California Non-Sense on Cents
Posted by Larry Doyle on August 27, 2010 5:07 AM |
If a picture spells a thousand words, then two graphs of the employment situation and future pension obligations in California far exceed the works of William Shakespeare.
Should we file these under the heading of “American Tragedy”? Would these works be referenced when somebody looks up “future default” or “unsustainable”? These future pension obligations did not happen by accident. The projected figures represent the plundering of California municipalities with subsequent tax burdens left to future generations. How did this happen? Let’s “read” the following “tomes” provided by the California Department of Finance and highlighted in The Wall Street Journal,
You might almost think you were reviewing a “Greek tragedy”.
This is no way to run a state or a country.
I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.