/s
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My initial reaction to the credit “crunch” last year (apart from bailing on equities) was to wonder about the state pension funds. Everybody looked at me like I was from mars.
I downloaded the .pdf for my states fund. I don’t have any money in it at all but I thought it would make a good bellwether. I read it and didn’t like it a whole bunch 6 months ago. I read it again and I really don’t like it - all the “usual suspects” are there, along with a portion of the portfolio was allowed to trade in CDS (collateralized debt swaps) and MBS (mortgage backed securities, etc.
I know “I told you so” is never in order, but c’mon.
My initial reaction to the credit “crunch” last year (apart from bailing on equities) was to wonder about the state pension funds. Everybody looked at me like I was from mars.
I downloaded the .pdf for my states fund. I don’t have any money in it at all but I thought it would make a good bellwether. I read it and didn’t like it a whole bunch 6 months ago. I read it again and I really don’t like it - all the “usual suspects” are there, along with a portion of the portfolio was allowed to trade in CDS (collateralized debt swaps) and MBS (mortgage backed securities, etc.
I know “I told you so” is never in order, but c’mon.
My brother who is going to vote for 0bama is retired teacher and so is his wife, they both think their retirements are completely secure.
From what I’ve read in recent years there are lots of state, union, and municipal pension funds that have been seriously under-funded over the years, because liberal bureaucrats and union hacks prefer to shovel the money into inappropriate uses. Now they will have a golden excuse to try to cover their tracks — they will try to blame all of their malfeasance over many years on the current dip in the markets.
Ruh Roh. That’s my Mom’s retirement. She taught in the DPS for 30 yrs and has no SS from her previous job (20+ yrs) because of the sexist way her employer calculated both my parents’ wages.