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Thread: Deep Crap

  1. #1
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    Deep Crap

    Did anyone catch the CBS 60 minutes show. There was a piece on the number of states facing state employee retirement funds going bankrupt. It is beyond scary. Raising taxes on the wealthy will not cover the disaster the states and the unions have gotten themselves in. They screwed up dont ask us to bail you out. Life sucks deal with it!

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    Quote Originally Posted by MnJetFan View Post
    Did anyone catch the CBS 60 minutes show. There was a piece on the number of states facing state employee retirement funds going bankrupt. It is beyond scary. Raising taxes on the wealthy will not cover the disaster the states and the unions have gotten themselves in. They screwed up dont ask us to bail you out. Life sucks deal with it!
    No one cares..... they all earned it!

    It is a forgone conclusion by many that you can work 20 to 25 yrs and retire before 55 and be paid the rest of your life plus health benefits.

    Per one expert......"Next to housing the Largest single threat to our economy"


    http://www.youtube.com/watch?v=nP3b0_fnPxQ
    Last edited by southparkcpa; 12-20-2010 at 05:45 PM.

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    Quote Originally Posted by MnJetFan View Post
    Did anyone catch the CBS 60 minutes show. There was a piece on the number of states facing state employee retirement funds going bankrupt. It is beyond scary. Raising taxes on the wealthy will not cover the disaster the states and the unions have gotten themselves in. They screwed up dont ask us to bail you out. Life sucks deal with it!
    I bet a large municipality like NYC could see some real cost-savings from a comprehensive upgrade to computerized timekeeping of its public employees. I mean, it's not like $80 million would disappear and have cost overruns approaching 3/4 of a billion dollars.

    The private sector, hard at work trying to fix the public sector.

    Prosecutors have charged four consultants with ripping off $80 million from a program to develop an electronic-timesheet system for municipal employees.
    Yet still on the loose is the guy responsible for a possible loss on the project of nearly 10 times that sum.
    This would be Mayor Mike.
    After all, work on CityTime -- an automated time-tracking system for city employees, started just before Mike took office -- was supposed to cost $63 million.

    Its current price tag?
    A staggering $722 million.
    And the project still isn't done.
    Where's Michael Bloomberg been?

    Hizzoner prides himself on his managerial prowess. And he recently said, with characteristic, um, modesty, that he should be in the running for best New York City mayor ever. But just as Ed Koch had to live for years with the Parking Violations Bureau scandal of the late '80s, Bloomberg is going to be wearing this albatross for a very long time indeed.

    The busts included "quality assurance" consultant Mark Mazer plus three colleagues, his wife and mother. US Attorney Preet Bharara said they used the city "as their own personal cash cow."

    The group steered payments to phony firms that kicked back cash and even submitted (get this!) fake timesheets.

    "In an ironic twist," Bharara said, "a project intended to prevent payroll waste, fraud and abuse was itself allegedly bilked in part by fraudulent time-keeping."

    Yesterday's suspension of Payroll Administration boss Joel Bondy was a no-brainer. As was the transfer of the project to another agency, with Deputy Mayor Stephen Goldsmith overseeing it.

    Now the mayor has to cut loose all city officials in charge of the project.
    And it can't end there.
    For starters, Mike needs to quit his oh-so-cute flirtation with presidential politics and resign himself to the reality of being mayor.
    After all, didn't he twist the city's term-limits law into a pretzel to glom a third term? Let him serve it.
    For sure, that won't be easy.
    Already, critics are blasting him for negligence: "The cost . . . is way beyond $80 million," City Councilwoman Letitia James said. "We can save all of the proposed layoffs" of city workers for that money.
    She's got a point.
    Let's face it: Being mayor of New York requires laser focus; Gotham, remember, spends some $65 billion a year.
    Yet Mike remains fixated on pedestrian plazas, bike lanes and "not running for president." Plus, of course, his "bipartisanism" bushwa.
    All at New York's expense, it seems.
    Fact is, the city needs him right here.
    Doing his job.
    When $722 million goes up in smoke and nobody notices, there has been a fundamental breakdown.
    Mike needs to fix it.

    Read more: http://www.nypost.com/p/news/opinion...#ixzz18cNd5RS3

    I also feel the need to point out (again) that many non-uniformed civil servants cannot retire before the age of 57 if they want their full benefits package. As for the 20 year people, of which I belong (correction officer), how many of us want that sort of job for low pay/benefits/pensions and how many want to have 50+ year old firemen or cops?

    I know of a fireman with a 7.7 credit rating, $100k in hand that got turned down for a $350k home loan. Why wouldn't a lending institution not want to make this deal with a guy whose salary is a solid as it comes? I mean, isn't this what TARP was supposed to help in getting our economy back on track? What no one wants to talk about is that TARP et al., is an epic failure waiting to happen as the lending institutions are not interested in investing int the economy in this way, but rather in paying down their bad investments and losses made before the bubble burst.
    Last edited by Jetworks; 12-20-2010 at 07:45 PM.

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    I nominate this thread title for consideration in the Dorothy Parker Award for Excellence in Prose Writing.

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    Quote Originally Posted by Jetworks View Post
    I bet a large municipality like NYC could see some real cost-savings from a comprehensive upgrade to computerized timekeeping of its public employees. I mean, it's not like $80 million would disappear and have cost overruns approaching 3/4 of a billion dollars.

    The private sector, hard at work trying to fix the public sector.

    I also feel the need to point out (again) that many non-uniformed civil servants cannot retire before the age of 57 if they want their full benefits package. As for the 20 year people, of which I belong (correction officer), how many of us want that sort of job for low pay/benefits/pensions and how many want to have 50+ year old firemen or cops?

    I know of a fireman with a 7.7 credit rating, $100k in hand that got turned down for a $350k home loan. Why wouldn't a lending institution not want to make this deal with a guy whose salary is a solid as it comes? I mean, isn't this what TARP was supposed to help in getting our economy back on track? What no one wants to talk about is that TARP et al., is an epic failure waiting to happen as the lending institutions are not interested in investing int the economy in this way, but rather in paying down their bad investments and losses made before the bubble burst.
    All good points, seriously..... yet at some point, the states and cities will run out of money. It is mathematics. A REAL chance of a municipality being bankrupt and defaulting on i'ts pensions? That's scary and real.

    Personally I see the day (probably 10 to 20 years out) where ALL muni pensions will be 30 years and or 401K based. If candidates leave, so be it. Here in Charlotte, Police and Fire have 30 year pensions and there is a LONG waiting list to get those jobs and from my humble viewpoint they are good people in those jobs.

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    Quote Originally Posted by southparkcpa View Post
    All good points, seriously..... yet at some point, the states and cities will run out of money. It is mathematics. A REAL chance of a municipality being bankrupt and defaulting on i'ts pensions? That's scary and real.

    Personally I see the day (probably 10 to 20 years out) where ALL muni pensions will be 30 years and or 401K based. If candidates leave, so be it. Here in Charlotte, Police and Fire have 30 year pensions and there is a LONG waiting list to get those jobs and from my humble viewpoint they are good people in those jobs.
    I can see a 30 year pension (minimum) for everyone except uniform services. The practicality of having people responsible for public safety being in their 50s just isn't practical, IMHO. I don't have a solution, either.

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    Quote Originally Posted by Jetworks View Post
    I can see a 30 year pension (minimum) for everyone except uniform services. The practicality of having people responsible for public safety being in their 50s just isn't practical, IMHO. I don't have a solution, either.
    On that note, as an aside, the uniformed guys here at times do look old.

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    But there is more money going out then coming in. The rich cant pay for the unions greed and the dumb politicians who caved in! The states can null and void all these contracts but it will take a word no one wants to hear and it isn't NO. It starts with a b and ends with y! The piper is calling and time to face reality!

  9. #9
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    Quote Originally Posted by MnJetFan View Post
    But there is more money going out then coming in.
    They should have thought about that before...

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