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Thread: Which Side Is Your Pension On?

  1. #1
    Taking A Stand!!!

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    Default Which Side Is Your Pension On?

    This is a must read! A history of pensions, particularly union pensions.

    In the wake of the financial crisis, pundits left of the center argue for the need to restructure finance. Ideas like a return to Glass-Steagall or a new New Deal have been floated — welcome changes, to be sure. However, these policy proposals leave a deeper question unresolved: how did Wall Street elites end up gaining control of finance in the first place? How did they channel large pools of finance into a narrow range of obscure financial investments without Americans knowing it? How did our financial system become so undemocratic?

    The standard narrative points to deregulation under the Clinton Administration in 1999. But at best, this can only be what social scientists like to call a “proximate cause.” There was a time in the postwar period when average Americans made a real effort to control finance through institutions of collective bargaining. The exact way in which they failed reveals a 50 year war in America waged by the elite against financial democracy.
    The Teamsters provide a good example. In 1955, Jimmy Hoffa helped to build the now-notorious Central States Pension Fund. Hoffa was a brilliant and cunning negotiator, someone to be feared from across a bargaining table. From the outset, he knew from that the main issue was how many trustees were on the board and he knew how to work it in his union’s favor. The employer’s association, the American Trucking Association, pushed hard in negotiations for a smaller board that excluded employers that weren’t affiliated with the association. Hoffa wanted a larger board that included independent employers — some of which he was on friendly terms with. This would make it easier for the union to get what it wanted come time to vote on investment decisions.

    A larger and potentially divided employer side of the board could lead to greater union control. The employers refused to budge until Hoffa brazenly promised to take the whole industry out on strike if they didn’t give in. Given that the transcript record from the March meeting where Hoffa made the threat was peppered with “God damnits,” he was probably yelling it in their faces. That was enough to win the larger board
    https://www.jacobinmag.com/2014/03/w...ur-pension-on/
    2631 likes this.

  2. #2
    Retired !

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    Default Re: Which Side Is Your Pension On?

    Doesn't this say it all.

    There was a time in the postwar period when average Americans made a real effort to control finance through institutions of collective bargaining. The exact way in which they failed reveals a 50 year war in America waged by the elite against financial democracy.
    Someday, those few who lean right on this board may understand that the wealthy elitists ( corporations, bankers, Wall street ) know the only way to CONTROL people is to suppress us, manipulate our lives and withhold jobs and security.
    They have been doing it for decades.
    crazy, skinnytrucker, 2631 and 1 others like this.

  3. #3
    Scab Hating Union Thug

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    Default Re: Which Side Is Your Pension On?

    Keep the lower class uneducated and poor. Doesn't this all seem to be coming full circle?

 

 

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