bill, those are pensions that were made 20 or 30 years ago, but the good news is that most private companies are moving towards private defined contribution plans. the problem is, the public sector is not, and that's where the real time bomb is. bill: this was fine during the 1990s and everybody was running like a bull. but the last decade, things have changed. you were about to say something. go ahead. >> first of all on your point, you're exactly right y. are the private and public pensions going bankrupt? because of the stock market collapse. they were thinking they would get 8 percent, 9 percent, 10 percent in returns and we've lost 25 percent in the stock market. but i wanted to give a salute to the governor of new jersey, chris christie, who as you know, bill, has been one of the heroic governors saying look, we've got to take this issue on or we're not going to have money left for schools, parks, highways, anything, all of our tax dollars are going to go to pay pensions. so that's one governor who's finally taking this on. i don't know if schwarzenegger is doing it in california.
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