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Business, Economics, and Taxes: Capitalism. Yay? >=(

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Deutsche Gopher Fan said:
What happens if the pension fund goes bust? Like if they invested it all in crypto and it went bust? Crypto is just my example of obvious extreme
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They don't have to invest in crypto to go bust. Pension funds have become insolvent before.

I think what frequently happens is this. The pension fund realizes, long before it actually runs out of money, that it is going to run out of money. At that point they usually alert the pension beneficiaries, and quite often what they do is to reduce benefits to decrease the likelihood that they go bust, until they can either get more employers sending employee money to them, or until they can get better returns (maybe invest in the next hot crypto??).

The other thing is that I think in the past the Feds have stepped in and provided some funding to help out insolvent pension funds. They may have even done something like a "pension fund FDIC" or something to provide some certain level of guarantee, although in all likelihood you would never get the full benefit that you expected to get.
 
Amazon is going nowhere they are now investing in Diamond Sports meaning they are now partners with a lot of regional sports networks.
 
SJHovey said:
The other thing is that I think in the past the Feds have stepped in and provided some funding to help out insolvent pension funds. They may have even done something like a "pension fund FDIC" or something to provide some certain level of guarantee, although in all likelihood you would never get the full benefit that you expected to get.
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Pension Benefit Guaranty Corporation - Wikipedia

My partner and I ran a cross-x debate case in 1993-4 regarding fully funding the PBGC; topic that year was just improving retirement security in general.
 
rufus said:
I know the UPS drivers here, if they get finished their route early, have to work on the sorting line once they get back to base.

Which is why at around 3 every afternoon, you'll see three or four of them parked at the C-store on the outskirts of town, killing time before they head back to the shop.
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Yup, UPS is notoriously penny wise but pound foolish. They don't want to hire new people, especially now that the minimum starting pay is $21 an hour and goes up to $23 in a few years, and will instead force a RPCD who makes $30-40+ an hour to work OT to cover the work. Or they'll have a PT management person do it then get hit with a massive contract violation grievance and have to pay for an expensive arbitration and payout.

I think the C-Suite is trying to keep the stockholders in the dark about how much the company took it in the shorts with this contract. They were forced to get rid of a tiered system for delivery drivers and had to turn all those lower tier drivers into RPCD's. Starting pay went from $15 to $21 and goes up to $23 in a few years. I can't speak for other locales but I know our local rider for Alaska added a bunch of pay bumps like time-and-a-half for PT workers after 5 hours and extra hourly wages for operational things like deicing. Costs went up and they can't tell the stockholders that profits are going to go down.
 
Which is dumb anyways cause profits dropped to like $9 billion...it isn't like they are about to go under.
 
TIL on X that every decision Mark Cuban makes is because he's a dirty Jew. I wish I had a burner account so I could accuse all of them of supporting Hsmas just for shots and giggles.
 
Slap Shot said:
TIL on X that every decision Mark Cuban makes is because he's a dirty Jew. I wish I had a burner account so I could accuse all of them of supporting Hsmas just for shots and giggles.
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Yeah he is in their crosshairs because he rips Musk at all turn now.
 
Handyman said:
Yeah...sad thing is that probably how the investor calls sound.
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LOL. This is so bitingly true and so sad.

Finance 80 years ago might have been a bunch of Tom Buchanans and Roger Sterlings sitting in Louis XIV chairs, reminiscing about their days at the yacht club, but at least they knew what they were doing.
 
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US jobs report out.

actual nearly doubled the estimate of new jobs. Revisions were up 27k per month for 2023. All other metrics were mainly in line. UER dropped.

some troubling numbers in the housing starts. Not sure what that's about.
 
In shocking news to nobody, the cyber truck has these wheel cover things that are not round. As such, any time the truck hits a bump or leans into a corner it rubs against the sidewall of the tire and causes damage.

Edit: forgot to add that said tires are specially made for the vehicle
 
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dxmnkd316 said:
US jobs report out.

actual nearly doubled the estimate of new jobs. Revisions were up 27k per month for 2023. All other metrics were mainly in line. UER dropped.

some troubling numbers in the housing starts. Not sure what that's about.
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Think housing is mostly because of interest rates.
 
dxmnkd316 said:
US jobs report out.

actual nearly doubled the estimate of new jobs. Revisions were up 27k per month for 2023. All other metrics were mainly in line. UER dropped.

some troubling numbers in the housing starts. Not sure what that's about.
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Larry Kudlow either sobered up briefly or was drunker than usual on Fox Business today. Saw a Thread screenshot where he said 'The economy is trucking along just fine; maybe stop politicizing it and be happy for once.'


*Edit* Found it again:
https://www.threads.net/@aaron.rupar/post/C23CXxRAQgq/?igshid=NTc4MTIwNjQ2YQ==
 
Handyman said:
Its because people keep buying and selling and then renting out second properties.
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dd0.png
 
Drew S. said:
Think housing is mostly because of interest rates.
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Maybe. But people can get fucked. You can choose between full employment, low rates, and low prices. Pick two.

Like seriously. "Oh I want a cheap house and cheap rates now that I have a job"

Get bent.
 
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