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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (13906)	5/14/2004 1:25:01 PM
From: Wyätt Gwyön	of 110194

this country is so incredibly farked. i expect pension funds will start coming apart at the seams. interesting story on NPR today about Houston, where the pension fund's share of city revenues is projected to rise from 15% today to 50-60% in a few years. of course, down the road the US govt will have the same problem. just another nail in the coffin of the solvency of local governments. there was an article in the local paper saying that the city of Austin is shrinking its budget for the 3rd year in a row. note that non-Federal govt outlays were down YoY and are shrinking the GDP; thus GDP growth is ever more dependent on a leveraged consumer who's about to undergo withdrawal from interest-rate crack. NPR audio available on the following page: npr.org Houston voters will decide the future of pensions for city employees. Under state law, pension benefits can't be adjusted once they're locked in for retirees. A ballot measure would give the city the power to reduce the amount of money it provides. City officials say Houston could go bankrupt if the measure fails. npr.org

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