There's still one elite we can count on
Posted by aogSunday, 22 August 2010 at 08:32 TrackBack Ping URL

Remember kids, government appartchiks never have any incentives to cut fiscal corners or act for their own advantage over that of the taxpayers — it’s always the fault of the Evil Business Community. The only solution seems to be to legislate the latter out of existence. We can be thankful that President Obama’s War on Prosperity is making that a reality.

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AVeryRoughRoadAhead Tuesday, 24 August 2010 at 05:44

…have you bought your ticket on the Reason Cruise yet? Plenty of kickbacks, fancy meals, sex definitely part of the package. (And with libertarians, the “strategic meetings” don’t have to be just “one on one.”)

Gotta love those reason-style libertarians.

It is of course disappointing that CalPERS executives “cut fiscal corners and acted for their own advantage over that of the taxpayers”, (although what’s even more disappointing is that they acted so while losing over a quarter of the retirement funds entrusted to their inept management…); BUT, did they act any differently than private-sector executives, 401(k) and hedge-fund managers?

No, CalPERS execs acted just like their private-sector counterparts. Anyone who’s the gatekeeper for billions in investment dollars is going to be treated differently than are Jane & Joe Blow; that’s just the way of the world.

One way that CalPERS execs do differ from the private-sector is that they’re apparently subject to being prosecuted for accepting VIP treatment. So, to that extent, the government appartchiks are held to a higher standard.

As a taxpayer, what else are ya gonna do, except eliminate publicly-controlled pensions altogether?

Annoying Old Guy Tuesday, 24 August 2010 at 20:19

did they act any differently than private-sector executives, 401(k) and hedge-fund managers?

Probably not that much different, although (in my experience) you see less of that at equivalently sized private funds (e.g., Vanguard, Fidelity). However, my point is that they didn’t behave any better. There’s a very pervasive view that government somehow “ennobles” people so putting something under government control removes the corruption of the private sector. That is what I am attacking.

eliminate publicly-controlled pensions altogether

An excellent idea. Sign me up.

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