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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: stan_hughes who wrote (198772)	10/22/2002 2:27:13 PM
From: James F. Hopkins	Read Replies (4) of 436258

STAN; RE>> Barron's: Many pensions underfunded Major shortfall at S&P 500 firms; AMR faces $1 bln charge Ya the news is starting to come out , ( but not a lot of people have seen it ) CNBC not saying much about it, it's like 70% of the S&P has pension fund problems. but that's not the real big problem The bigger problem is STATE , COUNTY & CITY, pension funds much larger and a lot deeper in shit, but they are not going to talk about it unless forced to. They all jumped into the stock market and heavy just before it started down..they have been using fudge factors to project the losses forward and not alarm people. Can they get money to dig out of the hole.. Ya on paper if they jack up taxes enough, but will people be able to pay the taxes. ----------- My local Paper A First Notice to all Interest Buyers.. Brazoria County Will Hold A Special TAX Sale Auction on Nov 5 2002 at the Court House. Properties Being Sold have lost the right of Redemption. Are being sold for less than Judgment Amount & Substantially Less Than Their Taxable Values, NO minimum bid That no min bid is a first.. This is a sign of how tight their cash flow is, they have hundreds of listings they held on the book ( at judgment amounts ) to make their books look good, well they just tossed in the towel. This crap goes on all over the Country if you know where and how to look. --------- State surpluses from their pension funds have now turned into huge deficits but every one just looks at the FED, most people give so little thought to State & Local Taxes..yet that's where your pocket is picked 3 times more that Fed taxes.. It's so nickel and dime that it goes unnoticed.. until you add up the nickels and dimes.. -------- You don't own real estate ? Well if you rent you pay the Taxes on it for the owner. Then there's the good old Sales Tax, Gas Tax and even a water & Air Tax you don't see. All imposed by your state..no mater who you are. " does Orange County Ring a bell ? " Every one seems to look at the National Dept..hell it aint 1/3 the Dept of the All the States Counties and Cities when added together. And the BIG Pension short fall, is not limited to the S&P Companies, It's much bigger than the news wants to talk about. Jim

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