” The Stuff You Won’t hear Anywhere Else”
There are some days you pick up the newspaper and there is nothing going on. Then there are some days you pick up the paper and you think the world is going to hell in a hand basket! Well today is one of those going to hell in a hand basket kind of days! While browsing through the Wall St. Journal today I came across a couple of articles which i think you should hear about, and state my case on why we need a changing of the guard in Washington, not for political purposes but as a matter of survival for our nation. Democrat, Republican or Independent……..How about people who have a brain and not share a brain, or people with a background in facts and figures, who can actually balance a balance sheet? Well that’s a unique idea. Here is a couple of interesting tidbits that Governments will face in the near future involving the spending of our money. Which is what they do best? or Worst!
Let’s start with Deutsche Bank. It seems like Deutsche Bank may be going the way of Lehman Brothers. But will Germany bail them out? Or will they hang them out to dry like our Government did with Lehman Brothers? The European Union has different standards than us for bailing out banks. It should be a giant no-no for Germany, who’s leader Angela Merkel has taken a hard line stance on tax payer bailout for European banks, and who has to answer to the European Union who is headquartered in Brussels who is really in charge of making those decisions. Great Britain is leaving the European Union because they could not make decisions like this which included the refugee crisis, those decisions were made by the European Union Elite….Remember Brexit
This could lead to a financial crisis in Europe in which the effects may be felt here in the United States. The financial markets are like a domino effect, it may start in Europe, but the markets are all intertwined with each other, and the initial reactions are of fear and panic, not on fact. Another words they love to scare the hell out of you…on purpose! Keep an eye on what happens with this bank, and the decisions made by Germany and the European Union, it could be a tell tail sign of the near future of the markets and the Government precedents involving these decisions and how it could affect us all.
Here is something you wont hear anywhere else! When politicians want to destroy an industry they pick a politically vulnerable target, swamp them with unreasonably regulatory costs and then they ask the taxpayers to pick up the bill to bail them out! …Sound Familiar? The United Mine Workers of America runs a multi-employer pension fund that has struggled as the coal industry has shrunk. Some companies have declared bankruptcy and stopped paying their workers and retirees.
Benefits of the pension plan are under funded to the tune of 5.6 billion dollars, and the plan is projected to go broke by 2025. If that happens the Benefit Guarantee Corporation who guarantees the pension will step in and pay about fifty cents on the dollar. to its retirees. So if you worked for thirty years and earned a benefit of about twenty four thousand a year you will get about half or twelve thousand dollars.
Instead the Union wants the taxpayers to underwrite the pensions and it is gaining a lot of steam in Congress especially by Our Senator Jeff Flake that RINO. The Congressional Budget Office estimates that back filling the pension and retiree benefits will cost 3.5 Billion dollars over the next decade. Does that make financial sense to you? So the Government destroys an industry on purpose and we the taxpayers have to foot the bill, and our Senator is in favor of it. That doesn’t seem fair to me, but who am I.
That is why we need fiscally responsible people to control the purse strings! All it takes is an understanding of a balance sheet, you have to understand that you can’t spend more than you take in, the two sides have to balance each other…seems simple right. So why is it so hard for the lawyers in Congress to understand that, it’s an easy concept that all people living on a budget understand! And by the way that is most of us! We have to as a Country start reducing the national debt! We are less than 2 Trillion Dollars away from becoming Greece, what happens when we become Greece…..I’ll keep you posted.