Eagle Bay Oz Homes by Boulevard: Affordable Living In A Vacation Environment

The Securitization Debacle – A U.S. Pension Shortfall: $3.4 Trillion

“America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.” ― Abraham Lincoln

Danny Hammond

I have been writing about this subject extensively, especially the devastation brought on the American people by the Democrat President Bill Clinton and the Republican dominated Congress when in 1999 they repealed the Glass-Steagall Act of 1933.

This Act which was the government's answer to what caused the Great Depression had kept the country's financial markets safe for nearly 70 years.

They Repealed the Act, but put no regulation in its place. Nine short years later the Great Wall Street Meltdown nearly broke the entire world's markets. There is still no such regulation in place and foreclosures are still spiking and retirees are already seeing their retirement income cut.

Idiots.

Ms. Sullivan wrote this piece in 2016. She was right on it then. But, who do we complain to? If we are to survive as a country, it is the people who must do the heavy lifting.

by Sydney Sullivan People are wondering why unions are dwindling – it’s because of the securitization/rehypothecation scheme targeted unions to invest in their UNREGULATED DERIVATIVES, while Congress has done nothing to stop it.

Union busting? Globalism? Agenda 21? Shortfall. Unfunded. Underfunding.

It sounds like a minimal pension issue – however, it is anything but that. You may have heard the words “shortfall” when your state refers to its government budget or pension plan; and, if you are young (say, under 40), you’ve probably not given it a second thought.

Just so you know “shortfall” is defined as “a failure to come up to expectation or need” and at 40 it seems like there will be plenty of time and ways to make up a shortfall… .....not so much when you are 60.

If you’re like many Americans, you’re worried about retirement. Maybe before the new century securitization scheme was launched, a “shortfall” might have been more easily explained and handled.

But after 2000, the Wall Street securities system ramped up and took deficits to a new high while lining the pockets of Wall Street traders.

How did this happen?

How did the USA get to over $3.4 TRILLION in unfunded pension debt? The answer is not something your Congressional or state legislators want to discuss in public …or even in confidence.

What caused “shortfalls”?

To understand how a state could get so severely “underfunded” with their pension funds, you must first understand that this didn’t just happen overnight. De-regulation and rule changing have been going on since the last Great Depression, though the final wallop occurred when Congress repealed the Glass-Steagall Finance Act of 1934.

“Glass-Steagall was designed to prevent exactly the kind of collaboration that brought us the Goldman-Sachs fraud.” Source: Daily Kos.

Now, a lot of people blame a Republican Congress under the Clinton administration for the demise of Glass-Steagall – however, that is not altogether true.

The House Democrats were instrumental in passing the repeal – even Nancy Pelosi (whose husband worked for Countrywide) voted “yea”.

A sad fact, but true.

We all make mistakes as both the parties agreed it was best to reinstate Glass-Steagall – at least as far as their party platforms go. Check the record … how did your own Senators and Congresspersons vote?

WHO HAS STOLEN THE TRUCKER'S MONEY? SURPRISE! IT WAS WALL STREET!

“I am concerned for the security of our great Nation; not so much because of any threat from without, but because of the insidious forces working from within.”

General Douglas MacArthur

MPRA SLASHES BENEFITS TO TEAMSTERS AND UFW PENSION FUNDS — Musicians for Pension Security

Members of the International Brotherhood of Teamsters and their supporters attend a rally outside the Capitol in Washington on April 14. The demonstrators protested a plan by the Central States Pension Fund to reduce payments to retirees. (Drew Angerer/Bloomberg)

WHO DID YOU THINK THE WALL STREET STOCKBROKERS WERE SELLING THE CRIMINALLY FLAWED MORTGAGE-BACKED SECURITIES TO?

COULD YOUR PENSION HAVE BEEN AFFECTED? MANY HAVE BEEN.

Danny Hammond

Reposted from April 2019- because it is all coming back around. You should be making plans.

My wife mentioned four years ago that she could see a revolution on the horizon once everyone understood how many people had been fraudulently thrown from their homes by their own American government and courts during the wrongful foreclosure crisis which took root after the deregulation of the finance industry in 1999.

I have written extensively about the investors in the Mortgage-Backed Security bonds which included many, many pension funds for the last 12 years.

One hard-hit retirement fund was the Boston Police pension fund, but they didn't know it yet. I have wondered to many people the question of who would be dumb enough to defraud the retirement of every Boston policeman?

Who knows better how to get even? My personal guess is nobody.

The US Government has done nothing. The finance industry has done nothing. Now, in May 2017 I have finally become convinced the courts are horribly under-performing.

The brutality, arrogance and sociopathic behavior of what we call "banks" has intentionally gutted our economy and made literal refugees of 20,000,000 AMERICAN families and inflicted financial ruin to a nation.

This repugnant behavior has left emotional and stress scars on family members that are never going to heal. My family is one of them.

Well here is the bombshell that I predicted, but I did not cause (so don't shoot the messenger) "every union member in the country could be in line to suffer the theft of a large percentage of their retirement benefits. This could include tens of millions of retirees.

This situation has been exacerbated by the multi-corporation pension funds that lost enormous amounts of money by investing in the Wall Street fraudulent mortgage-backed securities that took root after the Democrat President Bill Clinton and the Republican-controlled Congress in 1999, repealed in whole, the Glass-Steagall Act of 1933 which was put into place in order to ensure that the American financial markets could not trigger another crash like the one in 1929 that set up the "Great Depression."

Glass-Steagall had kept our economy relatively safe for 67 years. Our bought and paid for government repealed this set of regulations in 1999 and did not replace it with any regulation at all. It is now 2020 and there is still no meaningful legislation still today.

So, tens of millions of families have lost their homes to fraud and now the same circumstances will take retirement away from perhaps tens of millions more.

The Washington Post first reported this story. I contend it is the tip of the iceberg. Hold your voting rights until the last moment this year.

FROM THE POST:

Jonnelle Marte is a reporter covering personal finance. She was previously a writer for MarketWatch and the Wall Street Journal. Follow @jonnelle

One Of The Nation’s Largest Pension Funds Could Soon Cut Benefits For Retirees

By Jonnelle Marte April 20, 2019

More than a quarter of a million active and retired truckers and their families could soon see their pension benefits severely cut — even though their pension fund is still years away from running out of money.

CONTINUE READING

Eagle Bay Oz Homes by Boulevard: Affordable Living In A Vacation Environment

Wednesday, August 7, 2024

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