Pensions Part 2

by Larry Levin

Before I get to Pensions Part-2 I'd like to mention today's early reports...

ICSC- Goldman retail sales index = worse than expected.
Empire State Manufacturing Survey = worse than expected.
Import & Export Prices = (mostly) worse than expected.
Redbook Retail Sales = worse than expected.
Housing Market Index = worse than expected.
Dow RALLIES +213.88 points...awesome.
Regarding yesterday's Pension Bailout piece I received a few emails. Most of them applauded it but one in particular was rather upset. I wonder if she was a teacher; she didn't say. At any rate, she was so sure that my piece was wrong that she accused me, The Washington Post, Northwestern University, Bloomberg, and the State of New York of all being liars. Thank you for that email, I had a good laugh.

If you don't believe me or the above mentioned companies, maybe the actual numbers will help.

Copy and Paste the link below to see the chart:

http://docs.google.com/document/pub?id=1YcoW3jA5G-cWIBoO2V9NIDW3r5CfXknsNgq7tZ47wWQ

Everyone on the list above will receive MULTI-MILLION dollar pensions - one of them will make nearly $20-MILLION...and another nearly $30-MILLION! That's right folks --- IT IS INSANE! Who the hell approved MULTI-MILLION pensions for teachers and or administrators? Are you KIDDING ME?!! The majority of the school districts above, if not all of them, are HIGH SCHOOL districts. They're not even professors!

Let me reiterate what the point of yesterday's missive was: the Union is NOT on the hook for these insane pension packages - YOU ARE !!

"Son, are you going to become an engineer or a doctor?" Reply..."Are you crazy mom! I don't have to design a thing or save a life to become a MULTI-MILLIONAIRE. All I have to do is teach - and quite poorly in many cases - a classroom of whiny brats for a few years and BAM...I'm golden. You know, like a bankers golden parachute. Heh, I even get summers off."

If that sounds harsh to any teachers reading this - I simply don't care. The numbers above are BEYOND ABSURD and anyone who defends that is simply wrong. Moreover, when Illinois teachers assembled in Springfield to lobby for a TAX HIKE to pad their greedy pensions...I lost all respect for them. They don't care if you're out of work, underpaid, or in a one-income household; they want you to pay more money into their pensions.

Sickeningly, the governor of this pathetic state wants a near 100% state income tax hike...yes 100%...to fund this insanity.




Previous Day's Trading Room Results:

Trade Date: 6/15/10

E-Mini S&P Trades*
(before fees and commissions):


1) Engf buy @ 10:27am at 1097.75 = -.50 (1 lot)

2) 80% sell @ 10:43am at 1097.75 = b/e*2 (2 lots)

3) Algorithm positions (9)

4) “Reading the Tape” positions (9) combined Secret’s, Algo, & “Reading the Tape” total +5.00



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