State Pension Problems Are Billions Worse Than Advertised
Posted on December 23rd, 2010
The Wall Street Journal reports New Jersey Pension Gap Hits $54 Billion.
New Jersey’s pension gap grew to $53.9 billion in the last fiscal year, up from $45.8 billion, thanks to market losses and a lack of state funding, according to figures released Thursday.
Gov. Chris Christie’s administration said the gap, which reflected the state’s investment positions as of June 30, highlighted the need for proposed cuts to current public workers’ pensions. The $53.9 billion figure reflects the difference between the retirement benefits the state has promised to roughly 780,000 state and local workers over the next few decades and the amount on hand to pay those benefits.
In addition, an accounting practice called “smoothing” allows the state to factor market gains and losses over several years — meaning pension funds, on paper, are still feeling the effect of the 2008 market crash.
Christie, a Republican, wants to reverse a 9% pension bump workers received in 2001 under a Republican administration. Unions argue
Tags: Pension, Pension Problems
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Canadian Real Estate Bubble Is Making The Country’s Banks Look Anything But Sound (TD, BMO)
Posted on December 19th, 2010
Theory has it that Canadian banks are in far better shape than their US counterparts. If so, it’s primarily because the Canadian Central Bank (Bank of Canada) has assumed nearly all the default risk on Canada’s massive property bubble.
Is that supposed to make everyone stand up and salute the Loonie?
One key point that has recently come into the spotlight is Canadian citizens are not in better shape than their US counterparts. All those going “rah rah” over the Loonie, might be advised to consider some of the following articles.
Canadians warned to rein in borrowing on cheap money before it’s too late
Bank of Canada governor Mark Carney issued a staunch warning to Canadians about the perils of cheap borrowing Monday, just as fresh data suggested household debt-to-income ratios have jumped to record highs.
“Household debt levels are at unprecedented levels relative to income — the level of vulnerability of households remains high,” Carney told a news conference after a speech in Toronto.
Statistics Canada said Monday the ratio of debt to disposable income rose to 148.1 per cent in Canada in the third quarter — a close to five point jump — slightly ahead of the U.S. ratio
Tags: Banks, Banks Look
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Learning Political Science
Posted on December 19th, 2010
There are lots of degrees and courses which are now available for us to learn instantly. But of course, easy learning does not mean that you are disregarding the quality of education. Today, we are able to deal with easy learning with high quality standard of education, provided that top notching colleges are now open to enroll with. When it comes to Political Science Degrees or courses, there are different available colleges or universities which are open to count on. Instant information on where to enroll can be yours to settle online and there are appropriate coursework or programs which are on the list to learn. Well, you have the chance to learn about Political Science Degree online and accredited schools are open to count on as for this matter. Internet can be yours to give way and it is just easy to get instant relief for information on what to get and where to enroll.
5 Tips for Taking Your Business New Places in 2011
Posted on December 15th, 2010
Here are some quick tips to help guide you through the process.
Conduct a Sales and Marketing Review
In business you spend a significant amount of time looking ahead, whether it’s budgeting, managing pipeline and cash flow, staffing plans and so on. But a lot can happen in a year, so taking stock of the year is a useful first step in helping you align your priorities for the year ahead.
As you look back ask yourself some of these questions about your sales and marketing efforts in 2010:
- Which products or services were in highest demand, and were these the most profitable? How can you build on this success in 2011?
- What products or services are not doing so well? Can you afford to drop them? S
Tags: Business, Business New
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Crude price eases despite drawdown
Posted on December 15th, 2010
NEW YORK, Dec. 16 (UPI) — Crude oil prices held close to $88 per barrel Thursday in New York as the dollar overrode concerns of a cut in U.S. stockpiles.
The Energy Information Administration late Wednesday announced crude oil supplies had dropped by 9 million barrels in the week ending Dec. 10, the largest weekly decline in eight years.
The news was trumped by a stronger dollar, the dollar index rising 1.07 percent Wednesday. On Thursday, the dollar pivoted, the index falling 0.22 percent.
On the New York Mercantile Exchange, the price of January delivery light, sweet crude moved 51 cents lower to $88.11 per barrel. Heating oil prices shed 0.35 cents to a prior settlement to $2.48 per gallon. Reformulated blendstock gasoline prices gained 0.27 cents to $2.3119 per gallon.
Tags: Price, Price Eases
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Purchase and Proper Use
Posted on December 14th, 2010
Today, business is made manageable and easy for all owners. There are many ways on how to start business. If you are new to the business world, you can see lots of benefits which are today featured online. Internet is giving us the chance to chaste for better deals online for business and there are lots of shops or pharmacies which are now active to provide you the best that you need. When it comes to online services, you are also welcome to enjoy all of us in less time. Internet is giving us many deals and solutions around. When you are planning to start your own business, you can create an ecommerce website today. Well, as you can see, several websites are now active to provide us the information, products as well as services that we need. If you are planning to start to catch up all of what you need, you can freely browse the internet.
A&P Bankruptcy Was a Long Time Coming
Posted on December 13th, 2010
The Great Atlantic & Pacific Tea Co., or A&P, has filed for Chapter 11 bankruptcy protection. The legendary grocer, which was the biggest in the country from the 1920s-1960s, plans to keep all of its stores open during the reorganization. From the AP: According to the filing submitted late Sunday in U.S. Bankruptcy Court in White Plains, N.Y., the company listed total debts of more than $3.2 billion and assets of about $2.5 billion.
A&P, like most grocers, is struggling with the weak economy, reduced spending by consumers and intense competition. The company said aggressive competition from nontraditional food retailers like warehouse clubs, discount chains such as Wal-Mart Stores Inc., and dollar stores have compounded the problem.
It is also struggling with pension costs, lease costs for store locations it has closed, and a contract with C&S Wholesale Grocers Inc., which provides the majority of its inventory, which it has been unable to negotiate down to lower costs.
Tags: Bankruptcy Was, Was
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