Originally Posted by
LV426
If the representatives are being deceived, it's not their fault. So many pension funds were deceived during the mid-2000's, and when the market collapsed, so did those pension funds, thus creating those liabilities. That's why no one was sounding alarm bells during the 2000's...pension funds were doing outstanding because of the narrow markets they were investing in. But then the market collapsed, revenues declined, and the pension funds lost value or collapsed altogether. Again, not the fault of the teachers, not the fault of the pension managers...the fault of the investment funds that were lying to investors. They were never held accountable for that, and instead you want to hold public employees accountable. Shameful.
Or we could hold investment funds to higher standards and hold them accountable when they fail. Why is that not an option? The banks all got to recoup their losses from the financial collapse, but the pension funds didn't. Is that fair? What if it was your pension?
Firstly, the doctcom bubble burst didn't have the same effect on pension funds that the mortgage bubble did. And the dotcom bubble wasn't based on faulty credit ratings agencies inflating the value and diminishing the risk of the product they sold.
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