All these pension plans are one of the biggest reasons that so many are saying that failing companies should be allowed to fail and declare bankruptcy.
In bankruptcy all prior agreements, including those with unions can legally be declared null and void.
I understand that there's some kind of insurance policy that automatically covers the situation in which a pension is disbanded, but I don't know all the details of it. I do think that there are some premiums involved and I THINK they become the responsibility of the pension receivers but don't quote me on that part.
By the way, I heard that retail sales for BLACK FRIDAY yoy are actually up, but I also heard that that's because the discounts are SO DEEP, and there's serious questions about the profits if any of the companies that are offering the discounts.
The entire yoy figures are much worse and break even for the full yoy figures is the VERY BEST anyone is hoping for, but that looks unlikely according to analysts.
They're saying we won't actually know until after the xmas season is completely over with.
10yr treasuries are hitting new all-time lows again today. Flight to quality is still in full power mode.
Futures are down pretty hard this morning, as I suspected they would be based on charts showing that the market is bumped up against the downtrend line of the highs of the previous 3 and 6 months and are appearing to fail to break out above them.
PLus we just had the largest 5 day point rally in 75yrs...profit taking was virtually inevitable.
Again I'm hearing that inflation won't hit until end of '09, and gold is heading down again reinforcing that seeming concensus.
Lots of news coming out from Obama this week and the Auto Hearings are of course scheduled to resume tomorrow.
Hang on to that hat. The wind is picking up again.
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