Thanks for the kind words from those of you who caught our conversation with Harry Shearer when it was broadcast last Sunday. I was inattentive as to when the stream and podcasts of his weekly shows generally go up, and it’s always the day after the broadcasts.
So if you haven’t listened to them yet, you can now find them here:
And please pass this program on to friends, family, and colleagues. The readers that have tuned in so far have given it high marks. Hope you enjoy it too!
Thanks for posting this, it was a great interview. The question of What now for Pension Funds? is a good one. They aren’t viable with 8% returns now impossible. Makes me think that the big PE players, knowing this full well, intentionally set out to bring them down because they might as well get their hands on that money while they can. It’s a safe assumption that this stuff doesn’t happen by accident, especially when it is soooo sophisticated. Because what was the purpose of PEs like Bain who barged into failing corporations ostensibly to improve their profitability and instead just looted them? It was to loot them. Nobody really wants to admit that our economy is totally dysfunctional. It’s over, and we need a new set of ground rules. Letting PE continue to exchange pension savings or corporate assets for debt as they clumsily abscond with all the loot, coattails flying, like it wasn’t their fault if the fund was incompetent or the corporation a bad manager has gotta mark the end of an era.
This was an extremely great recap of the CalPERS situation and how it relates to all public pensions. If you want a condensed version of Yves’ coverage of CalPERS, this is it.
I’m a bit late to the party but this was a great interview, facilitated by Harry Shearer’s competence in understanding the technical details of the discussion.
Although I was a bit distracted at points that Principal Skinner and Reverend Lovejoy were inquiring about limited partners and fiduciaries.