From the capital of dumb ideas, perhaps the dumbest ever

Here’s a Congressman who wants to take state pension funds, already grossly underfunded, technically bankrupt and heading for a financial disaster that will make the present fiscal crisis look like a day in the park and force them to buy banks’ worthless assets. That way we can postpone doing anything to solve the banks problems and hasten the day for the collapse of all fifty state governments. This is what passes for wisdom down there. Pray for our children.

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5 responses to “From the capital of dumb ideas, perhaps the dumbest ever

  1. Pingback: Instapundit » Blog Archive » A GRAND MORONIC CONVERGENCE of bad financial ideas: “Here’s a Congressman who wants to take state…

  2. Sparky

    you have to read the full article. Not only does this idiot want the pension funds to buy junk, he also want the feds to guarantee the principle PLUS an 8.5% annual gain.

    Leave it to a scumbag New York dem who, like all NY pols, is just a whore for the public employee unions, to come up with a plan for all the rest of us, no matter our own financial circumstances, to further subsidize the pigs know as public employees so they can retire at 50 with pensions of 75% PLUS COLA increases, PLUS fully paid health insurance.

    Bet you didn’t know that, in New York, any PUBLIC pension is free of state and local income tax. That’s right, they don’t pay a nickel. meanwhile private pensions are fully taxed above 20 grand.

  3. ronnor

    Mr. Ackerman a Democrat on Barney Franks committee sure knows how to screw the American Taxpayer, he wants the US Treasury to guarantee an 8.5% return in a 3% market, who wouldn’t go for that. What I’m surprised about is why this man is walking around promoting a quasi-Ponzi Scheme and getting away with it, the New York Times apparently thinks screwing the American Taxpayer for underfunded pension plans is just fine. Milking the treasury seems to be the thing to do anymore, first Barney sticks it to the us with the sub prime loans thats costs us $800 billion and now this political thug Ackerman would really do us in as these funds are under capitalized by Trillions of dollars. Why don’t we have firing squads for people like this? How much was he bribed to promote this scheme does anyone think that he isn’t being paid off?

  4. Hazel

    It is useful to remember that elected representatives, in general, represent the intellect and opinions of their supporters. One fundamental weakness of democratic governing is that, by definition, elected government is not greater than the average citizen. It merely reflects him. Aurgh. What to do??

  5. SK

    What to do? Maybe the only thing would be to disenfranchise any employee of the government. That way the only people voting on the activities of the government would be those who don’t (by definition) have a vested interest in increasing the amount of money being spent by the state, being taken away from the private sector.