Monday, January 09, 2006

New York Times Mentions How Top Executives Plot and Conspire Together to Kill Pensions in Unison


By Elaine Meinel Supkis

In a long article about how rich executives are killing the last big pension plans, the New York times mentions briefly how they do this in concert and how they plot strategy for doing this, political moves to enable their cruel plans.

From the New York Times
Only a year ago, when I.B.M. decided to close its pension plan to new employees, it said it was "still committed to defined-benefit pensions."

But now the company has given its imprimatur to the exodus from traditional pensions. Its pension fund, the third largest behind General Motors and General Electric, is a pace-setter. Industry surveys suggest that more big, healthy companies will do what I.B.M. did this year and next.

"There's a little bit of a herd mentality," said Syl Schieber, director of research for Watson Wyatt Worldwide, a large consulting firm that surveyed the nation's 1,000 largest companies and reported a sharp increase in the number of pension freezes in 2004 and 2005. The thinking grows out of boardroom relationships, he said, where leaders of large companies compare notes and discuss strategy.
In other words, while skimming off most of the profits for themselves, they meet and greet and plot how to make things worse and worse. They decide how much money to give to which politicians.

They discuss whether Bush is good enough. These same sorts gave the green light to dump Nixon years ago when he imposed the wage/price controls everyone seems to forgotten. They sat on the sidelines when Ford didn't fix inflation.

Now they put their heads together to discuss how to kill off American workers before they retire or at least, force them on their own when they do retire. They are discussing killing people. It is that simple.

If someone wishes to retire, one should first become independently wealthy, period. If one's 401ks fall apart, tough sledding. No retirement, no exit except death.

As the rich get richer, they play various games with us. This is why Bush cut their taxes yet again this fall when his unpopularity was really beginning to show. The top executives got the green light to savage their workers plus even fewer taxes on their skimming the profits. So they called off the hounds and let Bush burnish his image. This is why my blog sounds hysterical while they are OK with the tidal wave of red ink. They, like me, know exactly what all this means, they know how this is bad for America but they still want to have everything because they are competing with each other to see who can steal the greatest slice of the world's pie.

Thinking about how future employees will handle working until they die doesn't enter the picture.

After the corporation tires of a worker, they chuck them out the door and replace them, the poor saps have no retirement so they struggle on in more and more demeaning jobs until they stagger off life's stage, the laughingstock of the young. In other words, if you live past 40, you better be well set, financially, if you want any dignity in older years.

Why do Americans want this future? This is what it was like for the masses 100 years ago! The unions fought hard for pensions and now, out they fly! All so people can have no gay marriage, no abortions (um, ever hear of competition?) and no privacy. This trade-off will be recorded as history's greatest joke. Ha, ha, America.

Stocks shot up today on promises of cheating workers of their pensions, the extra money flowed where Greenspan wanted it, Bush is being hailed as a genius, the price of gold, silver, oil, food, everything, through the roof. I notice really bad inflation now, the price of quality things shooting up.

The value of the yen is even going up because of the extra $60 billion Greenie created this week. If he pumps the $250 billion everyone was lusting for last September, this will certainly depress the value of the dollar and kill Japanese trade but then, who knows?

I see something really nasty lurking there. As my Hubbert Industrial Peak charts show, the USA is well on its downslide and is rapidly intersecting both Japan and China at the same time. Yikes.
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