There Go The Pensions...
In Biggest Sucker of All Nations I expressed my feeling about Canada having its pension money in the markets. I think this is Canada's biggest risk in the market mess that appears to be unwinding.
I saw a story a couple days ago about this Pension Benefit Guaranty Corp doubling what it puts into stocks, but being Canadian, I didn't pick up the implications of this.
I was just reading Jubak and I only had to read what the organization does and my heart sunk. 44 million Americans have their pensions "protected" in case employers can't or won't pay promised benefits. They have a $14 billion dollar underfunding problem and this isn't the way to fix it.This is a good way to redefine the problem as say, a $20 billion dollar underfunding problem.