Geithner moves to defund 2 Federal Pension plans.

[dixiegrrrrl]

This is an announced step that Turbo Timmy says he will do May 16 because of the "debt crisis":

"He would suspend issuing new federal debt for the Civil Service Retirement and Disability Fund, which would allow Treasury securities held by the fund to be redeemed.
The Treasury also would suspend the daily reinvestment of securities held by the investment fund for the Federal Employees Retirement System's Thrift Savings Plan."
http://www.latimes.com/business/la-fi-debt-ceiling-20110503,0,4644914.story

Actually, it sounds as if the Civil Service fund , which will be "redeemed" is a fancy way of saying he is just going to take the money out.
Whereas it sounds as if he is saying Treasury will stop putting earned interest dividends into the Federal Employees fund.

Anyone read it any differently?

[SheilaT]

1. No one is safe from these people.

I do have a friend from high school (we're both a little past 60 now) who has worked for the federal government for a couple of decades now -- the exact job doesn't matter. She's a flaming conservative, and it's people like her who need to have their pension defunded so she can understand what all this is really about, and that the rich conservatives (and she's by no means rich) truly don't give a shit about people like her, and care even less about the actual working class.

[midnight]

2. K&R Sounds like retirement benefits are being swapped out for not

issuing federal debt.... Can't see how or why that should punish retirement.

[NMDemDist2]

3. glad i pulled all my $$$ out 6 months ago..... n/t

[aquart]

4. And we still aren't allowed to hang him. Sigh.

[bvar22]

5. A small surgical strike by a Navy Seal Team would satisfy me.

I might even apologize for my Anti-Grave Dancing posts
as I dance on HIS grave.

[Eddie Haskell]

6. And their on our side?

I'm beginning to think those of us in the middle class should vote for a write-in candidate with no affliation to either party. Someone, anyone other than a politition. Let's call him V.

[golfguru]

7. If a "too big to fail" bank gets in trouble, they will find funds

to bail the bastards out.