The California Public Employee’s Retirement System has finally waded into the gun debate (after much speculation they might do so). Effectively, public employees (or more specifically, California elected officials trying to feign being responsible) have now pushed their retirement funds to divest of all firearms stocks – putting downward pressure on RGR, SWHC, and the like.
That’s funny, as last I checked, CalPERS’ was perilously underfunded, with estimates running between final targets as low as 40%. Present funding puts them at a little over 70% funded. In any scenario, I would point out that if CalPERS was in the private market right now, the Pension Protection Act of 2006 would currently obligate the government, under terms of business hardship, to come in and seize the whole operation.
I guess I didn’t realize that CalPERS was in any position to throw away profitable investments.
It should be well known to my full time readers that Cain Hammond Thaler is no friend of the clinically insane residents of California. The 9th floor is very much against their particular variety of arrogance-wrapped-in-financial-illiteracy-in-need-of-a-match.
And when that accelerant finally finds its spark, I will sit back sipping on an Tom Collins and watch with glee as the leadership of California, so long insistent that they are a model for the rest of the country, is forced to come begging with hat in hand, for a bailout.
And when that happens, I think California public employees might realize they had far more serious matters to be debating right now, than whether or not selling legal weapons largely to responsible owners was a moral imperative.