Ontario going broke?

[Bowlcut]

http://www.theglobeandmail.com/servlet/story/RTGAM.20090227.weconontario27/BNStory/National/home

Looks like the Dalton McSquinty is going to make the socialist Bob Rae look like Milton Freidman (from his Libertarian days).

Sad too considering you Ontario folks have to pay for all of the pensions for the autoworkers when they go bankrupt here soon.

[Redz]

All of Canada will get hosed for those bs pensions. I am so mad about having to pay for a companies mistakes. We shouldnt be held responsible.

[canadianmuscle0803]

this is very sad indeed.

[natenator]

All of Canada will get hosed for those bs pensions. I am so mad about having to pay for a companies mistakes. We shouldnt be held responsible.
If you worked in automotive I bet you'd sign a different tune ;)

[Gettin'r'round]

At least Harper told the CBC to go **** themselves. CTV and Global are cutting so the CBC shouldn't??? Please.

As for covering the sacred auto workers pensions, should the gov't have to take over, they won't get the platinum plated one they got from GM. They will get a haircut. Get this, Air Canada should it be required to pay it's contribution to it's pension plan (as per law I think) they will be bankrupt as the payment is larger than the cash in the bank.

This bodes ill for the baby boomers who are hoping to retire and expect for us to pay their way. It just won't happen. All the cash is being and has been spent as we want bigger hospitals, larger social safety net, free child care, more $$$ to Quebec, etc etc. There should be trillions stashed away for the boomers but no, the boomers want it ALL!!!! Tough shit mom and dad, we are not going to pay your debt and your pension.

[Bowlcut]

All of Canada will get hosed for those bs pensions. I am so mad about having to pay for a companies mistakes. We shouldnt be held responsible.

The Provincial government has a guarantee for the workers pensions under a plan instituted by Bob Rae if I remember properly. That is why some speculate they gave assistance back in the fall to the companies because bankruptcy would cost the tax payers more than a bailout.

[MoooBaby]

Was it just me, or did you all see this coming about two years ago?

[natenator]

Everyone saw it coming but the people bitching about this and that really have no understanding of economics and the role Government can play in an economy. That's not to say people don't have a right to bitch and complain but rarely is anything ever as simple as we would all like to believe.

[Redz]

If you worked in automotive I bet you'd sign a different tune HAHA I do work in it!

[downtown]

At least Harper told the CBC to go **** themselves. CTV and Global are cutting so the CBC shouldn't???


Well CTV is anyway.

http://business.theglobeandmail.com/servlet/story/RTGAM.20090219.wrcanwest20/BNStory/Business/home

[Gettin'r'round]

Well CTV is anyway.

http://business.theglobeandmail.com/servlet/story/RTGAM.20090219.wrcanwest20/BNStory/Business/home

Global is actually days away from bankruptcy. $3.6billion (give or take a billion) of debt and some of that debt is coming due and they won't get refinancing. Too bad, they got big the easy way (debt) and now that the tide is out they are swimming naked (a Warren Buffet quote I think).

[bigpapapump2016]

I think its our responsibility to make sure that every hard working person is at least taken care of. I dont mind getting taxed large to make sure our moms and dads are going to have proper health care and money to make sure they can survive. Christ these people gave us life and made it possible for us to get jacked as **** and **** all these hot girls. haha. In seriousness, this is a problem we will have to face and deal with. We will not leave them out to dry, ****ing man up, shit will probably hit the fan by the time we retire and we will need our younger generation to step up.

[pinhead]

I heard the Caisse in Quebec lost 40 billion dollars of pension funds. That's more than GM lost in all of 2008:shock:wtf

[Bowlcut]

I heard the Caisse in Quebec lost 40 billion dollars of pension funds. That's more than GM lost in all of 2008:shock:wtf

Ouais. They lost 25% of its value compared to the Canadian median of around 18%

http://www.theglobeandmail.com/servlet/story/RTGAM.20090226.wrcaisse26/BNStory/Business/


The morons bet a lot of money on mortgage backed securities.

This is the problem with public pensions. The management lost all this money that Quebecers, like CPP, have to pay into. It is not like private investors did engage in due diligence and invested in a poorly run company, but rather the gov't makes it compulsory.