2 ms·
Don't be absurd. We can't let people own their own retirement savings. We need to entrust that money to CALPERS, so that they can use our retirees' savings as a
by fennecfoxen 7y ago
Don't be absurd. We can't let people own their own retirement savings. We need to entrust that money to CALPERS, so that they can use our retirees' savings as a political cudgel, divesting from certain companies for ideological reasons, and buying board seats on others to exert their influence.
The political machine doesn't just feed itself. It takes other peoples' money and abuse of the public trust to make the magic happen.
(Worry not. If there's any shortfall from investing money politically, California taxpayers will make up for it.)
- guelo 7y agoAs if giving the money to Wall Street to manage doesn't give them immense political power.
- lotsofpulp 7y agoTotal stock market index funds are about as good as it gets right now, given the capacities of most people and their lack of interest in investing.