For years, I have listened to my husband predict exactly what we are seeing (and what's in those columns). When something seems to be working, it's amazing how few people want to think ahead. He was poohpoohed by senior management. When United first declared, Dan believed that it should not have been bailed out, but that the cycle needed to be stopped then-- like a cancer. Instead, as we all know, it kept flying, and with help the more successful ones weren't getting-- thus making it more likely they too would fail. The process is so illogical it defies belief.
I think I already mentioned that we have a friend who is an attorney with the pension insurance fund in DC and he told us over a year ago, that they were already stretched handling the USAir BK. If Delta and NW are allowed to default on their pension obligations, it will be a mess. And it gives the govt a vested interest in keeping the losers alive, yes.
Iraq, Katrina, HS, pension funding... and no new taxes? Teach me how to do that with my own finances! Of course, the pension amounts that comes from the fund is much lower than what was promised. It's very very painful for those of us who have bet our retirement on those promised pensions.
What I hadn't realized is just how many impediments have been put in the way of possible solutions by the govt. |
