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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (8366)	10/24/2002 2:23:21 PM
From: Jim Willie CB	Respond to of 89467

"Looking Glass" highlights fraud CRAP reporting but also emphasizes what I believe will be by far the biggest story in 2003 PENSION UNDERFUNDING FOR MANAGED PENSIONS (NON-401K) it will be called "The Pension Crisis" only TIAA-CREF is doing reasonably well because academia doesnt screw with the nestegg in doctoring earnings for shholders again, 2002 had corporate default as the big story 2001 had WTC and Panicky Fed as main stories 2003 will be about GenlMotors, Ford, and many others their liability will wipe out all S&P earnings, PERIOD GM shortfall up to 2007 is $30 billion Ford's is something like $12B (going on mammories) I love the difference in earnings $18 vs $41.5 per S&P share CNBC still focuses on proforma earnings this morning and yesterday I heard "excluding certain one-time charges" but they make no sarcastic or critical remarks same old same old, nothing learned / jim