Market Ticker - Karl Denninger View original article March 11, 2010 10:42 AM Ok Daley, nice bleat: [INDENT]Mayor Daley warned today that the day of reckoning has arrived for a financial crisis that’s choking local taxpayers: underfunded city pensions. Daley said the 32-member pension commission he created more than two years ago will soon recommend solutions to the crisis that won’t be pretty or politically popular. [/INDENT]What's the primary problem?  Try right here: [INDENT]He cracked the door open to raising the retirement age from the current minimum of 50. He said he would consider raising employee contributions and implementing a two-tiered pension system that shifts newly-hired employees to the 401k plans favored by private industry. [/INDENT]Can I have my Social Security - full benefits - along with Medicare at 50?  That's only three years form now.  Sounds pretty good. Why not? Because the Federal Government would go broke in about a year if we tr...