Saturday, May 02, 2009

Pension Board 4/29/09

The Retirement Board met on Wednesday evening. Here are the March 31 pension numbers:Following the overall market, things have improved a bit with the pension plan assets.

The other thing that really caught my attention was when the consultant tried to offer more kool-aid by suggesting that continued bankrupcies will not be as bad as some are projecting. My view... how does one know that? His view was that balance sheets are fine. Ok, but what about cash flows? A total sham in my opinion. But what should I expect from a Wall Street player?

I guess anything short of "Tim Geithner is wonderful!" is a step in the right direction for those who worship at the altar of the three F's:

1) Fiat Money;
2) Fractional Reserve Banking; and the
3) Federal Reserve.

Tim White

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