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Liberal_in_LA (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 04:26 PM Original message |
America's 2 largest pensions (Calpers and state teachers) lose 25% of portfolio, 100 Billion |
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mike_c (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 04:29 PM Response to Original message |
1. interestingly, CALPERS sent out reassurances last year... |
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Journeyman (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 04:37 PM Response to Original message |
2. Ah, but there's a money shot in the fourth and fifth paragraphs . . . |
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Liberal_in_LA (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 07:46 PM Response to Reply #2 |
14. 'magic barrel'. love it. Nope, the magic barrel does not exist for most folks |
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Phoebe Loosinhouse (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 04:43 PM Response to Original message |
3. But Goldmans Sachs made lots of money by playing both ends against the middle |
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bemildred (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 04:45 PM Response to Original message |
4. 25% is not bad really. |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 04:53 PM Response to Reply #4 |
5. Yes, and as #2 points out, people in the programs won't suffer because municipalities etc. make up |
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bemildred (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 04:55 PM Response to Reply #5 |
6. Well, they are going to have to find something to tax to do that. nt |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 05:09 PM Response to Reply #6 |
7. Or cut back on services, employees, etc. n/t |
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bemildred (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 05:16 PM Response to Reply #7 |
8. Which means less tax revenue etc. etc. |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 05:24 PM Response to Reply #8 |
9. Tell that to your city. They do have legal obligations to pay pensions.n/t |
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bemildred (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 05:25 PM Response to Reply #9 |
10. That's why we have bankruptcy laws, for those "special occasions". |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 05:27 PM Response to Reply #10 |
11. The city has to first declare bankruptcy. I'm not sure why you're arguing with me. Your argument |
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bemildred (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 05:29 PM Response to Reply #11 |
12. Indeed it would. |
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Stinky The Clown (1000+ posts) Send PM | Profile | Ignore | Tue Jul-21-09 05:52 PM Response to Reply #5 |
13. With what? IOUs? |
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