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May 11, 2018 06:23 AM UTC

Friday Open Thread

  • 34 Comments
  • by: Colorado Pols

“We create monsters and then we can’t control them.”

–Joel Coen

Comments

34 thoughts on “Friday Open Thread

  1. The PERA bill, as described by Erica Meltzer in Chalkbeat yesterday afternoon:

    To address the unfunded liability in the public employee retirement system, legislators raised the retirement age to 64, increased employee contributions by 2 percentage points, and cut retirement benefits. They also boosted contributions from school districts by 0.25 percentage points.

    The deal also promises that $225 million a year in taxpayer money will go into the public pension fund, something Republicans had long opposed.

    This sounds a bit more balanced than earlier descriptions I read, showing a state commitment of $225 million per year, school districts increasing their contribution by 0.25%. Those retired lose 2% COLAs this year and next, and have a reduced COLA after that. Those still working will pay 2% more into the system.

    Still haven't seen a consistent dollar-to-dollar comparison of the fix. Dollars on one side, percentages on the other — hard to tell the balance of the different stakeholders in the "fix." One segment unmentioned by ALL of the coverage I've seen — the fees paid to "professional managers" who are advising PERA on their investments.

  2. Put the money in an SandP 500 fund, with a side of Russell 2k, and go where the market takes you.  That 's basically what I do with my IRA and fees are very low.  

    1. The numbers I've seen say PERA has a bit less than $50 billion to manage and paid $1 billion in fees over the last 8 years (average of about $125 million per year).  That works out to a management "advice" fee of 0.25% — which for a retail investment, would be fine.

      For a large, diversified endowment, the limited amount of reading I've done says there could be either more limited fees or a limited fee plus a proportion of returns above some agreed upon benchmark. More to the point: if all other stakeholders are going to be contributing to a solution, it seems to me administrators and advisors should, too.

  3. On monsters created and uncontrolled . . . 

    Is it just me . . . 

    . . . or is this not the face of unimaginable pure evil, incarnate?

    1. It's the face of a woman who took great risks and endured great hardships to defend this country.  Ask the survivors of 9-11 who the truly evil people are.

        1. Not to mention that really weird photo op of Trump and the royal family in that dimly lit room touching that light fixture. 

          And of I recall correctly, are not the Saudis exempt from the Muslim ban?

    1. I always had a certain degree of respect for George Will as an Old School right wing talking head. And calling ass-kissing VEEPS on their groveling is nothing new. In 1988, he compared George H.W. Bush to a small dog who was following Reagan around. But Pence talks this to a whole new level. 

        1. And Pence knows it. I'm sure that's why he's such a shameless shill for The Yam. He was on his way to an epic ass-kicking in Indiana after gleefully signing SB101. The Yam rescued him and he's eternally grateful. I wonder if his gratitude will extend to taking a fall for His Yamminess and landing in Federal prison. I'm sure there are people there who will find him entertaining company.

                  1. The Hill link worked. The Fox one didn't. Thanks. When you've lost George Will and John McCain, and Dick Cheney has crawled out from beneath his rock to promote "Torture Works!!", we're in a moral showdown.

    2. The nation was extremely fortunate that prior to Nixon's resignation, Spiro Agnew's criminal past was exposed, thus sparing us the indignity of his becoming president.

      May we all be so lucky today should a similar fate befall Trump.

      1. What are the odds of us lucking out and lightening striking twice when it comes to presidential and VEEP resignations?

        Plus Pence would need to leave after December 2018 and it assumes that the Dems at least take control of the House so Trump cannot name someone like Giuliani, Christie or Gingrich as his new VEEP yet must appoint someone because Nancy Pelosi or some other Dem would be next in line of succession.

        Trump would need to come up with a Gerald Ford who could be confirmed by a split (or Dem controlled) Congress. Problem is: there ain't no Gerald Fords left in the GOP today.

  4. Unsurprising news of the day:

    Cities across the country are turning down the opportunity to host the 2020 Republican National Convention, where President Trump is expected to be nominated for a second term.

    Hey Wichita — your time is now!  Or are the Koch brothers too cheap to pitch in?

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