August 30, 2013
Public pensions: San Bernardino 1, Calpers 0.
San Bernardino just received the judicial go-ahead to declare bankruptcy more than a year after its initial bankruptcy filing. The ruling, delivered by a federal bankruptcy court on Wednesday, concludes a long legal battle between the city and Calpers, which was fighting to keep the city out of bankruptcy in order to keep its funds flowing into the pension coffers. It now looks like Calpers will have to get in line with the city’s other creditors, meaning it will probably have to take a haircut just like everyone else. . . .
The judge’s reasoning behind the ruling was simple, as the New York Times reports:
All of the 10,000 creditors are better served by allowing the bankruptcy to go forward, Judge Jury added.
“I can’t see anything other than dissolving the city if they can’t reorganize under Chapter 9,” the judge said. “They can’t make cash where it isn’t. If they got all the money they want—who isn’t going to get paid? All the employees? I don’t know, how does that help Calpers if the employees aren’t paid?”
The bankruptcy of one of California’s biggest cities is a major story in its own right, but even more important is what this tells us about Detroit, the country’s largest municipal bankruptcy case. Followers of that saga will note that Detroit’s pension funds are using tactics very similar to those of Calpers, fighting in court to keep the city out of bankruptcy. The Times is careful to note that the two cases are different, and that San Bernardino’s case is not precedent-setting for Detroit. But this is nonetheless an early indicator for how federal bankruptcy courts might treat these cases moving forward—and it gives Detroit’s public pension funds plenty more to worry about.
There are some truths in life that are inviolate.
Promises that can’t be kept, won’t be.
Debt that can’t be repaid, won’t be.
Government and people need to figure this out…
August 14, 2013
Mockery goes way, way up …
Is the New York Times edited by Rush Limbaugh? What has the New York Times become, criticizing the Clinton’s and their money laundering “Global Initiative” foundation.
Twitchy reports on the play by play …
Lamestream media under assault from all quarters???
August 7, 2013
The WaPo Fire Sale. “One has to read in full the Times’s puff piece by Sheryl Gay Stolberg on one of the members of its exclusive club of family-money and bien-pensant progressivism — really rich folks, down for the struggle! — to get a sense of just how out of touch with reality these people are. They’re like the effete late–Roman Empire poets, impotent capons peeling grapes and arguing the nuances of internal rhyme as the big ugly Germans come crashing through the gates, barely bothering to look up as Alaric’s axe meets their heads.”
April 29, 2013
MEGAN MCARDLE ON PIGFORD: How a Discrimination Settlement Turned into a Bonanza for Fraudsters: Farm loans. Sympathetic administrations. And a judge who didn’t worry about false positives.
“Cutting checks to random people is not a good way to remedy past discrimination in a loan program. In fact, almost any other remedy seems like it would be better. Especially since the Times story suggests that there’s no evidence that the discrimination underlying the new settlement even happened.”
Obama to rescue … Always willing to help the fraudsters. Remember the Gates White House beer conference?
April 17, 2013
“I have made clear that the use of chemical weapons is a game-changer” — Syria will be back on the news radar soon. I would bet Israel is none too happy about this development?
Evidence of the use of chemical weapons has been discovered in a soil sample smuggled out of Syria, The Times of London reported on Saturday.
The report quoted anonymous British defense sources who said that “some kind of chemical weapon” was used in Syria but they could not tell whether the chemicals were used by Syrian President Bashar Assad’s forces or by the rebels.
The finding was established by the British Ministry of Defense’s chemical and biological research establishment at Porton Down in in Wiltshire. The sources ruled out that the chemical traces found in the soil were from substances used to control riots with one saying, “There have been some reports that it was just a strong riot-control agent but this is not the case — it’s something else, although it can’t definitively be said to be sarin nerve agent.”
Have you noticed how useless our lamestream news media really is?
Per WaPo our options … not good:
The course Obama intends to take if confronted with proof of a chemical attack is equally unclear. The Pentagon has prepared calibrated options, ranging from airstrikes to sending troops to seize weapons sites. But officials said they haven’t taken the advance steps necessary to carry out such orders because planning has been hobbled by concerns about the political backlash to a potential U.S. intervention as well as struggles to coordinate with regional allies.
“If we had to go in tomorrow, I’d say we aren’t ready,” said an Obama administration official involved in preparations for securing Syria’s chemical weapons. “One thing we want to avoid is having one group securing the sites and another group bombing them.”
March 3, 2013
The New York Times has shuttered its “Green” blog, posting a message late Friday afternoon that its online space about “energy and the environment” was closing up.
A goodbye message went up at 5 p.m.:
The Times is discontinuing the Green blog, which was created to track environmental and energy news and to foster lively discussion of developments in both areas. This change will allow us to direct production resources to other online projects. But we will forge ahead with our aggressive reporting on environmental and energy topics, including climate change, land use, threatened ecosystems, government policy, the fossil fuel industries, the growing renewables sector and consumer choices.
In an email to colleagues obtained by the Columbia Journalism Review, former Green blog editor Nancy Kenney apologized for the “abruptness” of the cancellation and said the decision was handed down from management.
Imagine the possibilities of the hoaxer’s blog, no more.
Mow that the world has found oil everywhere, because of new right angle drilling technology, and Al Gore has now become an oil money baron, it’s time to fold the tents on global warming stupidity..
Our SWFL climate change registered a chilly 52 this AM. Seems that we are about 20 degrees below normal, as global warming sputters it’s last.
October 6, 2012
If it seems as if gas prices shot up while you were sleeping, they actually did. The average price for a gallon of regular gasoline in California jumped a whopping 17.1 cents overnight. That makes it almost certain that the state’s motorists will see a new all-time record high for gas sometime this weekend.
What’s going on? Patrick DeHaan, senior petroleum analyst at the GasBuddy.com website, and The Times’ energy editor Nancy Rivera Brooks join consumer columnist David Lazarus to explain.
An earlier version of this story said the state’s gasoline record was set during a run up of oil prices that eventually topped $1.47 a gallon.]
The average price for a gallon of regular gasoline in California jumped a whopping 17.1 cents overnight. That makes it almost certain that the state’s motorists will see a new all-time record high for gas sometime this weekend.
Friday’s average price for a gallon of unleaded regular in California is $4.486 a gallon, which is by far the highest in the nation. That’s according to the AAA Fuel Gauge Report, which tracks prices from more than 100,000 retail outlets from around the nation.
On Thursday, California’s average price was $4.315 a gallon. Analysts have blamed the sudden increase on a recent spate of refinery problems.
Consumer advocates have blamed the oil and refinery industry and they also note that such swings are inevitable when the state is relying on just 14 refineries for its fuel. They also note that U.S. oil companies are exporting gasoline and diesel overseas.
The record that is likely to be shattered was set on June 19, 2008, when the state’s average hit $4.610 a gallon during a run up of oil prices that eventually topped $147 a barrel.