Holi crapoli!!!-----Federal Lending to Insolvent Pension Plans Is Code for Bailout | RealClearMarkets

Federal Lending to Insolvent Pension Plans Is Code for Bailout | RealClearMarkets
"Here’s a remarkable lending opportunity to consider: 
Let’s make billions of dollars in loans to borrowers which “are insolvent” or in “critical or declining status.”  
These loans would be unsecured and no payments of principal would be due for 30 years. 
At that point, in case of default, the loans would be forgiven. 
Would you make such a loan? 
Obviously not, and neither would anybody else—except maybe the government. 
This idea is one only politicians could love, since it gives them a way to spend the taxpayers’ money without calling it spending.
Making such loans is proposed in a bill before the House Ways and Means Committee, entitled “Rehabilitation for Multiemployer Pensions Act” (HR 397).
The borrowers would be multiemployer (union) pension funds which are deeply underfunded, insolvent in the sense of having obligations much greater than their assets, and won’t have the money to pay the benefits they have promised.  
A more forthright title for the bill would be the “Taxpayer Bailout of Multiemployer Pension Funds Act.”...
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