Page 812 - Pensions News Today

Workers of detroit cant actually afford to lose those pensions. >> i dont even know how im going to exist after january. its already the fact i have to sit around and make up my mind whether to take my medicine or eat. all im asking is that somebody give me what i earned. im not asking for a handout. just do the right thing. thats it. >> joining me now is ron fornier and sheryl levine. thank you for being here. >> thank you, karen. >> ron, you wrote sometime ago theres been a lot of finger point...

The times. corrupt and incorporate politicians. even the media let down the city. so detroits demise is in a way i think an analog of whats going on in this country. if we dont stop pointing fingers and help the people who need help, the folks playing by the rules -- >> right. >> and, you know, working hard every day, well be in a world of hurt and detroit is really hurting now an its about to get kicked in the stomach again. >> sharon, a lot of people watching this case because its not the firs...

Not think about, this is a decision that could affect the pensions of thousands of former public servants, including retired firefighter brendan maluski. >> multiple firemen down. >> youre listening to the actually 911 call from august 13th, 2010. >> the roof has collapsed. we need everybody here now. >> its a day that began like any other, but one that would change firefighter brendan maluskis life forever. >> i remember we were working on the facade of the building and somebody had yelled some...

Themselves as disposable. they took less money at the time and now not getting what they were promised. and the idea that these folks earning maybe $18,000 or $19,000 a year in the pensions are the cause of detroits woes is very unfair. >> you know, ron, it strikes many e that, like, i mean, it is so easy to put it on pensioners and you have heard the rhetoric around washington a long time the makers and takers and really in this situation we are talking about people who earned that money and i ...

Detroit has hat dramatically lower rates of property tax. about 50%. in cook county, the average is 96%. thats the fund that funds the pension fund as well as the lifeblood of city services. secondly, for a generation, detroit missed this opportunity of realizing that the real enemy isnt the suburbs and its not the corporate community. the opposition and the competition is london, tokyo, sao paulo. we need to think like a region. chicago and cook county started doing that a decade ago. specifica...

Theyre now contemplating, as you know, the judge said that the pension funds are now vulnerable to rebuff, which means that millions of -- you know, that hundreds of thousands of people over the years who have -- who have invested in those funds will not be able to draw down from them. so if rand paul wants to be a friend to those people in detroit, figure out a way to stimulate the economy, figure out a way to return democratic rule back to the people who are duly sworn in to do so and give the...

The city of detroit may not have to sell a monet for money after all. a possible sale of detroits city owned art collection which includes renoir, van go, could help close the citys massive gap. a preliminary estimate values the art in the area of $$fo62 t $850 million. christys will list several ways the art could be used to help the city pay its bills without actually selling it. >> on tuesday, a federal judge ruled the city of detroit is eligible for the largest municipal bankruptcy in histor...

Much more on the way thanks to greedy unions, mass i have pensions and bloated salaries. redistribution was the model there. it destroyed a once massive powerhouse. listen though this smart young rapper get to the root of the problem. hes got a good solution to fix it. >> all it is basically is drugs and poverty. i mean, every kid has his own decision. kids pay say i ended up because of the neighborhood i live in. its your choice whether you want to make it or you dont. whether you want to be an...

Years, benefits should move with them. whether unemployment, health care, pensions, weve got to fix out a way to let workers go where their best use is and companies ought to appreciate that also. >> congressman, the republican party has been spinning its wheels on a number of issues. on the question of poverty and mobility, they have offered no practical solutions to the question the president posed yesterday. given that and given minimum wage is something red state governors raised in some sta...

But it is a process that i think we need to take a lot of care because there are going to be pain for a lot of different people. >> joining us now is a former investment banger with goldman sachs where he specialized in stance. whats your reaction to todays court ruling? >> thank you for having me here. this thing of saying they can cut the pensions, that was all about the court saying we have the power to do it. they also said were going to be cautious about cutting the pensions and try to be f...