tag:blogger.com,1999:blog-5851056198631557096.post7140385524728317396..comments2024-03-09T22:06:30.008-05:00Comments on THE WALKING MAN: MOMMA DON'T LET YOUR CHILDREN TO GROW UP TO BE CITY WORKERSthe walking manhttp://www.blogger.com/profile/10058913927297370740noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-5851056198631557096.post-56524518551635331272014-08-15T06:22:35.961-04:002014-08-15T06:22:35.961-04:00Yeah but it will be better Jodi, when we move in w...Yeah but it will be better Jodi, when we move in with you.the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-30245174506151327272014-08-13T22:17:13.877-04:002014-08-13T22:17:13.877-04:00Mark, can't imagine the frustration. Sucks and...Mark, can't imagine the frustration. Sucks and is totally unfair. xojodihttps://www.blogger.com/profile/01798858210138821711noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-30791462689870016942014-08-13T06:58:43.358-04:002014-08-13T06:58:43.358-04:00Yep! If you're a public school teacher Brian, ...Yep! If you're a public school teacher Brian, a word of advice from my friends here to you, watch you ass chances are unless you're extremely profitable to the system the year before you vest will be your most dangerous.the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-6163090168571964622014-08-13T06:57:14.583-04:002014-08-13T06:57:14.583-04:00Kylie, i have no hope but plenty of anger. We'...Kylie, i have no hope but plenty of anger. We'll be OK but then it would be nice to leave town more than every 20 years. that will never happen again.the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-4288032573613476762014-08-13T06:55:50.745-04:002014-08-13T06:55:50.745-04:00Shadow, my friend the global economy is a simple e...Shadow, my friend the global economy is a simple enlargement from localized theft to global theft. Got to keep them cats fat, because they will work you to death but by God obesity is just so ugly. hahahaah<br /><br /><br /><br />thank you buddy!the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-60699679446235466252014-08-13T06:53:50.240-04:002014-08-13T06:53:50.240-04:00Yep Rosaria, and our Governor was the same guy tha...Yep Rosaria, and our Governor was the same guy that killed gateway computer. Looted their pension funds to pay off loans his investment firm made to the company than broke it up and sold all of the proprietary information to China, if you ever see an ACER computer that is what is left of gateway.the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-58141835773038847392014-08-13T06:51:15.104-04:002014-08-13T06:51:15.104-04:00beyond sad grace, our pensions were not stolen or ...beyond sad grace, our pensions were not stolen or poorly invested, they both rank in the top 10% of all funds nation wide, But the Governor was an investment banker and he is using this court case to open a way to dump all state, county and municipal shortages from lack of employer contribution.<br /><br />He dumps all that debt and all of a sudden the state moves way up from 46th in attractive places for business' to come in with minimum wage jobs.. the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-20837538844995976312014-08-13T06:48:03.843-04:002014-08-13T06:48:03.843-04:00Sarah I have decided that my old fat rosy pink ass...Sarah I have decided that my old fat rosy pink ass needs to be kissed and the BK crew judge included can kiss it. the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-77827383590941369402014-08-13T06:47:08.373-04:002014-08-13T06:47:08.373-04:00I'd rather bang bang but they stay fairly well...I'd rather bang bang but they stay fairly well hidden in top floor suites and armored limos to and from court.the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-2549327641356677532014-08-13T06:46:16.111-04:002014-08-13T06:46:16.111-04:00Now Coleman would actually come to the pension fun...Now Coleman would actually come to the pension funds and borrow money, and he always paid it back with interest. He was the last mayor to actually borrow, the rest just quit paying.<br /><br />But when the bankruptcy was filed a year ago the combined total of both pension was 2.1 billion dollars for 30,000 active and retired employees. But with MI's Emergency manager law Detroit was declared insolvent and with no real attempt to change direction within 6 weeks the Gov. Told the Emergency manager, who is appointed and has full and complete control over every operation of city government, to file for the BK.<br /><br />The Gov, because of that constitutional amendment put in place in 1964 had to get us into BK court under Chap 9. Where CONTRACTS can be modified and adjusted.<br /><br />The case on the constitutionality of the states rights to it's own constitution is sitting in the 6th circuit right now but unfortunately the state AG has now said he will not litigate the case. Why?<br /><br />Remember in the article where it talked of the picture of the praying policeman? here for a full year the EM used the media to communicate that we were unsecured creditors and could lose everything if we didn't agree to his way. <br /><br />So in may they sent out ballots 1) for pension cuts and the 2nd) to let the city off the hook for $4.5 billion in medical plans, which the state of IL that has a very similar constitutional protection for public pensions ruled the medical was a part of the pension. <br /><br />Few understood that the 2nd ballot was permanently giving up any and all claims to healthcare and in return we would receive a 3rd party administered plan to pay us back 1150 bucks per year for out of pocket expenses. Shit my drugs alone are over $100 a month and i get them through the VA.<br /><br />And when that bullshit passed, those of us who were telling people what the legal language meant were drowned out by the media and fear, they passed it and gave up everyone's right to litigate. So majority rule, no mre court case to get what was earned. And like i aid our pension fund the GRS is the well of money the city can always dip into when they come up short.<br /><br />ther si so much more but generally within 20 years there will be no defined pension fund and most likely the city will not make contributions to the non defined plan they started for new hires---that is the states model. so if this shit fly's in BK court Detroit has effectively killed every public pension shortfall in the state.the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-22975916226591070412014-08-13T06:46:05.823-04:002014-08-13T06:46:05.823-04:00Bill,
By law pensions funds of public employees ...Bill, <br /><br />By law pensions funds of public employees can only invest in Wall Street when the investment is rated AAA hence in the great mortgage swaps Goldman-Sachs paid Moody and Fitch for the AAA on that crap.<br /><br />The real problem stated though and Tiabbi didn't mention it was Alan Greenspan, an Ayn Rand acolyte, fought for and received the deregulation by killing Glass Steagall, which allowed the investment banks to cross the line to call themselves savings banks. That opened the door to the once untouchable by investment banks pension funds, and the rest he pretty well spelled out.<br /><br />Our two pension funds are both for the moment and as far back as i can remember self directed by an elected/appointed board. for all their lack of financial knowledge they were still able to maintain them at near 100% funding , even without the city making contributions until the mortgage shit hit them, but even then I think the loss was less than 7% for both.<br /><br />The greater losses came from non Wall Street investments. Both plans used the same vetting Attorney. A guy named Zajack, he;d been working the plans for 30 years and the last 15 he'd been taking kickbacks for getting shitty investments pension money. That took about 15% in losses from both plans.<br /><br />So you read about public pensions receiving no federal guaranty--MI is one of 11 states that wrote "public employee pensions are contractual obligations and shall not be diminished or reduced" into the states constitution. That was our guaranty. <br /><br />So in 1993 when Coleman Young stepped down after being mayor for 20 years, that is when the contracted payments stopped. For the state they stooped in 1990 under fat John Engler gov for 12 years. <br /><br />the walking manhttps://www.blogger.com/profile/10058913927297370740noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-32227876268102851172014-08-13T01:48:23.779-04:002014-08-13T01:48:23.779-04:00It must feel beyond unbelievable, beyond painful. ...It must feel beyond unbelievable, beyond painful. It sucks to be awake sometimes. The bankers don't have to loot such itty bitty pensions, but they do have to feel righteous that the parasite in the mirror is actually a fat and lazy government worker, and you know we all have to do our part to prop their fragile egos up.<br /><br />Check this article out:<br />http://www.informationclearinghouse.info/article36354.htm<br /><br />Peace.WAShttps://www.blogger.com/profile/10403669322174979974noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-20097064486635622072014-08-12T23:41:42.476-04:002014-08-12T23:41:42.476-04:00GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!Cloudiahttps://www.blogger.com/profile/05853753108637831069noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-21048458747475917052014-08-12T20:20:42.245-04:002014-08-12T20:20:42.245-04:00Despicable. My heart hurts for you, Mark. I can...Despicable. My heart hurts for you, Mark. I can't imagine the rage and sense of injustice you must feel. To do everything right and still be kicked in the face...it's disgusting and immoral and I'm so very sorry that you and yours are forced to suffer from others' greed and mistakes. Sarah Hinahttps://www.blogger.com/profile/13888406261817690010noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-10023122455771586032014-08-12T19:44:31.938-04:002014-08-12T19:44:31.938-04:00Ouch, how very sad ~ I would feel very angry at t...Ouch, how very sad ~ I would feel very angry at the idea of my pension being swallowed by debts and greed when I have worked my whole life for the city ~ I hope you are able to get a reasonable resolution Mark ~Gracehttps://www.blogger.com/profile/02213172239590722747noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-12720298698779639502014-08-12T14:39:49.568-04:002014-08-12T14:39:49.568-04:00This is such a cruel situation! More and more muni...This is such a cruel situation! More and more municipalities are going to way corporations have in the past, get liquidated in bankruptcy and leave their people high and dry. Rosaria Williamshttps://www.blogger.com/profile/03133147851332084180noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-15452063408267247802014-08-12T08:58:24.865-04:002014-08-12T08:58:24.865-04:00You're living in America, right? Because this ...You're living in America, right? Because this sounds to me like the mismanaged, corrupt, coffer-filling people who call themselves our Government. The decline, and especially the speed of it, is horrifying. And it is spreading around the globe.... Thank God we don't live forever, I cannot see this ending well.<br /><br />And personally, the way you understand my writing, and the words you leave behind, are a hug I always treasure, I love you right back! Thanks for understanding...Shadowhttps://www.blogger.com/profile/05999801833389058410noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-76175738457725667272014-08-12T08:51:56.898-04:002014-08-12T08:51:56.898-04:00i am so sorry it has worked out that way for you a...i am so sorry it has worked out that way for you and, i am sure, for so many others.<br />whether it is true or not, sometimes the only comfort i can find in these cases of gross injustice is to hang onto the hope that people eventually get what they deserve, good or bad. kyliehttps://www.blogger.com/profile/08964475783207438103noreply@blogger.comtag:blogger.com,1999:blog-5851056198631557096.post-76427836114092344112014-08-12T07:52:38.264-04:002014-08-12T07:52:38.264-04:00sucks man...and to feel you have no say in the mat...sucks man...and to feel you have no say in the matter after giving your sweat and back to it...and for others to look down on you when you are working...feeling they are above you...and yet still working on...<br /><br />oh they will find a justification...and they will have their day...ugh...Brian Millerhttps://www.blogger.com/profile/00722940075884718007noreply@blogger.com