Seems like something that could be confirmed or denied reasonably quickly by someone with a good knowledge of the State’s finances. I’m not that person. A writer to the Bilerico Project:
I have been told by high level Republicans in Indianapolis that the Daniels Administration took the Major Moves Funds, PERF, & Teachers Retirement Fund and combined those funds (billions of dollars together) and then invested them into the stock market. Word is that they have lost enormous value in the recent market ‘correction’ or as we call it in Southern Indiana (where we shoot straight and tell it like it is) the market ‘crash’.
The Republicans are very apparently and justifiably scared to death that this will get out, and with good reason. In their words, ‘If this is true, then this election is over and we’ll be lucky to win dog catcher at the polls this year.’
Update Just to be clear, even if the answer is that Indiana’s funds are taking a bath in the market, the next question is obviously to ask whether such investment was somehow less conservative than it ought to have been because of decisions made by the Daniels administration. Only if both questions are answered in the affirmative does this potentially become a significant political liability.
Yeah, can’t wait till my quarterly pension statement comes in the next few days. Of course I can look at two positives-one…I’m not quite forty yet, and two…I’ll buy a lot more shares per month for the next few years or so with value cost purchasing. Of course I’m the one who ultimately has the say in how my portfolio is set up-and I’m not touching a thing until the value goes back up a bit.
Hey Doug – I’ve updated the post on the site. More information has come in.
Thanks Bil. Again, the link to the Bilerico article is here.
Doug says:
Doggone it, there you go again, Doug… thinking like an elitist (i.e. intelligent, educated person). I suspect that for the vast majority of voters it [sadly] doesn’t matter if the investments were typical or not. If word gets out that the current administration lost some of our money, they are SOL.