[quote=flu][quote=The-Shoveler]LOL I don’t think the sky is falling,
But even former gov Brown said, only a reasonable pension should be guaranteed, I think leaving a door open for default and restructure.[/quote]
I wasnt talking about you. Come on now, I know you’re pretty sensible…. I was talking about a lot of the other “ooo it’s going to crash and burn anyway now” that came before you…
And there’s got to be a medical diagnosis for those that get high on seeing other people fail.
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oh well, anyway to everyone else who might come across this thread,… FWIW there is an expression familiar to pilots and aeronautical engineers
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“Aviation in itself is not inherently dangerous. But to an even greater degree than the sea, it is terribly unforgiving of any carelessness, incapacity or neglect”
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I mention this aviation safety reminder (which I grew up with) because the same mindset should be applied to investing (like when managing a public pension portfolio OR buying/managing RE investment properties)
the reason we are where we are is because of carelessness, incapacity AND neglect,… so just sayin’ if the goal of the OP is to “become a forum for the economic punk rockers again” (which implies acknowledging the existence of systemic mismanagement),… better have a hedge strategy in place to beat the sheeple and the system (which is something Warren Buffett implied just a few days ago)
[quote] Warren Buffett discusses ‘disaster’ contributing to Bay Area exodus in CNBC interview
…California’s unfunded public pensions are a hot topic, with taxpayers on the hook for making up any shortfalls in employee contributions or investment returns.
“If I were relocating into some state that had a huge unfunded pension plan, I’m walking into liabilities,” Buffett said. “‘Cause I mean, who knows whether they’re gonna get it from the corporate income tax or my employees — you know, with personal income taxes or what. That liability isn’t gonna — you can’t ship it offshore or anything like that. And those are big numbers, really big numbers
