from WallStForMainSt
Before the coronavirus outbreak caused the oil market, stocks, corporate bonds and credit markets to crater, pension funds were a mess and many were drastically underfunded despite a long bull market in stocks and bonds.
The state of New Jersey’s pension fund lost billions recently https://www.nj.com/coronavirus/2020/0…
Even worse, the US’ largest pension fund, CALPERS, closed out all of its hedges (insurance) protecting their investment portfolio from a stock market and oil crash in January after stocks were going parabolic for most of 2019. https://www.institutionalinvestor.com…
Ted Siedle: The Greatest Retirement Crisis In The History Of The World https://youtu.be/rL-UV0GvRFo
Real Vision’s YouTube channel has a lot of interviews about the pension fund crisis https://www.youtube.com/channel/UCBH5…
Overall, the situation is an enormous mess and now states may be trying to raid Congress’ coronavirus bailout funds for bailouts of state pension funds.
Don’t Let States Rob COVID-19 Funds to Bail Out Pensions https://www.realclearpolitics.com/art…
Does The Post Office Need A Pension Bailout, And What Does That Have To Do With The Coronavirus? https://www.forbes.com/sites/ebauer/2…
Pensions In A Pandemic: Is One Man’s Bailout Another Man’s Pension Funding Relief? https://www.forbes.com/sites/ebauer/2…
A Public Health Crisis Is No Time for Private Pension Bailouts https://www.dailysignal.com/2020/03/2…
Are you ready for the big pension fund bailout of 2020? Governors who imposed coronavirus lock downs now want taxpayers to cough up $500 billion https://www.naturalnews.com/2020-04-1…
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