In this episode of the Keiser Report Max and Stacy discuss the pension crisis too big to ignore and the taxpayers on the hook for it all. The hosts cite Bloomberg who reported, “Unfunded pension obligations have risen to $1.9 trillion from $292 billion since 2007.”
Keiser explains,
“They don’t have the interest income from the government bonds, that make up the bulk of these pension accounts because interest rates had to be dropped to zero to bail out Wall Street.”
And that,
“When Hank Paulson went in front of Congress and demanded $750 billion for TARP, which became $20 trillion in various bailout programs. The government gave him the $20 trillion to Hank Paulson and other guys on Wall Street and they took it from the pension accounts. It’s not obvious that they took it from the pension accounts immediately, because it takes 10 years for a 10 year bond to mature; and, now they are maturing. And they were paying 7 or 8% and now they are paying 0%. Now the people who rely on that income, who were getting thousands of dollars per month are getting zero per month.”
In the second half, Max interviews general practitioner, Dr. Bob Gill, about his new crowdfunded documentary, ‘The Great NHS Heist’, and why Obamacare is not universal healthcare as any European would recognize it.
