Wall St & Corporations have done it again - Working Class is Divided

Wall St & Corporations have done it again - Working Class is Divided

Union or Non-Union you have been affected by the shrinking Home Values, the Tsunami of Foreclosures, run away Unemployment, and the 2008 Wall St. crash that wiped out the Retirement Savings of many. But rather then actually go after the culprits responsible for the crisis, they have the victims tearing away at each other;s throat.

Pension Funds are invested in the Market. Annual estimates of funding needed to keep the organization’s Pension obligations solvent are given by private fund managers. When the Markets are doing quite well the employer contributions are also quite low. When they are not doing so well and CD rates/ Interest Rates are record lows, then the contribution obligations can be much higher. To make matters worse some organizations, during tough economic years forego their pension funding obligations only to find out their problems have compounded the next year.

It should be of No Surprise as this “Perfect Storm” of sagging market values, high unemployment rates, and historically depressed economy come together, those most responsible for the economy’s demise are being given a “Get Out of Jail Free” card by Federal Investigators and reaping near record Wall St Bonuses while the Working Class is divided and fighting each other in the Main Sts of America.

What we should be concerned about is the Fed’s NEW trend of imposing Fines rather then Hard Jail Time for the crooks that plunged the country into the “Great Recession”. The same Wall St. crooks who knew the Market was going to crash and instructed investors to invest their bottom dollar while simultaneously removing their own funds

• Countrywide CEO Angelo Mozilo. This fall, the Securities and Exchange Commission reached a $67.5 million settlement

• Goldman Sachs who created a mortgage deal that was designed to fail. Goldman settled for $550 million

The cost of these “Hefty Fines” will merely be passed down to the consumer who will once again foot the bill for Corporate Criminals

while the rich attacked. One hundred and fifty years later and we haven't learned a thing.