2 June 2015 Edition Restricted Copyright 2015 GordonTLong.com
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PENSION POVERTY AHEAD Pensions are Underfunded and No Longer
Risk Free
JULY MONTHLY MARKET COMMENTARY
MARKET MESSAGE
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3 I- DEFINING CHARTS
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9
Defining Chart #2 - Finding the Longer Term Super Cycle Pivot b
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9 Defining Chart #3 - The Big M and Super Cycle b
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11 Defining Chart #3 - The Big M and Super Cycle b
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11 Defining Chart #4 Intermediate Term Topping Process
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12 The Bottom Line
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14
II TARGETS
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III QUARTERLY SENTIMENT RISK AND FUNDAMENTALS
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SENTIMENT
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18 NEW-FUNDAMENTAL ANALYSIS
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21
IV
STUDIES..................................................................................................................................................................................22
NEW-STUDY: HISTORIC CHINESE MARKET COLLAPSE
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CHARTS OF NOTE
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23 NEW-STUDY: RISK-OFF
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CHARTS OF NOTE
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25 NEW-STUDY: EARNINGS WORRIES
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STUDY: BUYBACKS
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CHARTS OF NOTE
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31
V - TRIGGER$ ZONES
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VI - DRIVER$ & BIA$
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PENSION POVERTY AHEAD
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36
SIMPLY TOO FEW CONTRIBUTORS versus BENEFICIARIES
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The Social Security Beneficiaries
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36
Too many people dependent on too few workers
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Current Public Policy Denial
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37 The Social Security Deficit
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37 Three Stools of Retirement has lost two of Its Legs!
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38 PBGCs Safety Net Exposure
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39
WHY ARE PROMISED PUBLIC PENSIONS & BENEFITS UNSUSTAINABLE?
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1- Demographics & 2- Low Yield ZIRP Economics
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40 3-Investment Risk
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40 4-Politics
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41 5-Disposable Income
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41
WHY IS THE SOCIAL SECURITY SYSTEM AT RISK?
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1-PAYGO and Demographics
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42 2- Existing Deficits
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43 3- Non-Retirees
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43 4- Demographics and 5-Financial Assumptions
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44
PUBLIC WORRIES MEDIA BEGINS TO FOCUS
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GET READY ITS COMING!
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Greece, Puerto Rico & Chicago
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