The New York Teamsters Road Carriers Local 707 Pension Fund has won the unfortunate award for “First Pension to Officially Run Out of Money.”  According to the New York Daily News, and a host of angry former truck drivers who’ve had their pension benefits slashed, the Pension Benefit Guaranty Corp. (PBGC) has officially been forced to step in and take over payments to retirees of the Local 707, albeit at a much lower rate. Teamsters Local 707’s pension fund is the first to officially bottom out financially — which happened this month.   “I had a union job for 30 years,” Chmil said. “We hadRead More →

Humans beings appear to be hardwired to have a sense of fairness. This is puzzling from an evolutionary perspective, which you would have thought would mean we were predisposed to seek advantage for ourselves and our families wherever possible. But in fact a sense of fairness is important for humans to be able to help each other. Human cooperation is based on reciprocal altruism – we help people because they’ve either helped us in the past or they may help us in the future. This form of cooperation is only possible when individuals are able to keep track of other individuals’ efforts and payoffs –Read More →

Foreign and Defense Policy, Middle East, Terrorism Back in September, I testified before the House Financial Services Committee on the allegation that the Obama administration had paid Iran a ransom—at the time it was believed to be $400 million but it was later revealed that the figure was more than three times that amount—in cash for the release of American hostages held by Iran. At the hearing, it is now clear that State Department officials lied outright to the committee. But, lest there be any question about how the Iranian government perceived the payment received from the United States, Hossein Nejat, deputy Intelligence Director ofRead More →

Democrats Pick A Racist To Head DNC Perez Dropped Voter Intimidation Charges Against Black Panthers Who Brought Weapons to a Polling Place…Perez Doesn’t Think White People Are Protected Under the Voting Rights Act An investigation into the Civil Rights Division by the Department of Justice’s inspector general revealed extreme views held by Perez. He told investigators that white people were not entitled to protection under the Voting Rights Act. Perez revealed to investigators that he saw the Voting Rights Act as only providing protection to specific, historic minorities, not all citizens:Read More →

Submitted by Daniel Mitchell via The Foundation for Economic Education, Early last month, in a column on my hopes and fears for 2017, I fretted about fiscal chaos in Italy leading to default and bailouts. Simply stated, I fear that Italy, along with certain other “Club Med” nations, has passed the point of no return in terms of big government, demographic decline, and societal dependency. And this means that, sooner or later, the proverbial wheels are going to fall off the bus. And it might be sooner. On Shaky Ground I don’t always agree with his policy recommendations, but I regularly read Desmond Lachman ofRead More →

  Once a past CO2 cycle was started, what was the limiting factor that ended that then current warming cycle? Why has there been no “runaway” warming previously as the past self-feeding cycle of co2 took control? Since CO2 historically is a trailing “indicator”, it is a dependent variable to the change in temperature, with the world’s oceans acting as a reservoir, why do you now state that it is the independent variable and temperature has become the dependent variable. What caused the reversal? “Fifty five million years ago, there were more than 1,000 parts per million (ppm) of carbon dioxide in the atmosphere,” saidRead More →

The State Senate of Tennessee has laid the legislative groundwork for something that hasn’t been done in the United States of America since the Constitutional Convention of 1787 in Philadelphia.  With a vote of 27-3, the Tennessee Senate has voted to call a “convention of the states” in order to draft and pass an amendment to the Constitution that would require balanced budgets to be passed every year. For those who are little fuzzy on their high school U.S. history knowledge, the Tennessean explains that the U.S. Constitution can be amended in two ways.  The first would require a two-thirds majority vote in both chambersRead More →

For the past several months we’ve warned that the taxpayers of the City of Dallas, despite all of the tough talk coming out of their elected city council members, would ultimately be forced to bail out the failing Dallas Police and Fire Pension (DPFP) system.  And just last night the DPFP board voted 9-0 to approve a plan that would do just that. The plan to save the DPFP was proposed by Dan Flynn, chair of the pensions committee in the Texas House of Representatives, and calls for Dallas taxpayers to contribute 34.5% of police and firefighter salaries each year into the failing pension system,Read More →

This is How States Will Take Your Pension All emphasis ours written by Soren K and MarketSlant  with contributions by Vince Lanci of Echobay.com Are you watching closely CT, IL, NJ etc? The table is now set for you to have your pension violated for the greater good. Are you paying attention? Someone is deciding that you must decrease your standard of living on behalf of someone else because the state of CT in its infinite ignorance messed up. Will this proposal go thru? Probably not. But this is just the first salvo. Government bureaucrats always seek to make nice with everyone. Therefore a “compromise” will follow. LeadersRead More →

Thousands of WordPress Sites Hacked Using Recently Disclosed Vulnerability Tuesday, February 07, 2017 Swati Khandelwal  21.4K  3037  1158  26.1K Last week, we reported about a critical zero-day flaw in WordPress that was silently patched by the company before hackers have had their hands on the nasty bug to exploit millions of WordPress websites. To ensure the security of millions of websites and its users, WordPress delayed the vulnerability disclosure for over a week and worked closely with security companies and hosts to install the patch, ensuring that the issue was dealt with in short order before it became public. But even after the company’s effortRead More →

During a lively discussion centered on fears that President Trump is “trying to undermine the media,” MSNBC’s Mika Brzezinski let slip the awesome unspoken truth that the media’s “job” is to “actually control exactly what people think.”   SCARBOROUGH: “Exactly. That is exactly what I hear. What Yamiche said is what I hear from all the Trump supporters that I talk to who were Trump voters and are still Trump supporters. They go, ‘Yeah you guys are going crazy. He’s doing — what are you so surprised about? He is doing exactly what he said he is going to do.’”   BRZEZINSKI: “Well, I thinkRead More →

Through the propaganda arm of the Democratic Party  (the major media, “fake news” providers) a narrative has emerged with the goal of foisting on the American people the idea that President Trump is in bed with Russia’s Putin plotting the destruction of America.. This is the definition of the lefts new catch phrase “gaslightening”…Trumps’ desire to get along and establish a dialogue with a nation that posses enough nuclear weapons to obliterate mankind a few times over would seem like the sane and responsible actions of a President.. ask your Democratic friends why this is wrong?  They will have no answer because there is noRead More →

If you are celebrating the political damage Flynn’s resignation represents to President Trump, you should rethink what just happened. The attack and plan to remove Flynn, the so called investigation conducted by the CIA, FBI, and NSA, began as soon as it was apparent that Flynn would be NSA Advisor. Flynn was the spear point to Trump’s national security policy. He was charged with and was enthusiastically about to attempt to reform the US Intelligence Community. The groups that gave us Weapons of Mass Destruction, ISIS, and decades  of Global American military adventurism.. They represent the Military – Industrial Complex Eisenhower warned us about. HeRead More →

Submitted by Shaun Bradley via TheAntiMedia.org, In the shadow of Donald Trump’s spree of controversial actions, the European commission has quietly launched the next offensive in the war on cash. These unelected bureaucrats have boldly asserted their intention to crack down on paper transactions across the E.U. and solidify a trend that has been gaining momentum for years. The financial uncertainty amplified by Brexit has incentivized governments throughout Europe to seize further control over their banking systems. France and Spain have already criminalized cash transactions above a certain limit, but now the commission has unilaterally established new regulations that will affect the entire union. TheRead More →

When Do We Begin To Hold The Teachers Union Accountable???   1. Table of the Day I (above) shows a comparison of some key statistics in 1980 and 2014 for public elementary and secondary schools in the US based on data from the National Center for Educational Statistics here. During the 34-year period between 1980-2014, the number of public school students increased by 22.6% (and by 9.25 million). Over the same period, total staff headcount increased by 50.1% (and by 2.1 million), led by an 88.1% increase in school district administrative staff and followed by a 54.1% increase in instructional staff which included a 63.1%Read More →

Because It Is Wrong. The Facts::: Trump, or any president can ban Muslims or any other group of people. He can do so by asserting powers under the United States Code and the Immigration and Nationality Act of 1952, which is the nation’s main immigration act. Under Title 8, Section 1182 of the U.S. Code, the president has authority to use a proclamation to suspend the entry of “any aliens or of any class of aliens into the United States [who] would be detrimental to the interests of the United States,” for however long he deems necessary. This provision was included in the Immigration andRead More →

There is a reason the Constitution vests “the executive power” in a single person, the president. To read it otherwise is to invite the kind of chaos in executing the nation’s laws that the founders were determined to avoid. Ms. Yates’ correct path was to resign, if she felt as strongly as she did about the ban. However, she didn’t. She was canned because she refused to have the Justice Department defend the White House’s executive order temporarily putting a hold on entry into the US for citizens and refugees from seven Muslim-dominant countries. which was her job to do.. Although Ms. Yates stated sheRead More →

China has been on a skyscraper-building boom for years, but, we suspect, 2016 may have seen the mal-investment boom jump the shark. As Goldman Sachs illustrates in the following chart, China was head, shoulders, knees, and toes above the aggregate of the rest of the world in terms of skyscraper completions in 2016… Could record-setting skyscrapers signal economic over-expansion and a misallocation of capital? EWN Interactive, a subscription service focused on technical analysis, thinks so. The following infographic follows the “Skyscraper Curse” through six different market tops and subsequent crashes over the past century. It is gigantic in size, so please click here or the below imageRead More →

The last 4 months have seen something ‘odd’ happen in Europe’s periphery. Sovereign ‘risk’ has conspicuously (and rationally) risen as macro-fundamentals have deteriorated – something that we have not seen since Draghi’s 2012 “whatever it takes” moment. For the first time since June 2015, Italian youth unemployment has risen above 40% and notably, Italian bond yields are rising…   And the result is growing concerns about Italy’s idiosyncratic risk as the risk premium of BTPs over Bunds soars to its highest sicne 2014 (worst now than the Referendum peak)…   Time for moar “whatever it takes” – just ignore the transitory inflation surge and currencyRead More →