Friday, January 25, 2019

Well we can kiss off local California government

CalPERS returns -3.9% in 2018, sets sights on hiring private equity head


Of course the local governments already spend the prior yeas 5-7% gains, ion of that saved.  And they are being hit with double interest charges on all the school construction debt they took on.  When voters realize they are broke, local government is in peril, it has no discretionary spending and the voter has asymmetric information about what happened.

Nor does the future look bright, we are basically a bear market and another year of slight negative returns is in store. We were fooled, out here in California, but information hiding.  Or the better term is shear stupidity on the part of state politicians. They should have known, they went into demand now the state will pick up a 10 billion dollar tag to keep the local alive.

Gavin is no help, to stupid and likely he will be dating teenagers to relieve stress..

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