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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: valueminded who wrote (108585)2/20/2010 12:26:26 PM
From: niceguy7676 Recommendations  Read Replies (2) of 116555
 
Second your comment.

There are just too many capable and qualified people out of work who would readily and happily accept a job in the public sector at 70% of the salary and 70% of the benefit packages that are being offered...and probably perform the job as well or better than many incumbents.

Too many people, once on the public payroll coast all the way to their fat pension. Management's hands are tied once the individual is hired owing to protection offered by the union. Frequently additional hires are required to cover off the deficiencies of the coasting incumbent.

Too many public enterprises are top heavy and too layered in the middle owing to the "job security" entitlement that has crept into place over the years.

Many persons occupying public jobs have no idea of what it means to lose your job. What's worse, many of these same individuals have grown to believe that it is they who live in the real world...and you know, they might just be right...until their protected universe is pierced by the inevitable explosion that occurs when US can no longer afford to pay its debt interest obligations.

In the mean time let's just follow the Fed pied piper 'til we all fall off the debt cliff.

PS. For many, Congress, Wall St. and the Fed have lost all matter of credibility. Decision making appears to have become self-serving for this legally protected cabal consortium. The debt crisis seems to have reached the point of no return. Debts are bounced around internationally embedded in financial instruments designed by the Wall St. wizards. Like the recent "AAA" rated mortgage instruments that have hit the fan, I'm guessing the latest gimmicky financial wizardry underlying international finance is destined for the same fate as those "AAA" mortgage packages in the most recent round.
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