Calpers’s Dangerous Rose-Tinted Investment Glasses
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  • Jim Luebke

    How can any pension fund demand 8% for its money when anyone who needs money can go to banks who have money from the Fed for free?

  • Andrew Allison

    The fact that the CalPERS assumptions regarding returns are ridiculous is less significant than the fact that the plans are underfunded and getting more so. The real cat-fight is going to be between bondholders and their insurers, who are not afraid of antagonizing public employee unions, and the pension plans when it becomes clear that there simply isn’t enough money to satisfy both obligations.

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