Business Insider: The Secret Of Bridgewater's Success Is In Its Understanding Of The Recession"

The Automatic Earth: "Global Demise Of Pension Plans"

Mish shows us that the Australian Housing Crash is now "ON"

Republicans to discuss putting US back on the gold standard, which would explode gold prices to $10,000 an oz. and beyond

Dr. Housing Bubble blog looks at housing's future with a shrinking middle class and an overburdened younger demographic

Gasoline/Oil Futures Jump On Hurricane Issac Closures In The Gulf And the Massive Refinery Explosion In Venezuela

Governor Pat Quinn Signs "Pension Reform Bill" Into Law - Will Chicago Be Forced To Raise Real Estate Taxes By 60%?

Governor Pat Quinn of Illinois just signed the Pension Reform Law Bill. Here is what this means for those affected by the bill, both taxpayers and recipients of pensions in the State and municipalities of Illinois:

• Mayor Daley of Chicago says Pat Quinn's signing of the "Pension Reform Bill" will signal the largest increase in property taxes in the history of Chicago
• The Pension Reform Bill means cities in the state of Illinois must now contribute more money into the pension funds of firefighters and law enforcement officers
• Mayor Richard Daley of Chicago said, "The direct result's of the Governor's actions will be a massive property tax hike for Chicago residents of at least $550 million, or about a 60% increase . . . "
• The new law forces municipalities to raise contributions to their underfunded pension funds.
• In exchange, benefits will be decreased for officers or firefighters hired on or after January 1, 2011.
• The Pension Reform Law pushes back the full retirement age from 50 to 55.
• The Pension Reform Law will limit the maximum salary at which a pension amount is based.
• Lastly, the new law stops the practice of promotions and raises in the last year of service so as to pump up one's pension benefits.

60 Minutes Looks At "Day Of Reckoning" For Our Insolvent States

60 Minutes ran an alarming, short segment last night about states which are broke and which can no longer meet their promises.

One state, Arizona, has sold off the State Capitol building (along with several other buildings) to investors. Arizona then leases back the buildings.

Insolvent states are one of the biggest near-future cataclysms facing US taxpayers which gets little notice. As Governor Christie of New Jersey states, government workers employed by states and municipalities have got to realize their pensions are at risk, that if they don't sit down and try to renegotiate their pension deals, they might all wake up ten years from now without any pensions at all.

If you think the USA is well on the road to recovery, take a few minutes out of your busy day to watch this short segment from last night's 60 Minutes:

Business/Economic News - July 8, 2010 Edition

Some families in foreclosure live rent free, worry free

Need a job in South Florida? With nearly 53,000 pending foreclosures clogging the courts, Palm Beach County Clerk and Comptroller Sharon Bock is beefing up her payroll

More Than 12 Percent of Mortgages Nationwide Delinquent or in Foreclosure

Minnesota bankruptcies highest in a decade

BP Way Off on Oil Spill Cleanup Estimates

Pension for ex-top cop in CA: "The $215,000 Man"



THE END OF KEYNESIANISM?

EU CAPS Bank Bonuses: Company Performance To Dictate Bonus Pay