Word: pensions
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Dates: during 2000-2009
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...that ended in Pittsburgh on September 25} when traders concluded that interest rates in the U.S. were going to stay low for a long time," says Mark Matthews, chief Asia strategist for Fox-Pitt Kelton Securities. Adds Olivier Desbarres, a currency strategist for Asia with Credit Suisse: "Hedge funds, pension funds, and the trading desks of investment banks are now all putting this trade...
...people in the inner cities would love a little bailout money to get out the hole they are in and have one of their best years ever. This wasn't a gift; it was a theft. They stole the people's money by gambling with it. They took the pension funds of working people and gambled away their money, and went back to the same working people and asked for $700 billion more of their money...
...Such comparisons are not unfounded. Like GM, JAL is teetering on the brink of failure and has been forced to extract huge concessions from its employees to stay in business. So far, retired workers have been asked to accept half their pension payments; the airline also plans to cut 14% of the workforce (about 6,800 jobs) over the next three years and to suspend or reduce tens of international and domestic routes. That's not enough, however. JAL reportedly needs more than $1 billion just to continue services into next year. So Nishimatsu has been forced...
...says could be the "strongest across the board" Cabinet ever. Key members are Finance Minister Hirohisa Fujii and Health Minister Akira Nagatsuma, who will have to deal with tough issues that the Japanese public - aging and anxious about the future - want tackled quickly: the anemic economy and the mismanaged pension system run by the Health Ministry...
...Japan away from the export-oriented economic growth that served it so well in its golden age of the 1970s and '80s. To accomplish that, Japan needs to boost domestic consumption. But its people will spend only if they feel economically secure, which is why thoroughgoing reform of the pension, health-care and unemployment systems is vital. Japan's current social-security programs hark back to an era of guaranteed jobs for life, which places unsustainable financial burdens on companies and individuals...