CBS 60 Minutes Chris Christie Meredith Whitney Pension Crisis

[TheCarguy974]

Why can't PA have a governor like Christie, Jindal, or Perry.

[TheCarguy974]

JBL's wife.

[johnsmithvideo]

Chris Christie is awesome! Finally, a governor who cares about the taxpayers in New Jersey!

[myHome109]

The entire municipal bond market is only $3 Trillion and the entire federal debt is $14 Trillion.

What is wrong with Government Union Pension fund, PONSI CAPER.

There is no assets and no investments, just a lot of liberal arts propaganda and hot air.

The real question to ask, DO THE TAX PAYERS HAVE TO FUND GOVERNMENT PONSI SCAM FOR THE GOVERNMENT LABOR UNIONS PENSION SCAM?

[myHome109]

Please remember the President stated Congress must increase the debt ceiling about $14 Trillion to prevent government shutdown. If the total debt issued by the USA government is 200% to 350% less than the entire holding by Government Union pension funds and the total asset valuation of all the stock holding on Wall Street. Isn’t it time to ask,

…and what the heck have Government Workers been smoking and drinking?

If the Gov. Pension is not a ponsi scam, disclose the accounting.

[myHome109]

This implies the government workers saved enough money to equal 80+% of all assets in USA. When the calculation show the government workers saved enough money to own all of Wall Street Investments, 80% of all real estate assets in USA, 80% of all mining assets in USA, 80% of all farm productions?

Don’t we need to ask the government workers to show us the title to all their holdings?

[myHome109]

If we use the historical data supplied by Ms Lav of 4% return for the last 10 years, then the amount of assets the Government Workers need to have in investment just to cover the current account short fall for this year is $1.9 Trillion / 4% = $47.5 Trillion Dollars.

$1,900,000,000,000 / 0.04 = $47,500,000,000,000

[myHome109]

In the news the review of current year government pension deficit are approaching $1.9 Trillion. Using the Ms Lav’s 8% growth in pension investments, presented during the congressional hearings, the accounting will require the government workers to have $1.9 Trillion / 8% = $23.75 Trillion invested.

$1,900,000,000,000 / 0.08 = $23,750,000,000,000

This number implies the government pensions own all the investments on Wall Street. Please show gov pension investment account.

[grumpyjamaican]

thanks for sharing this vid lawman49.

[castillianwagon500]

All these governments that can't control their spending will get EMERGENCY FINANCIAL CONTROL BOARDS that will slash & burn like N Y City in 1975.

[JesusNonEnviromental]

What needs to happen is county governments need to be abolished and taken over by state governments and some smaller states need to be absorbed by larger states and federal govt agencies need to be abolished. Privatize Social Security, Medicare, Medicaid and Post Office as well as the IRS. Military budget is cut by 2/3 by closing all oversea bases and improving nuclear deterant. Jails are closed by expanding the death penalty to include all murderers and rapists everyone else a work farm.

[IBScipio]

Revolt against State Capitals? Throw the bums out? What are you ding tomorrow?

[SirHughMama]

I disagree with the panic that Meredith Whitney suggests. While there is danger for the holders of municipal bond funds due to rising interest rates and lesser supply due the sunset of BABS (taxable municipals), holders of bonds themselves will get their principal at call or maturity from 99% + of issuers. There may be (probably will be) a higher number of defaults than had been historically normative, Issuers will raise taxes, increase fees, decrease services, and pay their obligations.

[Zalahblue]

STOCKS ARE MAKING RECORD GAINS, WALL ST GOT BILLIONS IN BONUSES! PENSIONS ARE MATCHED! In the last three months, the Labor Department has launched 191 investigations into 401(k) fraud and theft, and secured 20 indictments. It's not bad investment or stimulus $ IT'S THIEF!

[Niv6548]

Govt loves to spend our tax money on food stamps. Wic, medicaid. Watch my video "Govt Nutritionist exposes d truth". It will b eye opening.

[JRBeaman]

@Niv6548 Isn't it ironic that a black man is returning our country back into slaves. All of us.

[84Kilroy]

its spreading like kuzuuuuuu pensions and 401ks being eatin up by uncle sam oh Lordie pick a bail of cotton o" Lordie pick a bail a day !!!!!

[jerzygurl135]

Looks like 2 State Plans have emerged from our financial crisis. The New Jersey Plan calls for fiscal responsibility, shared sacrifice & less burden on business to stimulate growth. The Illinois’ Plan, calls for taxing their way out of financial crisis. Anyone else hears the swooshing sound coming out of Illinois. It's business & capital fleeing for the borders of neighboring States.

[tiredofthebs2008]

Is NJ a neighboring state?