to bail them out? good morning to you, steve. what are we going to do in this mess? >> probably bail them out. i hate to say that, bill. but what do we do any time we get into financial distress with banks or insurance companies or auto companies? we bail them out. and my prediction, bill, is that the peng funds, especially state and local pension funds, is going to be the next big federal bailout. bill: so you think taxpayers are going to be on the hook for this? >> i do. bill: for what was negotiated years ago and guaranteed a return of 8 percent? it's good money if you can get it, right? >> let's clarify this, bill. we're talking about two different types of pensions. there's the private pension and those are guaranteed by something called the pension benefit guarantee corporation. that's one. the pension company -- the companies pay premiums into that program. but the other big pension bomb is state and local governments. you mentioned california, you mentioned new york.
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