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19 November 2016


Bill Tozer

Shouldn't you be in California by now?

Start at the middle of page 2. For Russ



CalExit or no, I doubt anyone will make good the pension promises made to public employees in California. How to restructure the pensions after a default (I don't think there will be a voluntary move to balance the books) and the public analog of a Chapter 7 or 11 is the ultimate destination. I expect any promised pension above the average pay of existing employees will get a military style buzzcut.

Is that fair? Not really, but who else should pay but the folks who managed the state and failed to insure its finances were sound?

Mr. Ponzi has been writing postdated checks in Sacramento for years now. What can't go on forever won't and there will be as much anger in Sacramento, LA and 'Frisco as there was in Athens when that teat shriveled up.

Happy Thanksgiving... now I got to get the turkey into the oven.

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