If you’ve got a business, you didn’t build that. Somebody else made that happen.

Originally Posted by fly135

Why do you want the govt to guarantee private sector defined benefit pensions? I don't even want the govt to guarantee public sector defined benefit pensions. They are fiscally irresponsible.

I don't want the government to guarantee anything. If you read the article though you would know that this represents the very the definition of cronyism. When, instead of treating people fairly, you treat them based on their affiliations and based on their beliefs, the very idea of liberty is violated. This the epitome of "If you've got a business, you didn't build that. Somebody else made that happen." If you can't recognize the injustice in this case you are a lost cause.

Originally Posted by Tucker_McElroy

I don't want the government to guarantee anything. If you read the article though you would know that this represents the very the definition of cronyism. When, instead of treating people fairly, you treat them based on their affiliations and based on their beliefs, the very idea of liberty is violated. This the epitome of "If you've got a business, you didn't build that. Somebody else made that happen." If you can't recognize the injustice in this case you are a lost cause.

Another way to look at it would be to fix the problem in the first place by getting rid of the ability of corps to scrape off their pension obligations through BK. If pension fund obligations were treated like secured creditors things would go down differently too.

I don't know for a fact but I'd strongly suspect that Romney used this same tactic at Bain -- running companies through Ch 11 to get rid of their pension obligations. It has been a tried and true corporate reorg strategy for years. Just ask Delta pilots.