NYT writes a love Poem to Riversider

New York State’s fund, which is run by the comptroller, Thomas DiNapoli, a former state assemblyman with no previous investment experience, lost $40 billion in 2008.

I wish I could retire at 40 with a 100K a year. I could take on a whole new profession in a different industry. Out of college at 20, into, let's say the Nassau Co. Police Department where the greatest challenge is not dieing of bordem, night law school, engineering, public administration, etc., with plenty of time to study on the job. Out at 41-42 and slip into my new profession.
Gives you a whole new respect for the folks in blue.

Or you could take their tendency to balloon up like Thanksgiving parade floats within three years of becoming cops as a sign that the job is very stressful.

I"m blushing....

Can't speak for Nassau County but even in "low crime" NYC, most years at least a couple of cops have died in the line of duty. And they often have to make decisions that have much more impact on peoples lives than what TV show they see a commercial in.

I'm not saying $100K/year at age 42 with a chance to start whatever new career you want is justified. There needs to be a wholesale reform of the system that gives cops a fair pension, either while they retrain for a second career if they retire after 20 years or at retirement if they work until normal retirement age. There are plenty of "inside" jobs within the police department that a 55 or 60 year old can excel at...today's police work is a lot more brains than brawn.

But lets not forget the fact that it was an increase in cops, and putting more cops on the street, that was a big factor in reducing crime in NYC, making the city more appealing, increasing RE values (to the point that few NYPD members can afford to live anywhere in the city, let alone Manhattan) and creating the "backdrop for the boom".

Simple math really - you can't have someone retire after 20 years and then pay him that same salary for the next 60 years. This is not a financial problem - this is a political problem. Everyone knows the math doesn't work so the financing is fine. The political fallout is the issue.

Alan, it's the donuts not the job that makes for the balloon. For me it's too late. You can spot me every year at the parade. They dress me up like Charlie Brown and float me down Broadway. The best part is the opportunity to peek into many of the apartments on CPW. Considering the price, you would think someone would anti up for a decorator. It's also my excuse for having gas for the rest of the year.

sort of related...

http://www.ft.com/cms/s/0/fa3f6bda-807d-11df-be5a-00144feabdc0.html
Peter Orszag, Barack Obama’s budget director, resigned this week partly in frustration over his lack of success in persuading the Obama administration to tackle the fiscal deficit more aggressively, according to sources inside and outside the White House.

Mr Orszag, whose publicly stated reasons for leaving were that he was exhausted after years in high pressure jobs and also that he wanted to plan for his wedding in September, is seen as the guardian of fiscal conservatism within the White House.

Love'em and leave'em Orszag decides not to commit to the full term...where have I seen this before???
http://www.nypost.com/p/news/national/white_house_budget_director_ditched_VeLLOyVXipr8EChlm33gfJ
This should give hope to every geeky nebishy texas instrument holding tiny dicked math wiz who never thinks their ever going to get picked anything other than last at kick ball or ever see a girl naked.

the head line should of read 'Skreech Quits'

You'll see a bunch of Obama people leave at the two year mark.

"Simple math really - you can't have someone retire after 20 years and then pay him that same salary for the next 60 years."

You don't, FOOL. Cops who retire after 20 years get HALF their salary as a pension. A $100k a year cop does not get a $100k a year pension.

"who never thinks their ever going to get picked anything other than last at kick ball or ever see a girl naked."

Orszag has a love child. I don't think he follows the common sterotype of nerds.

"Peter Orszag, Barack Obama’s budget director, resigned this week partly in frustration over his lack of success in persuading the Obama administration to tackle the fiscal deficit more aggressively, according to sources inside and outside the White House."

BS. They probably found out he has another love child and he resigned so that it would not become public.

except cops work a million hours a week prior to retirement.....

From Socialist directed to me - "You don't, FOOL. Cops who retire after 20 years get HALF their salary as a pension. A $100k a year cop does not get a $100k a year pension."

Socialist before you call someone a FOOL (note the all caps you used) I suggest you understand what your talking about - one only need read the article that the OP is speaking about. "Horror stories abound, like the one in Yonkers, where policemen in their 40s are retiring on $100,000 pensions (more than their top salaries)"

I COULD get very worried about all this. But you know, people are going to get as much as they can out of the system (overtime, etc.) while the getting is good. Because very soon (like everyone patiently waiting for the RE bubble to deflate), the pension bubble will deflate. If anything is too good to be true, you can bet that it won't last. As for idiotic politicians running mega-billion pension funds, you know what? Having gotten a little, itty bitty taste of local politics, I get why more competent people don't run for office. It takes a very special type.

Pensons are in trouble because the politiicans "borrowed" from them to balance budgets. "Borrowed" is in quotes since they never paid back all of the moey they borowed.

"As for idiotic politicians running mega-billion pension funds,"

Who do you propose run pension funds? The same dimwits who ran Lehman and Bear?

Socialist = NYCMatt

"Simple math really - you can't have someone retire after 20 years and then pay him that same salary for the next 60 years. This is not a financial problem - this is a political problem. Everyone knows the math doesn't work so the financing is fine. The political fallout is the issue. "

Yeah, its incredible how many leftie idiots who don't get this... and the politicians and the unions take advantage of the stupidity.