Would You Like Horseradish on That Bullshit Sandwhich?

http://smirkingchimp.com/news/34368/would-you-like-horseradish-on-that-bullshit-sandwhich

Contrary to popular public opinion in the past year, public employee pension funds are not very underfunded and if the latest market data was used would probably show most of them pretty healthy.

So why the fear factor against these funds. Pretty simple it is a badly cloaked plan to bust the public employee unions, and to grab control of that huge pile of money that is largely controlled by investment professionals instead of market hacks...

Living here in California whose state employees pension funds are under constant attack it was a simple operation to check the actual performance of the state workers and the teachers funds (two of the biggest funds in the world) during this downturn.. A downturn where all managed funds were down (some were down alot) but look where these two funds are now. they have recouped most of the downturn losses and have positioned the funds for a market correction. In looking at these funds it was amazing to see what there fixed income portfolios did during this period.. You could make the case of "Why would they mess around trying to guess the equity market" when they could gain 8% or so from fixed investments..

The bottom line (if you look at the charts of the health of these funds) in the linked pdf you will see that their unfunded liabilities are around the .05% of state gdp range a total manageable amount..

More at the link --

it is indeed about taking the money.

belongs to or how they get it, just so they get it is all that matters to them.

but it can't even help the shit we are being fed.