MONEY: New plan — Rob Peter to pay, well, Peter

Thursday, October 7, 2010

http://www.ricedelman.com/cs/pressroom/pressroom_detail?pressrelease.id=1629

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Lawmakers are creating solutions for their pension shortfalls. New York is considering a plan that would let it borrow money from the state’s pension plan and use that money to pay its annual obligations to the pension plan. (No, that’s not a typo — they’re essentially planning to rob Peter to pay, well, Peter.)

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Worth reading. The insanity of unfunded liabilities is only going to get worse.

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GOVEROTRAGEOUS: Gooferment firemen act dumb!

Thursday, October 7, 2010

http://reason.com/blog/2010/10/04/limits-of-libertarianism-hypot

Limits-of-Libertarianism Hypothetical Brought to Life in Tennessee
Katherine Mangu-Ward | October 4, 2010

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Obion County resident Gene Cranick decided not to pay the $75 fee, and then he set a fire in his backyard in two large barrels. The fire began to spread, and he called 911. The 911 operator told him that because he hadn’t paid the fee, the fire department would not respond. Cranick’s wife told the 911 operator that she would be willing to pay “whatever the cost” to hire the Fire Department to put out the fire, but was told that this was not an option. The Fire Department did not come out until the fire spread to a neighbor’s yard — the neighbor had paid the fee — and the firemen put out the neighbor’s fire but not Cranick’s.

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Did he have fire insurance on his house? If he did, I bet his insurance company lawyers are hard at work reviewing their policy language.

Note Gooferment fire department; does Sears refuse to service folks who don’t buy their service plans? Of course not!

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