Wednesday, October 22, 2008
CalPERS lost 20 percent of its value from July 1 to October 10, according to the report, "(h)owever, we are still eight months away from the end of the fiscal year and the markets still have time to turn around."
SacBee article here.
Eight months for the markets to turn? WTF are they thinking? CRE loan defaults are projected to triple. CalPERS is going to find itself owning empty strip malls.
The picture? No meaning, just with news this bad anything to distract the proles.