Tag Archives: crisis

But the pension fund was just sitting there

Salon interviewed author Ellen E. Schultz, an investigative reporter for the Wall Street Journal, on her new book, “Retirement Heist,” which details the mechanisms that big companies have used to loot their own employee’s pensions and earned benefits. See: The Theft of the American Pension : Salon – Economics

From the looks of this interview, the book doesn’t go far enough. The theft of retirement savings is bigger than this, as the entire credit and mortgage scheme that collapsed the global economy was about siphoning pensions and global savings from their protected pools through fraudulently overrated and priced investments. Now politicians want to sell the idea that Social Security earned benefits are just another promise that must be broken. Don’t believe it!
Cash

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Hey, just how big is this problem anyway?

“We basically had a $10 trillion shadow banking system shrivel up and die. Having the Fed add $700 billion to its balance sheet, or whatever it is by now, is not enough to make up for that.” – Paul Krugman, Nobel prizewinning economist

THE MONEY CULTURE : ‘Depression Economics’ – Nobel Prize-winner Paul Krugman on America’s financial crisis
By Daniel Gross | Newsweek Web Exclusive
Dec 3, 2008 | Updated: 12:22 p.m. ET Dec 3, 2008