Saturday, March 9, 2013
A Real Mess
The Manhattan Institute highlights the bad moves made by CalPERS which put California's finances in jeopardy. The Manhattan Institute has a pretty big axe to grind, but the problems highlighted are easily recognizable in both the public and private sector. Greed, self-dealing, misleading promises, ridiculous investment performance expections, stupid bubble investments. It is a good example of all that is wrong in the FIRE sector. The Manhattan Institute intends for the report to be an indictment of big government, public sector workers and unions, and public pensions, but I see it more as an indictment of our economy and our national fixation with getting something for nothing. It is definitely worth reading, in spite of the slant. But keep in mind that it is sponsored by one group of special interests who want more of the pie going to another group of special interests. Nobody has clean hands in this mess except for the little people, and we can be faulted for not being more engaged in the functions of our society.