Oh-oh, Sarah, better start the 'let us pray' thing, doncha know, Alaska to face $1.3Billion deficit

Palin 2012!



March 26 (Bloomberg) -- Alaska’s losses from a stock bet last year widened by 38 percent to $1.5 billion in January and February, a state official said.

Jerry Burnett, a deputy commissioner in the state’s Department of Revenue, provided the updated figure to Bloomberg News after Alaska disclosed in January that it had lost $1.1 billion as of Dec. 31 on a $4.1 billion investment made by a fund used to finance budget deficits when the price of its oil falls.

The money came from a windfall Alaska enjoyed as crude tax and royalty revenue soared along with oil costs. Five months after the April investment, credit markets froze and the Standard & Poor’s 500 Index was embarking on a 49 percent one- year plunge, though stocks have risen 19 percent in March.

Now, with oil down 63 percent from its July 11 high, Governor Sarah Palin faces a record $1.3 billion deficit in next year’s budget and has proposed tapping that rainy day fund for the first time in five years. Lawmakers are considering a rival proposal to trim spending in fiscal 2010 and use money from the fund for education programs in 2011 instead.

sociallistically gave out.... things would be just grand.

estimates of Harvard's losses vary but they are stupendous-like 25 to 30% of their endowment. (..and Larry Summers was prez there until recently and may have had a hand in its investment strategy.


Palin is doing better than than New York, lots of states, and ta-da --THE FEDERAL GOVERNMENT! plus she was silly aaaenough to put lots of money into theat Rainy Day Fund. Where is the US Rainy Day Fund?


MARK HULBERT
No place to hide

Harvard's endowment has lost an estimated 30% just since mid-year.
You read that right.

The endowment of one of the most elite educational institutions in the world, run by some of the best and brightest investment managers, who have been granted privileged access to the innermost insiders in the business world, Wall Street, and Washington, D.C., lost nearly a third of its value in just five months' time.

<http://www.marketwatch.com/news/story/lessons-learned-harvards-30-endowment/story.aspx?guid=%7B16CBB1B4-B595-4A46-835A-AA9E7C743149%7D>

$140.00 a barrel did. If it wasn't for oil revenues Alaska would be around third world status right now.

Screaming with laughter at the painting.:rofl: