Hillary's poll bounce
Left me nowhere to go but
To the Villages!
CalPERS to lower return targets -- but only if it has a really big year first
The officers that run the largest U.S. pension fund are proposing to lower their investment goals for the first time in four years, a move that could lead to higher contributions for government workers as well as cities and counties across California.Mmmmm-hmmmmm.... So you're coming off one of the biggest stock market rallies in history, stocks and bonds are both near all-time high prices, but you're not going to do anything unless your balanced portfolio goes up another 11.5% in a year.
The plan from the California Public Employees’ Retirement System, which will be considered by its board next week, would trigger a reduction in the fund’s current 7.5% return assumption following profitable years when it earns more than expected.
The new proposal outlines a range of scenarios where Calpers would lower its return assumptions in years when investing profits top internal goals by 4% or more.
Waiters gone bad
La Jolla Light:
After leaving work at NINE-TEN Restaurant around 11:30 p.m. Wednesday, Sept. 30 and walking south on Draper Avenue, a man came around the corner by the post office wearing a Halloween mask, hooded sweatshirt and baggy pants and aiming a handgun at me while shouting at me to give him my purse.I wonder if he showed up for his shift the next day.
What's wrong with this picture?
The ever-amusing Krugmanesque Professor Menzie Chinn, arguing that data demonstrate that deficits are good for economic growth:
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