February 11, 2009

A GRAND MORONIC CONVERGENCE of bad financial ideas: “Here’s a Congressman who wants to take state pension funds, already grossly underfunded, technically bankrupt and heading for a financial disaster that will make the present fiscal crisis look like a day in the park and force them to buy banks’ worthless assets.” To these guys, a pool of money is just an opportunity. The idea that the money might actually belong to somebody never occurs. But built into the plan seems to be a disguised federal bailout of the state pension systems; I really don’t think the feds have enough money — or borrowing ability — to pull that off.

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