“… Those who claim there’s no crisis think that, well, we don’t have to worry about the bonded debt. We’ll just default. We can also increase taxes….or maybe we can be really clever re: investments. Let’s do anything but adjust the pension benefits that we already can’t afford. … Not acting now will lead to panic situations later … If another large market drop occurs in the next decade (forget about next year), many public pension plans are going to be in an awful situation …”