Didn’t rayguns change the rules so that a company can raid the pension funds?

I don’t remember chapter and verse, but the economy was really awful at that time and I seem to remember them ‘begging’ for that rule change to protect companies from going bankrupt.

Companies still went bankrupt. They just stole the pension funds first.

I assure you that as soon as this is accomplished, the workers at Japanese-owned companies will find their wages cut. The only reason they make as much as they do is to achieve parity with Detroit.

And that would be a wage-cut war leading to $0/hour. Lovely.

But as written, Bush’s last major act as President is to demand that workers for American-owned companies work for less than workers for foreign owned companies.

I do hope you’re right on the “…Bush’s last major act as President…” part. There’s still so very much damage that could be done at the stroke of W’s pen. Or with just a phone call. I’m going to refinance our home today to reduce our minimum monthly expenses going forward (and refinance at a very attractive rate, I might add), in case that should become impossible soon due to some whole new level of financial turmoil. If either (or both) of us lose a job as a result of said turmoil, the refi will let us hold out longer before losing the home as well; and even if things don’t go completely south, then we’re still better off.

During Bushco, the Rethugs in Congress did manage to cut the minimum funding requirement down to 12% (I’m not sure what it was before). So yes, the pension funds have been ‘raided’. That is just status quo – and all large corps do this. That’s why they prefer giving pension benefits over actual salary. They can put off paying – get to use most of the money, and hope most of the ‘old people’ die fairly quickly. It is an actuarial gamble, much like the life insurance business.

if the private banks had been scrutinized 2.34% of the 700 billion they are being given, old rothchild would be rolling over in his plutocratic grave.. and indeed they haven’t as no self serving politician would want to jeopardize any of the payola they get from these same plutocratic forces…

most people know when they are being taken by the private banking corporations who are not held accountable to the ordinary citizen who is forking the bill.. they want the same treatment that bush has been given as well – no accountability whatsoever for anything…

wanting to hold ONLY the auto industry accountable makes sense in a society/world turned upside down..