Back on Track
“I get more cynical by the day,” says our contributor today.
“I have a very low opinion of ANY politician; as far as I’m concerned, if you are a politician and have been re-elected to office at least once, you have surrendered to the system and no longer have any ethics.
“No matter what you or I do, the ‘District of Criminals’ is going to do what’s best for them and no more.
“I have a lot of sympathy for our grandchildren and great-grandchildren who will have to exist in this world. I hope to God people come to their senses and get the world back on track. I know that is a pipe dream, but it’s my dream.
“No matter what side of the political line you fall on, it’s a sad state of affairs.”
We know this is an enormous question, but — to your way of thinking — what would it take to get “back on track” as our reader suggests?
Your Rundown for Monday, Oct. 7, 2019:
GE’s Necessary Evil?
“General Electric Co. took another step to cut the debt hampering its turnaround, freezing pension benefits for more than 20,000 U.S. employees,” Bloomberg reports.
GE’s also offering a lump-sum payment to roughly 100,000 former employees who haven’t yet received pension payouts. According to GE, the pension freeze won’t affect retirees who already receive pension benefits.
Bloomberg says: “The moves will help trim the pension shortfall by as much as $8 billion and reduce GE’s industrial net debt by $4 billion to $6 billion.”
To give you an idea, GE’s pension fund — that closed to new employees in 2012 — is the most underfunded among the Russell 1000 Index of large U.S. companies with a shortfall of $22.4 billion.
GE’s chief human resources officer Kevin Cox says: “Returning GE to a position of strength has required us to make several difficult decisions, and today’s decision to freeze the pension is no exception.”
“We carefully weighed market trends and our strategic priority to improve our financial position with the impact to our employees. We are committed to helping our employees through this transition.”
On the news this morning, GE shares are down by a fraction of 1%.
Do you think GE’s move is a necessary evil or just another example of a corporation being heartless?
Market Rundown for Mon. October 7, 2019
S&P 500 futures are down 11 points to 2,941.
Oil is up 44 cents per barrel to $53.25.
Gold is down $5.30 to $1,507.20 per ounce.
Bitcoin’s added $312.21 — up to $8,180.89.
Have a great day. We’ll talk again tomorrow.
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