Pension Benefit Guaranty Corporation, Part II

Last time, this writer promised that this specific blog would bash the energy sector of the economy. Guess what? I'm not going to do that, for this writer forgot about one aspect of the Pension Benefit Guaranty Corporation that's kind of important to know about. So, unlike a politician, the truth is that you, the reader, just got blue-balled.

However, you should take that admission with a smile on your face, not for the fact that you got screwed, but for the fact that unlike a politician, you got the truth. How refreshing and liberating does that feel? Rhetorical question; please do not answer with another bad sexual analogy. One per blog is plenty, unless, of course you're Bill Clinton, in which case I got myself famous.

Seriously though, the other noteworthy rule that the Pension Benefit Guaranty Corporation operates under is the fact that unsecured creditors get to go after a defunct company's assets first despite the fact that the Pension Benefit Guaranty Corporation was created by the Federal Government.

So, let's get this straight. You don't pay taxes. IRS and state taxation agencies sick agents to your doorstep, curse you in economic verbiage that you would consider offensive if only you could understand what they meant and then proceed to threaten you with prison, wage garnishment, or a combination of both.

However, if you are a company, you go bellyup, the people you do business with get the first crack at your assets rather than a federal agency who will be paying the pensions that the fine retired folks were promised.

See a problem? If not, this writer can use computer graphics and make this page look like a John Madden telestration. Don't make me do it.

Seriously, if the federal government garnishes wages for failure to pay taxes, refuses to let student loans be cleared with bankruptcy, and can issue arrest warrants for failing to pay parking tickets, then why should a moron who gave a line of credit to another moron be moved to the front of the line in place of a federal agency?

If you really need the answer to that one, then I'll insist that you chug a six pack, eat paint chips for dinner, and relocate to the nearest electrical substation, for the answer is that corporations own the political system by financing campaigns.

Do you honestly think that all these Congressional and Senate races are financed by local yokels who want to see thirty second spots that atrocious? Hell no. If the public truly financed this campaign, Hef would be providing the scantily-clad Playmates for Bud Bowl XXXV, and there would be a hell yes from every frat house.