wheelhouse. I don't feel like going back through it all...but, if my memory serves me correctly, the NJ pension issue was particularly fucked up because state workers paid into the pension from their paychecks, but the state government contributed IOUs (which was legal).

So, while Christie made the move he made for whatever reasons, it was pretty fucked up because the workers held up their end of the bargain and the state did not. They used those pension contributions to fund their budget.

Also, Jack Welch was the man who fundamentally changed the corporate focus from the corporate labor force over to shareholder value. Many argue that was the beginning of the massive C Suite compensation spread vs average employees and an antagonistic view of collective bargaining.

What New Jersey did is what every other corrupt, incompetent, insolvent municipality will have to do at some point. Their leaders showered their state and local government workers with extraordinarily lavish pay and pensions in return for votes and reelection campaign labor. Now they are trying to defy the ruthlessness of mathematics. It is not working. The workers will be hosed.

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Archived footage of Berkeley welcoming their most beloved guest speaker of all time:

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There is also a shitload of corruption on the management of these pensions. Managers are being paid millions for abysmal returns and even intentional theft.

I remember my client selling his office building to the Detroit Fireman's Pension Fund for about $80 million. Instead of using a local commercial property firm they brought in some guidos from Detroit whose firm was affiliated with the manager of the fund. They ran it into the ground and the fund ended up selling it for $45 million. Unfortunately, there is no accountability for Wall Streeters managing pensions.

I think the second wave of Obamacare issues is really starting to hit home now.

Applying those crazy deductibles to everyone has taken thousands of dollars of discretionary spending out of the hands of families that would otherwise spend it at restaurants or boutique brick and mortar stores. While some chains have shown an ability to increase profits, many are struggling. More brick and mortar stores are closing now than in 2008. It isn't just online that's causing it.

I'll continue to beat the drum that Obamacare has been the single worst government sponsored program in my adult life. Those in power supporting it and continue to do so have hurt this country.

April 29th, The Traditionalist Workers Party (never heard of them) - a group that has attached itself to the Alt-Right is holding a rally in Pikeville , Kentucky on April 29th



Why is this noteworthy?

Because Antifa has singled it out as a target to disrupt and Atlanta based Antifa has taken up the call - asking supporters to show up in force via social media.



In response, Pikeville City council passed a law saying that anyone wearing a mask in public during a protest will be fined $250 and possible arrest.

More importantly however, Kentucky is an open carry state unlike California.

And Pikeville , KY is exactly the kind of stereotypical mountain town where outsiders show up starting shit and get shot. Hell, I look like them, talk like them and they'd still shoot my ass for being an outsider.

PIkeville - rated #1 in most dangerous cities in Kentucky by the FBI

This has the potential to be epic but I suspect if its getting this much attention now, they'll lock it down

Yes, I still miss "Justified."

Raylan Givens would come up from Harlan county to Pikeville and run both alt-right and alt-left troublemakers out of town.