Thanks for posting. Misery loves company.
yeah, I lost about that much too. I know their pain.
Aren’t some Calper’s making 6 figures by gaming the system? TFB. I don’t want a penny in Federal tax dollars used to help.
Government parasites should have gotten the money for their votes up front.
That’s a lot of money that a bunch of career people spent decades investing.
Yes, there’s a lot of corruption and fat and pork, but still this is quite a shot.
Hoping that the market will rebound in the days ahead.
Can't wait for a judge to determine that Prop 13 is unconstitutional because it limits the amount of money jurisdictions can seize from the people to pay for government employee benefits.
They can’t reduce their payout, so what can they do?
Hmmmmmm.....
Significant pension fund problems on the horizon IMHO.
Lots of payouts still being made during the steep market sell off. Can bailouts be far away?
i am under the impression that if calpers comes up short then retirement payments come from california’s general fund (state taxes). thus any retirement fund losses are in some sense covered by california taxpayers. in past (obama) years california had been running on empty. with the trump economic recovery and the gas tax, i am not certain where california general fund is right now.
Should have bought silver/gold................. Just as William DeVane.
Nice!
I'm amazed anything was invested. I always assumed it was all a huge Ponzi scheme. I assumed that because of what I knew about kali's politicians.
And reportedly Calpers invests heavily in CHINESE companies
All government employees should get their own 401Ks.
Hmmm. Hadn’t given pensions a whole lot of thought. Was too worried about my own investments. This would be the perfect time for the Congressional Dems to push for public sector pension bailouts. Essentially asking the rest of us to underwrite the poor choices made by liberal states like California, New York, and Illinois. As Rahm famously said, “You never want a good crisis to go to waste”
This points to a wider issue. State Governments everywhere will be in deep trouble, but the blue-left states in places like NY, IL, CA will be facing insolvency.
Debt and socialism are two sides of the same coin and we are facing a massive debt collapse.
It seems to me the Democrats aka Demoncrats have wooed public unions for years by offering really good pension plans and not really funding them properly. Like everyone’s pension IRA or 401k. You don’t lose that money unless you cash out now and don’t wait for things to get better. The real question is how much they will have to pay out before things get back to normal and what percent of their net worth that will cost.
Suck it dry, leftwing vermin.
Nice to have the state cover the gambling losses.
They haven’t lost anything as long as they hold on to the investments.
The market will come back up.