12-05-2005 00:40									#301
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We're at war with Iraqi insurgents. Quite a different (and far, far smaller) beast than, say, the Wehrmacht.

	12-05-2005 00:43									#302
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War is fought vastly differently now versus then, so your example is inapposite.

	12-05-2005 01:27									#303
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The only reason why war is fought "differently" now is that there's no real even match to the US military. Or so we believe, and will believe until proven wrong. Then we'll need the manufacturing capability which you so blithely dismiss.

However, this isn't really the thread to discuss military matters...

	12-05-2005 06:48									#304
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Yeah, but
1. War is much, much faster these days. What once would have taken months to travel in the Revolutionary War took weeks to travel in World War II and days to travel now.
2. It takes much, much longer to manufacture modern military equipment. From start to finish, it must take at least 2 years to actually build a plane. Cut out the paperwork, since it's wartime, and maybe we're talking a year?

So a full-blown war (like, say, Korean War II) would be over before the first new plane could be built.

	12-05-2005 06:51									#305
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quote: Originally posted by DanS Have pension liabilities ever been transferred to the PBGC without bankruptcy?

United transfered their pensions but not until they were in bankruptcy.

	13-05-2005 00:05									#306
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I heard that the PBGC is 9 billion in debt itself.

	13-05-2005 01:18									#307
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They are an agency of the US Government. So, it doesn't really matter how much debt they have. We, the tax payers will have to make it up somehow.

	13-05-2005 08:30									#308
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True. But someone is very likely to point this debt out to us taxpayers soon, for political purposes.

	13-05-2005 08:41									#309
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quote: Originally posted by pchang They are an agency of the US Government. So, it doesn't really matter how much debt they have. We, the tax payers will have to make it up somehow.

In theory, yes . But Congress, in their infinite wisdom, decided to make PBGC depend on itself for most of its funding (it takes as much money companies have in the plan and give guarenteed payments based on that.. sometimes though the companies don't have enough for the lower payouts). Unless Congress gives it some funding and drops this idea that PBGC has to be self sustaining, it won't be pretty.

	13-05-2005 08:43									#310
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PBGC also collects an "insurance" premium from all companies whose pension plan is guaranteed by the PBGC.