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To: Broken_Clock who wrote (248641)	5/18/2010 2:10:34 PM
From: Skeeter Bug	Read Replies (1) \| Respond to of 306849

TSHTF moment is drawing close... a big allowed or created terror event could mean the closure of banks and devaluation of the dollar - extreme, but definitely in the equation. caveat emptor. i need something to short to hedge a pretty big bullion position. not trying to make money, just keep even and avoid being ripped off by sock puppet soetoro's international finance handlers. you know, these guys... gregpalast.com

To: Broken_Clock who wrote (248641)	5/18/2010 3:53:47 PM
From: jmiller099	Respond to of 306849

The Terminator terminating Welfare? I need to give my friend, the devil, a call and see if he is ice skating, playing hockey, or skiing? I'll be damned!

To: Broken_Clock who wrote (248641)	5/18/2010 6:07:14 PM
From: John Koligman	Respond to of 306849

Calif pension fund asks state for additional $600M California pension fund, facing large losses, tells struggling state it needs an extra $600M Cathy Bussewitz, Associated Press Writer, On Tuesday May 18, 2010, 4:37 pm EDT SACRAMENTO, Calif. (AP) -- Facing massive investment losses, a key committee of California's giant pension fund voted Tuesday to make the state increase its contributions to employee retirement benefits by $600 million in the coming fiscal year. The demand comes as California grapples with a $19 billion budget deficit and a threat by Gov. Arnold Schwarzenegger to eliminate its welfare program. The contribution increase would be for one year starting in July, but the California Public Employees Retirement System is likely to require similar increases in future years. Local school districts, already facing their own budget struggles, also will see their pension contribution rates grow. The development is driven largely by CalPERS' huge investment losses, but also because people are living longer and retiring earlier. CalPERS, the nation's largest public pension fund, lost $55.2 billion, or a quarter of its value, during the 2008-09 fiscal year. "The biggest reason why we need increases is the investment losses," said Alan Milligan, interim chief actuary for CalPERS. "Quite frankly, there's more to come." The vote by CalPERS' Benefits and Program Administration Committee will go to the full pension board on Wednesday. CalPERS sets a state contribution rate every year, which the state is required to pay. Milligan said the investment losses will continue to affect the state contribution rate in coming years because of the "smoothing methods" the board adopted to spread the losses over a longer period. CalPERS was given the authority to set a state contribution rate in 1992, when voters passed Proposition 162. It also required the state to pay the rate set by the pension fund's board, CalPERS spokesman Brad Pacheco said. CalPERS provides retirement and health benefits to more than 1.6 million public employees, retirees and families. The fund's value was $205 billion as of Friday. The governor says the pension system is unsustainable and drains money from other state programs. This week, his office said this year's retirement costs for government employees will exceed what the state is providing to the University of California and California State University systems. The cost for CalPERS is $3.5 billion and the cost for the separate teachers' retirement system is $1.2 billion, according to the governor's office. On Tuesday, Schwarzenegger issued a statement saying the action by the CalPERS committee is further evidence that the system must be reformed. "Every additional dollar we spend on state employee pensions is a dollar we take from education, health and public safety," he said. A Republican lawmaker has introduced legislation to reform the system, in part by reducing benefits to newly hired state workers. State and local government pension and retiree health care plans are coming under scrutiny throughout the country because of their unfunded liabilities. That's the difference between current assets and what taxpayers will be required to pay government retirees in the long term. The Pew Center on the States has estimated the shortfalls in retiree health care and benefit payments nationally at more than $1 trillion. Graduate students at Stanford University issued a report last month estimating California's unfunded pension liability at $239.7 billion for CalPERS and $156.7 billion for CalSTRS, the California State Teachers' Retirement System. Less than two years ago, California's two major pension funds had estimated combined unfunded liabilities of $61 billion. The Stanford study was commissioned by the Schwarzenegger administration but has been criticized by CalPERS and retiree groups for following accounting standards that are not used by the pension funds.