MATT TAIBBI: CONNECT THE DOTS IN WISCONSIN

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

Americans can politicize anything including as it turns out, restricting the funding of feeding of an underweight newborn by the same people who are against abortion. So it should come as no surprise that we are so easily manipulated and distracted by the people who are acting against our interests or as Matt likes to say “screwing us.” Last night on REALTIME TAIBBI said the obvious — we are not connecting the dots — The public service pension funds were fully funded with no money required from taxpayers until Wall Street sold toxic mortgage backed securities to them that were worthless.

Somehow the uprising in Wisconsin has turned into a referendum on unions and even whether public workers should be allowed to unionize. But the evidence is in beyond a reasonable doubt:

The pensions were fully funded and now they are not. The pension funds lost money because of the fraudulent, criminal enterprise Wall Street started by selling pure toxin as AAA safe investments, knowing full well that the rating and the word of big investment houses would be enough to get pension managers to jump on board.

Now the money is lost — not through bad investment decisions and not through overpayment of public workers and not for over-funding benefits for public workers — the money was lost to Wall Street because it was stolen and people should go to jail like the good old days when at least some of them went to jail for a while. The problem is not overpayment of teachers (who don’t make enough to live) — the real problem is that the private sector workers are underpaid as badly or worse than public employees. 400 people in this country make more money than 50% (100 million) of the country’s workers. Does that make sense?

The thing that makes me crazy is how obvious this is, that the media doesn’t report it, that people don’t get it, and that the pension funds of the very people who are being incited against these “public workers” are ALSO going to about to get hit IN MULTIPLE STATES for the exact same reason that Wisconsin teachers, firemen, and policemen are getting hit — the money was lost to scam on Wall Street and the States are already broke, have no credit and can’t float a loan or bond to pay those pensions or other benefits.

• So at what point will we NOT be surprised when OTHER STATE pensions are canceled or reduced or bankrupt?
  

• At what point will we NOT be surprised that the State and County governments are broke?
  

• How many states will the people be required to assemble in the streets for the rest of us to get that this financial crisis has only just begun?
  

• Do you really think Wisconsin is the first and last state in this crisis?
  

• Chaos is coming faster than we are willing to look.

• When will these states strike back at Wall Street and collect the money back — just like they do everyday in their criminal court systems when someone floats checks on closed accounts?
  

By the way, I’ve never been a public employee and I get just as annoyed at their red tape as everyone else.

Tags: BENEFITS, PENSIONS, Wisconsin
Posted in bubble, Corruption, Eviction, securities fraud |