Comments on: Obama Proposes Major Regulatory Reform for the Financial System http://www.jodyeisenman.com/2009/06/obama-proposes-major-regulatory-reform-for-the-financial-system/ Words of insight on the financial markets from the CEO of Perrin, Holden & Davenport Capital. Tue, 25 May 2010 20:16:36 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Paul http://www.jodyeisenman.com/2009/06/obama-proposes-major-regulatory-reform-for-the-financial-system/comment-page-1/#comment-205 Paul Fri, 19 Jun 2009 05:49:38 +0000 http://www.jodyeisenman.com/?p=368#comment-205 Fact: Word from the UC system (myself an employee), all staff and faculty will be forced into a mandatory 8% salary cut. They're voting on whether it be by pay or furlough or both. (1) Couple this with an anticipated 9% increase in health care costs (2) next year, a 0.25% increase in California state taxes (3), and you may see another wave of foreclosures beginning some time next year. As it is, the UC faculty and staff wages are already below industry**. Opinion: We're in a precarious situation, but if the state files bankruptcy, all the better; then everyone's out of the job, and we're in the same boat together. At least then there might be a moratorium on foreclosures in the state of California, or a situation similar to the unofficial non-foreclosure policies of the great depression. (1) http://chronicle.com/news/article/6668/u-of-california-faculty-and-staff-members-could-face-8-pay-cut (2) http://seattletimes.nwsource.com/html/businesstechnology/2009353785_apus2010healthcosts.html (3) http://www.calstrs.com/Newsroom/What%27s%20New/tax_increase.aspx ** No linkable proof, but it's the nature of academia. Fact:
Word from the UC system (myself an employee), all staff and faculty will be forced into a mandatory 8% salary cut. They’re voting on whether it be by pay or furlough or both. (1)

Couple this with an anticipated 9% increase in health care costs (2) next year, a 0.25% increase in California state taxes (3), and you may see another wave of foreclosures beginning some time next year.

As it is, the UC faculty and staff wages are already below industry**.

Opinion:
We’re in a precarious situation, but if the state files bankruptcy, all the better; then everyone’s out of the job, and we’re in the same boat together. At least then there might be a moratorium on foreclosures in the state of California, or a situation similar to the unofficial non-foreclosure policies of the great depression.

(1) http://chronicle.com/news/article/6668/u-of-california-faculty-and-staff-members-could-face-8-pay-cut

(2) http://seattletimes.nwsource.com/html/businesstechnology/2009353785_apus2010healthcosts.html

(3) http://www.calstrs.com/Newsroom/What%27s%20New/tax_increase.aspx

** No linkable proof, but it’s the nature of academia.

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