I started this newsletter with the intent of providing some general member information along with voter information that I feel is in the best interests of our membership. While putting this together, the Stock Market crisis descended upon us and suddenly we seemed helplessly vulnerable to the financial currents that were swirling. Old well known financial institutions were suddenly either failing or teetering on the edge of bankruptcy. How could this be happening in the U.S.? The answers to how they reached this critical point, and what it will take to fix the situation are complex at best. The one question that most people have, is how is this crisis affecting my pension? Well, the short answer is, not good. When the Market takes huge broad drops, all pension plans suffer those losses. Basically, there were no market sectors that investments could hide in.  The best defense we had was one that you have heard me talk about before, and that is having a diversified portfolio. The Trustees moved to further diversify our pension plan in 2006 and diversified again in June of this year. Market events like we have just seen, bring the reason to diversify clearly into focus. There is always a temptation to make a bet on one type of investment that seems to be hot, but the risk of having too many eggs in one basket really becomes apparent in a Market down turn. There is no question that we need to see the Stock Market rebound to recoup our losses, and historically it always has. All pension plans are dependant on market returns. There will be more Market contractions in the near future, but hopefully they will be minor in comparison. Serious controls of trading practices need to be put into place to avert another greed driven disaster in the Stock Market.

 

This brings me back to the original focus of this newsletter. The mess that rocked pension plans of hard working Americans all ties back to who is running this country and how voting affects our lives. Government should protect its’ citizens from disasters that they cannot protect themselves from. You or I cannot impact the unbridled greed of hedge fund managers manipulating the Market unless we are willing to vote for someone that will act in our behalf. Union members should be voting their wallets, and your pension is a big part of that. John McCain’s record of opposing government regulation in everything from the Stock Market to Davis-Bacon is well documented. His anti-union stance is also well documented. This is his record and he cannot hide from it, no matter how much he denies it. When you read your Union’s endorsements, remember that they are based on what is best for you as a union member. John McCain is anti-union, anti-prevailing wage, and his anti-regulation stance puts your pension in jeopardy. The first group to endorse John McCain was the anti-union Associated Builders &Contractors. The ABC opposes all unions, especially construction unions, and they embrace John McCain. I can’t stress to you enough how serious it is, that you join me and your International Union, in voting for Barack Obama for President, for the future of this country and the Bricklayers Union. I thank you for your support.