Economics, Global Markets and Finance

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Re: Economics, Global Markets and Finance

Postby chrisco » 31 Jan 2018, 10:21

So I'm spending the morning reading my mom's retirement plan documents because I know how to party. She has like 2/3rds of her retirement in a company retirement/ESOP program which consists of that company's stock. Since she's now been retired for 10 years, I need to help her move that into something more diversified with lower risk (which really should have been done a long time ago).

Anyways, I just got to the PBGC section of the plan docs:

Pension Benefit Guaranty Corporation

Your retirement benefits under this Plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the Plan terminates (ends) without enough money to pay all benefits, the PBGC will step in to pay pension benefits. Most people receive all the pension benefits they would have received under the Plan, but some people may lose certain benefits.


Now I know a bit about PBGC because I know how to party I once had a summer job in the mailroom at my mom's company and they are the plan administrator for PBGC. Part of my job was delivering their mail each morning.

Old people (who actually have pension plans!) should be low key terrified about PBGC funding.

Image

Should a bunch of dinosaur companies fold and default on their plan obligations in the next 10 years, there's no way PBGC is going to be able to step in without emergency funding from the government.

Paul Ryan could spend months trying to come up with logic to not do that and still somehow keep republicans in office, and I think the best he could do is cutting even more entitlement programs and giving it to old people instead of I dunno maybe dealing with climate change. Anyway I'm now rambling.

The next 25 years are going to be fun. We know how to party.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Economics, Global Markets and Finance

Postby Jew Jitsu » 31 Jan 2018, 10:24

Fucking old people. They get born at the right time where even a janitor at GM can make $30 an hour sweeping floors and now they keep bitching about their nest egg disappearing. Please milk this planet for as many resources as you can before you die. Selfish fucks.
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Re: Economics, Global Markets and Finance

Postby the cheese » 31 Jan 2018, 10:33

Jew Jitsu wrote:Fucking old people. They get born at the right time where even a janitor at GM can make $30 an hour sweeping floors and now they keep bitching about their nest egg disappearing. Please milk this planet for as many resources as you can before you die. Selfish fucks.


While I agree in principle, the Boomers did have the benefit of being born into the workforce at the exact time that companies both shifted away from defined benefit pensions to 401(k)s, going from company funded to employee funded retirement with no real notice or training; being born into the workforce at the exact time that companies ditched the paternal mindset and started laying off people and offshoring at the drop of a hat; and seeing their meager 401(k)s decimated not once but twice by massive stock market corrections as they got ready to retire.
Clayton Bigsby - Wed May 23, 2012 2:55 pm: i'd rather live with a guy who's kind of annoying but a nice guy than a guy who's kind of annoying and a dick
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Re: Economics, Global Markets and Finance

Postby Frank the Tank » 31 Jan 2018, 10:38

the cheese wrote:
Jew Jitsu wrote:Fucking old people. They get born at the right time where even a janitor at GM can make $30 an hour sweeping floors and now they keep bitching about their nest egg disappearing. Please milk this planet for as many resources as you can before you die. Selfish fucks.


While I agree in principle, the Boomers did have the benefit of being born into the workforce at the exact time that companies both shifted away from defined benefit pensions to 401(k)s, going from company funded to employee funded retirement with no real notice or training; being born into the workforce at the exact time that companies ditched the paternal mindset and started laying off people and offshoring at the drop of a hat; and seeing their meager 401(k)s decimated not once but twice by massive stock market corrections as they got ready to retire.


Those 401(k)’s still did well over long terms despite the stock market corrections.
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Re: Economics, Global Markets and Finance

Postby the cheese » 31 Jan 2018, 10:41

Frank the Tank wrote:
the cheese wrote:
Jew Jitsu wrote:Fucking old people. They get born at the right time where even a janitor at GM can make $30 an hour sweeping floors and now they keep bitching about their nest egg disappearing. Please milk this planet for as many resources as you can before you die. Selfish fucks.


While I agree in principle, the Boomers did have the benefit of being born into the workforce at the exact time that companies both shifted away from defined benefit pensions to 401(k)s, going from company funded to employee funded retirement with no real notice or training; being born into the workforce at the exact time that companies ditched the paternal mindset and started laying off people and offshoring at the drop of a hat; and seeing their meager 401(k)s decimated not once but twice by massive stock market corrections as they got ready to retire.


Those 401(k)’s still did well over long terms despite the stock market corrections.


Yeah, but you can't blame them for freaking the fuck out when they lose 40% of their retirement savings twice in the span of 8 years.

Also, the giant fucking housing crisis where their greatest asset lost 20-50% of its value overnight. Probably largely their fault, too, but still. Generational fuck-ups or not, they did get a little bit fucked by the economy in the 2000s.
Clayton Bigsby - Wed May 23, 2012 2:55 pm: i'd rather live with a guy who's kind of annoying but a nice guy than a guy who's kind of annoying and a dick
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Re: Economics, Global Markets and Finance

Postby chrisco » 31 Jan 2018, 10:55

the cheese wrote:
Frank the Tank wrote:
the cheese wrote:
Jew Jitsu wrote:Fucking old people. They get born at the right time where even a janitor at GM can make $30 an hour sweeping floors and now they keep bitching about their nest egg disappearing. Please milk this planet for as many resources as you can before you die. Selfish fucks.


While I agree in principle, the Boomers did have the benefit of being born into the workforce at the exact time that companies both shifted away from defined benefit pensions to 401(k)s, going from company funded to employee funded retirement with no real notice or training; being born into the workforce at the exact time that companies ditched the paternal mindset and started laying off people and offshoring at the drop of a hat; and seeing their meager 401(k)s decimated not once but twice by massive stock market corrections as they got ready to retire.


Those 401(k)’s still did well over long terms despite the stock market corrections.


Yeah, but you can't blame them for freaking the fuck out when they lose 40% of their retirement savings twice in the span of 8 years.

Also, the giant fucking housing crisis where their greatest asset lost 20-50% of its value overnight. Probably largely their fault, too, but still. Generational fuck-ups or not, they did get a little bit fucked by the economy in the 2000s.


If only they had been in a position of power for the decades leading up to and after those crisis, and crafted laws to favor them. When that wasn't enough, they decided to leave the check for everyone else.

Sure you can have sympathy for individuals in that generation, but as a generation, they did this to themselves.

This is a good time to toss a shout out to the Century of the Self documentary series. The one on the boomer generation and how marketing/PR put a giant unfillable whole of consumer desire in that generation is great.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Economics, Global Markets and Finance

Postby the cheese » 31 Jan 2018, 11:55

chrisco wrote:
the cheese wrote:
Frank the Tank wrote:
the cheese wrote:
Jew Jitsu wrote:Fucking old people. They get born at the right time where even a janitor at GM can make $30 an hour sweeping floors and now they keep bitching about their nest egg disappearing. Please milk this planet for as many resources as you can before you die. Selfish fucks.


While I agree in principle, the Boomers did have the benefit of being born into the workforce at the exact time that companies both shifted away from defined benefit pensions to 401(k)s, going from company funded to employee funded retirement with no real notice or training; being born into the workforce at the exact time that companies ditched the paternal mindset and started laying off people and offshoring at the drop of a hat; and seeing their meager 401(k)s decimated not once but twice by massive stock market corrections as they got ready to retire.


Those 401(k)’s still did well over long terms despite the stock market corrections.


Yeah, but you can't blame them for freaking the fuck out when they lose 40% of their retirement savings twice in the span of 8 years.

Also, the giant fucking housing crisis where their greatest asset lost 20-50% of its value overnight. Probably largely their fault, too, but still. Generational fuck-ups or not, they did get a little bit fucked by the economy in the 2000s.


If only they had been in a position of power for the decades leading up to and after those crisis, and crafted laws to favor them. When that wasn't enough, they decided to leave the check for everyone else.

Sure you can have sympathy for individuals in that generation, but as a generation, they did this to themselves.

This is a good time to toss a shout out to the Century of the Self documentary series. The one on the boomer generation and how marketing/PR put a giant unfillable whole of consumer desire in that generation is great.


I agree with all of these points wholeheartedly.
Clayton Bigsby - Wed May 23, 2012 2:55 pm: i'd rather live with a guy who's kind of annoying but a nice guy than a guy who's kind of annoying and a dick
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Re: Economics, Global Markets and Finance

Postby JT99 » 31 Jan 2018, 13:44

chrisco wrote:
the cheese wrote:
Frank the Tank wrote:
the cheese wrote:
Jew Jitsu wrote:Fucking old people. They get born at the right time where even a janitor at GM can make $30 an hour sweeping floors and now they keep bitching about their nest egg disappearing. Please milk this planet for as many resources as you can before you die. Selfish fucks.


While I agree in principle, the Boomers did have the benefit of being born into the workforce at the exact time that companies both shifted away from defined benefit pensions to 401(k)s, going from company funded to employee funded retirement with no real notice or training; being born into the workforce at the exact time that companies ditched the paternal mindset and started laying off people and offshoring at the drop of a hat; and seeing their meager 401(k)s decimated not once but twice by massive stock market corrections as they got ready to retire.


Those 401(k)’s still did well over long terms despite the stock market corrections.


Yeah, but you can't blame them for freaking the fuck out when they lose 40% of their retirement savings twice in the span of 8 years.

Also, the giant fucking housing crisis where their greatest asset lost 20-50% of its value overnight. Probably largely their fault, too, but still. Generational fuck-ups or not, they did get a little bit fucked by the economy in the 2000s.


If only they had been in a position of power for the decades leading up to and after those crisis, and crafted laws to favor them. When that wasn't enough, they decided to leave the check for everyone else.

Sure you can have sympathy for individuals in that generation, but as a generation, they did this to themselves.

This is a good time to toss a shout out to the Century of the Self documentary series. The one on the boomer generation and how marketing/PR put a giant unfillable whole of consumer desire in that generation is great.


We talking about the people who were hippies in the late-60's, early-70's?

Undoubtedly the worst.
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Re: Economics, Global Markets and Finance

Postby chrisco » 03 Feb 2018, 12:21

BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Economics, Global Markets and Finance

Postby Theny » 03 Feb 2018, 12:52

chrisco wrote:I'm getting into the ideas around UBI and a post work future:

https://www.wired.com/story/free-money- ... overnment/

https://www.theguardian.com/news/2018/j ... thout-jobs


UBI is inevitable, my question is how much is enough? And can it coexist with capitalism in its current form? And if/when we're truly post-work, will we just find more and more things to fight with each other about?
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Re: Economics, Global Markets and Finance

Postby Rodney Farva » 03 Feb 2018, 19:48

Theny wrote:
chrisco wrote:I'm getting into the ideas around UBI and a post work future:

https://www.wired.com/story/free-money- ... overnment/

https://www.theguardian.com/news/2018/j ... thout-jobs


UBI is inevitable, my question is how much is enough? And can it coexist with capitalism in its current form? And if/when we're truly post-work, will we just find more and more things to fight with each other about?



if there are no jobs, aren't we one giant step closer to idiocracy? how will stuff get made, built, sold, maintained, etc.?

did not open links. that would be too much work.
You coin contrarian bro and say shit nonsense like this.
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Re: Economics, Global Markets and Finance

Postby Theny » 03 Feb 2018, 22:35

Rodney Farva wrote:
Theny wrote:
chrisco wrote:I'm getting into the ideas around UBI and a post work future:

https://www.wired.com/story/free-money- ... overnment/

https://www.theguardian.com/news/2018/j ... thout-jobs


UBI is inevitable, my question is how much is enough? And can it coexist with capitalism in its current form? And if/when we're truly post-work, will we just find more and more things to fight with each other about?



if there are no jobs, aren't we one giant step closer to idiocracy? how will stuff get made, built, sold, maintained, etc.?

did not open links. that would be too much work.


Well in theory, AI will build, maintain, sell everything.
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Re: Economics, Global Markets and Finance

Postby Rodney Farva » 04 Feb 2018, 08:28

Theny wrote:
Rodney Farva wrote:
Theny wrote:
chrisco wrote:I'm getting into the ideas around UBI and a post work future:

https://www.wired.com/story/free-money- ... overnment/

https://www.theguardian.com/news/2018/j ... thout-jobs


UBI is inevitable, my question is how much is enough? And can it coexist with capitalism in its current form? And if/when we're truly post-work, will we just find more and more things to fight with each other about?



if there are no jobs, aren't we one giant step closer to idiocracy? how will stuff get made, built, sold, maintained, etc.?

did not open links. that would be too much work.


Well in theory, AI will build, maintain, sell everything.


Image
You coin contrarian bro and say shit nonsense like this.
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Re: Economics, Global Markets and Finance

Postby chrisco » 05 Feb 2018, 17:45

Tough day out there fam. Lotta L's.



Thanks Michael Stipe.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Economics, Global Markets and Finance

Postby chrisco » 12 Feb 2018, 16:52

Very long but great article on the couple that controls the pomegranate, pistachio, and almond markets in the US and robs the state of California of their water.

https://story.californiasunday.com/resn ... -from-dust

Bo might like this one.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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