The Pension Nightmare Is Coming

Hidden Pension Fiasco May Foment Another $1 Trillion Bailout -- Bloomberg

March 3 (Bloomberg) -- The Chicago Transit Authority retirement plan had a $1.5 billion hole in its stash of assets in 2007. At the height of a four-year bull market, it didn’t have enough cash on hand to pay its retirees through 2013, meaning it was underfunded to the tune of 62 percent.

The CTA, which manages the second-largest public transit system in the U.S., had to hope for a huge contribution from the Illinois state legislature. That wasn’t going to happen.

Read more ....

My Comment: Underfunded pensions .... especially for public employees .... is going to create an even greater crisis than what we are going through today.

But when will this new crisis start? I do not know for sure .... but it probably will be sooner rather than later.

Would You Buy Blagojevich's Book?

From The State Journal Register:

Springfield-area lawmakers aren’t surprised former Gov. Rod Blagojevich is promising to tell all in the book deal his publicist announced Monday. But don’t expect to see them lining up at a bookstore for a copy.

Sen. Larry Bomke, R-Springfield, scoffed at the promise by Blagojevich to expose the “dark side” of state politics. Bomke also noted that the reported “six-figure deal” could be for anywhere from $100,000 to nearly $1 million.

In any case, he won’t be buying a copy.

Read more ....

My Comment: Three things on my mind. (1) Who would pay this ex-Gov. money for a book? (2) Who would buy the book? .... OK .... journalists and politicians would .... but that is about it. (3) What a waste of good trees.

Why I Distrust The Main Stream media

(Photo from The Fishbowl)

How Media Sucks Up To White House -- The Politico

In a profile last month, The Washington Post described deputy White House chief of staff Jim Messina as a “low-profile aide” who begins “fixing President Obama’s problems” before 7 a.m., works 14 hours straight and then hits the gym.

Not to be outdone, POLITICO noted the next day that White House chief legislative liaison Phil Schiliro — another “low-profile” official but one possessing “Buddha-like Zen” — is already working in the West Wing by 6 a.m.

Time says reporters admire White House press secretary Robert Gibbs (“The President’s Warrior”) because he “has the president’s ear and can get to the commander in chief when an answer is needed.” The New Yorker says White House chief of staff Rahm Emanuel is “a political John McEnroe, known for both his mercurial temperament and his tactical brilliance,” yet is also uncommonly indifferent to both criticism and praise.

Welcome to the “beat sweetener.”

Read more ....

VIDEO: Cramer Goes Nuclear On Obama.

My Comment: Watch and enjoy.

Visclosky Under The Spotlight

From Hotair:

Perhaps Pete Visclosky may have felt safe from scrutiny as long as his pork-buddy John Murtha attracted all of the attention — from the media as well as federal investigators. With the collapse of lobbying group PMA, Visclosky finds himself exposed as a major player in PMA’s big-ticket contributions for pork projects. In fact, Visclosky may have more at stake in the federal probe of PMA than anyone, including Murtha (via Instapundit):

PMA Group was once one of the biggest lobbying firms in Washington, specializing in securing defense earmarks for its clients. Now, the firm is disintegrating amid a federal investigation into allegations that its founder, Paul Magliochetti, a former top aide to Rep. John Murtha, D-Pa., steered donations to lawmakers through sham donors. …

Read more ....

Pelosi's List: Who's On Her Bad Side?

From CBS News:

Nancy Pelosi likes to keep lists.

As a young political protégé of her father, Baltimore Mayor Tommy D’Alesandro, the preteen speaker-to-be would spend hours leafing through the list of voters her father had helped in some way - fixing a pothole, finding them a job, even getting them a hot meal.

It was known as the "favor file."

Those around Pelosi say she has always kept her own favor file. But, like her father, she has also maintained a "disfavor file" in her head - a roster of those whom she believes have screwed up, betrayed her, challenged her or merely annoyed her.

In some cases, Pelosi has mended fences with people on the list, most notably House Majority Leader Steny H. Hoyer (D-Md.), a former party rival who has become an indispensable lieutenant.

Read more ....

My Comment: A politician with an enemies list. We should not be surprised.

I am curious if Hillary Clinton is on it.

Roland Burris Has Enormous...Credentials

From Reason:

Dubious Blagojevich appointee Sen. Roland Burris (D-Ill.) not only won't resign his seat. He's running again in 2010. He'll obviously be running on his impressive credentials. Check out his accomplishments page:


Read more ....

My Comment: A picture is worth a thousand words.