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AIG's Benmosche, Speaking From His Seaside Villa, Says World Will Need To Retire At 80
The other government-sponsored Ben-with-a-beard was in contemplative mood as the CEO of AIG relaxed at his Croatian seaside villa in a recent Bloomberg TV interview. Benmosche stated that "Retirement ages will have to move to 70, 80 years old" as that "would make pensions, medical services more affordable... taking the burden off of the youth." Opining on Greece (well, the Greek people really): "they have to see that there is no easy way out of this" and the government must get them to work longer (Greek life expectancy is 81.3 years so there's plenty of hours left for retirement). Towing his corporate over-lord status quo line, he notes that Greece abandoning the euro could be a disaster for the country but we assume if only they would work 23 hours-a-day for 81 years at a 95% tax rate then TROIKA will be more than happy to use them as a rotating receptacle for European bank holdings.
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Seriously, no, make that, very seriously... when do we start picking up rifles and doing something about this shit?
Time to wake the fuck up already. Will you answer the call when it comes? Its getting loud and clear out there.
4 month summer vacation
That is the Absolute Standard that most of us are forgetting, is the whale determinant of what will happen until after Labor Day.
The entire shit palace, this fabulous conspicuous absence machine, may need to be collapsed and reshuffled.
But if you think any operator of any substantive lever of this fabulous machine would ever in a thousand lifetimes give up their summer villa-time...
you, friend, do not know the market
that is the real story of that interview; the tell itself. They are shameless.
But that is not to say they are monsters sir!
Because millions may riot, generations may wither into their middle ages without any occupation to lay hold of, but if you think they are so callous as to risk disrupting a gentleman's well-deserved time away with family, you have grossly offended them, sir, grossly offended them.
They are not monsters, sir.
Just shameless
I say we retire this schmuck & his ilk TODAY...but that's just me.
Mining workers in Spain are angry. Launching hand-made RPGs (with tear gas) back at the riot police.
Show them this clip and they will go beserk.
They are losing control in Europe - FAST. Emergency conference calls, emergency meetings and they are not on top of it. The system is bleeding and the banks are drying up.
They are in panic mode but won't let it on.
I have heard similar reports that things are getting really sketchy on the old continent... Anyone want to buy my Villa in Valencia? $1, just take over taxes HOA and insurance. Will consider interesting swaps!
i Rememember when there was such a thing as freedom 55. but seriously folks, as a Professional Poker player, im glad to see the market finally has come around to my way of thinking.as a student of Variance, odds, luck and skill "you cant take that in college" im fu##ing killing this market
"Retirement" is a fear meme that came into prominence with Fascist Delano Roosevelt's New Deal on the fallacious notion that it would free up more jobs, net net, by kicking persons beyond an arbitrary age out of the work force. Retirement was relentlessly promoted by Wall Street, with the material assistance of the government through IRA, 401k and other IRC fascisms, to grab control of your income streams during your productive lifetime. State-funded (with blood money stolen at gunpoint from the currently productive) pensions are actually unfunded in an actuarial sense, depending on pass-through cashflow from the young to the old. As such they are fundamentally vulnerable to the inverting demographic pyramid currently manifesting itself throughout the Western world. The X-Generation and Millennials will stop "paying" into this generational scam well before they reach the age fantasized by Benmosche as necessary to keep the Ponzi going. The Greatest Generation and Boomers expecting to suck at the teat of the younger generations will have to adjust their expectations from endless Medicare and Social Security payments to band-aids and dog food. If they're lucky. Benmosche and his ilk will be lucky if they are not rendered for soap.
If the "ponzi" of social security is abandoned, boomers will work til they drop. They are experienced workers, and will remain valuable in most jobs. The younger generations will be lucky to get the minimum wage part time jobs, and there will be little extra to pay for the ipads, let alone dog food, after paying rent and living expenses. If the social safety nets are abandoned, everybody suffers. The boomers who will never have the retirement they saw their parents have and the millenials who will never have the careers that their parents had.
Let's say that they are willing and able to work till 81. Doing what?
Some people in the 1930s thought SS was a bad idea. They were right.
Banks are the engine of growth? Just die already...
From a distance, doesn't he look like Dick VanDyke with a beard?
The unfortunate lesson here is not the one being made in the article. The lesson being: you don't want governments to be in control of your retirement. I think too many people have this foolish notion that because it's a democracy government will be benevolent and do the best thing for them. So let me put it another way: you don't want your retirnement to be something other people get to vote on, to take from you and redistribute as they see fit. If you vote to give government control of your retirement then don't be surprised when government decides you will need to work to 70 or 80 to make sure banks don't get hurt. You want your retirement to be funded with your money that nobody can touch.
Perhaps longer life spans will mean people need to work longer in the future, and in a free economy those kinds of issues have a chance of working themselves out. Work weeks get shorter to acomodate thelarger workforce, people have longer to save for returement and services to help you do so become abundant. In the current riged bank controlled ponzi scheme we currently have where we want to make everyones retirement, health care and every other personal financial matter something others get to vote on and control, market forces haven't a chance.
Right, kiddies, just save your pennies from your minimum wage part time no benefits jobs and you too can retire someday! Hopefully you won't be getting ZIRP on your deposits and be forced to play with the sharks in the capital markets. Don't count on any asset class being reliable, there are accounting tricks being used everywhere and you are just a muppet waiting to be fleeced. Market forces are owned by the guys with the most leverage, and that ain't you.
You keep working, and we’ll keep getting bailouts and bonuses. Mmmkay?
Signed,
Banksters
Hey Benmosche...
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These old fogies think they will live forever and be able to exploit each other, and the young, forever.
NOT GOING TO HAPPEN.
Retirement or work? Try death. And if you think I'm a monster, remember, one and all:
On a long enough timeline, the survival rate for everyone drops to zero.
Herr Benmosche, enjoy your shit shoveling over there at AIG the next dozen years then.
Oh, and pick up around the villa while you're at it.
The length of our days is seventy years--or eighty, if we have the strength; yet their span is but trouble and sorrow, for they quickly pass, and we fly away.
Psalm 90:10
I look forward to asking for the time off from my third part time job at aged 80 to attend my own funeral, which I thankfullly saved enough for when I was a sprightly 75 year old who could work 5 part time jobs!
We wish Mr. Benmosche continued good fortune in his battle against testicle or whatever kind of cancer he has
http://www.crainsnewyork.com/article/20111223/FINANCE/111229933
This oddly reminds me of when I read Animal Farm in grade school. They worked the poor horse until it wasn't able to work any more, and then sent it off to the glue factory.
http://en.wikipedia.org/wiki/Boxer_(Animal_Farm)
and when it comes to the Benmosche himself: "All men are equal except some are more equal than others"
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The social security bill passed unanimously in the 1930's.....easy, both parties could support paying people if they made past life expectancy! At the time, it was around 60, it started at 65!! Honestly, it morphed into playtime for everyone as they lived 25 yrs longer than that. Pathetic.
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Toeing the line
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You gotta be crazy, you gotta have a real need
You gotta sleep on your toes, and when you're on the street
You gotta be able to pick out the easy meat with your eyes closed
And then moving in silently, down wind and out of sight
You gotta strike when the moment is right without thinking.
And after a while, you can work on points for style
Like the club tie, and the firm handshake
A certain look in the eye, and an easy smile
You have to be trusted by the people that you lie to
So that when they turn their backs on you
You'll get the chance to put the knife in.
You gotta keep one eye looking over your shoulder
You know it's going to get harder, and harder, and harder as you get older
And in the end you'll pack up, fly down south
Hide your head in the sand
Just another sad old man
All alone and dying of cancer.
http://www.youtube.com/watch?v=0bqZFp7dWbg
Benmosche's statement gives insight into an interesting paradox: I've read the comment where we work until we're 80, we pay 95% taxes, and then we die since the life expectancy is 81 (in Greece). The flip of that is to retire at 55, pay 60% taxes and die at 81.
Who pays the spread?
This wasn't a problem when birth rates were going UP. Seems we're hitting a plateau in Europe and need to import labor from the Middle East and pretty soon Africa to pay into the social security system. Which will then make Europe - not Europe and the former nation state borders will have no meaning to the new comers unless there is some ADVANTAGE to holding those borders.
It was only socialism that promised a "retirement system". Prior to FDR people worked until they died and had no retirement 'system' from the government. They saved from their own work. If they had a medical problem they went to the doctor and paid their own bill.
They died much younger, had fewer 'things', had more children, thought of living with their family so the elders could take care of the youngest, and when the elder did get ready to die they didn't go on life support for another 6 months.
So its an interesting conundrum: do we want retirement by the government paid for by others paying into the system? do we want healthcare to keep us alive with the best possible medicine at the most cost which we can't pay ourselves? and if we do all of this without the bankers involved they can't make money either. We used to do it without the bankers to this level.
not Europe and the former nation state borders will have no meaning to the new comers unless there is some ADVANTAGE to holding those borders.
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Some advantage to hold borders? in US citizen economics? But US citizen economics is all about an interior and exterior. Borders define interiors and exteriors.
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do we want retirement by the government paid for by others paying into the system? do we want healthcare to keep us alive with the best possible medicine at the most cost which we can't pay ourselves? and if we do all of this without the bankers involved they can't make money either. We used to do it without the bankers to this level.
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Bankers were not involved? Great piece of news.
"Retirement ages will have to move to 70, 80 years old" as that "would make pensions, medical services more affordable... taking the burden off of the youth."
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How? Work consumes. People working up to 80 years will consume not only their healthcare but also the every other resources they need to enable their work.
Once again, another example of how there is no discontinuity between the US citizen elite and its US citizen base.
Same pattern of thinking: the burden of consumption must be lightened not by make it lighter but by making it heavier. Dont get rid of big consumers, get rid of low or no consumers.
This US citizen would fit at home on this site, as any US citizen.
"[...] Bannks and insurance companies, they are the engines of growth." - Benmosche
I used to find chutzpah and mendacity curious, if repellent, cultural features of the you-know-whos. My longanimity has now expired.
Jump you fuckers. Seriously.
Go fuck yourself Benmosche, you ELITIST, SMUG, ARROGANT
PIECE OF SHIT. Someone needs to 'show' this scumbag the light...
This is what the wealthy think/believe and are trying to accomplish. Destroy the lower-middle and middle income classes. Truly to create
serfs out us. Modern-day slavery, in order to keep their wealth and
power grip on the majority of the world's citizens.
It really is WAY past time to revolt. A bloody revolution is long overdue.