Just as our pensions got scrubbed in bankruptcy, a large number of municipalities simply can not afford the promises they have made. The Federal government has already been clear to Cities like Detroit; "you are not Goldman Sachs." Which is kind of a shame. AIG was forced to pay Goldman and German Banks 100% of their PROFITS on highly speculative derivative deals which right back into offshore accounts and shielded asset pools which may, or may not, get circulated back through the US economy. Mom & Pop public servant do spend their coin right here in the good ol' US of A and the loss of (or large reduction in) pensions will have a very immediate effect on not only them, but the communities where they live.

When the Fed says it is priming the pump, the idea is that money gets re-spent and cruises through the economy generating taxes. Money to Goldman does not prime the pump as effectively as keeping promises to folks who live week to week.

 

I get what you are saying, but at the same time, a high school graduate can retire from a 20 year career in the fire department with a pretty healthy retirement package... and still be under 40. Nice gig if you can get it I guess. Those retirements are unsustainable, but for some reason the voting public thinks they are more worthy than repaying bondholders who have been defaulted on in some California cities. Good luck to them getting "investors" anymore. I recently talked to my state representative in Florida who said that Rick Scott and the state house in Florida had voted to freeze all existing pensions and any future hires would be on a 401(k) type plan (sound familiar?). But the senate would not go for that. FL has done pretty well in terms of finance, but these retirements still represent a $500 million shortfall. It has to stop.

 

I've been shorting Muni Bonds ... but anyhow ....

My old regional airline (who had a hell of a training Dept. BTW) ran us through the airport's fire simulator which is a whole lot less sterile than the Delta variety. I crawled through the smoke, go to the flame, could not see crap and put out my right foot.

You and I can be awfully glad we fly airplanes. Fighting fires is dirty, hot, dangerous, difficult, work.

So many morons select "fixed income" in their 401K's that the sheep are still lining up to hand money over to local pols. I read about a County in CA who had an interest only bond with a 2BN balloon at the end. Default is a certainty.

 

Really?

Even after our contract "Profit Sharing" 50% cut?

I am eating Doughnuts!

 

When you put down the doughnut please explain how took a 50% cut on profit sharing. Also if we do get profits at Bars projection what is the cut we took there?

This is my problem with doughnuts, the sugar can go to your head and your "facts" get obscured from the rush.

 

I am not surprised since your math is incorrect.

 

Mine too... a cadillac even.

 

According to 21.C.8, I think Check Essential posted it a couple of pages back, no they will not be seat locked. If I remember correctly, one of the bullets says, if there is an AE out while they are in training, they can use the AE process to bid off their recalled equipment (or something like that).

Denny

 

You're welcome! I know this is my optimistic side trying to peek thru but I think, like a stock chart, we have bottomed out on displacements and shrinkage (total amount of pilots on the seniority list). I think we will start a slooooooow climb that will still include periodic dips (displacements probably out of the 75/767 to cover 737-900) but the trend of total pilots will be up and by 2018, when age 65 retirements really start kicking in, everyone's glass will be half full!!

Ah, I know, I live in fantasy world (or should I say Mad Cow world).............but I wouldn't be Denny Crane! if I didn't!!

Denny

 

Yup. and a totally chosen profession. Not one of them was drafted into doing that job. And they all do not run into burning buildings to save aunt Edna's puppies.