[econ_grad]

There is nothing in the laws that said that the government cannot hire a dude who has managed the firemen, the policemen, or the teachers retirement funds successfully.

This would be a recipe for further corruption. And of course the govt would have a monopoly on this and will not be accountable for any screw-ups.

[conservlib]

Now if you are a firemen, would you be bitching about the return on capital that your firemen funds are getting?

The way these things rruns is by having an elected board from the employee/retirees to oversee the professional money manager performance. They also have guidelines, 50% in government bonds, 20% in corporate bonds, 10% in utility stocks, 10% in blue chips, and so on. SAFE INVESTMENT PORTOFOLIO! If you let Joe blow do his own investment, and he wants to be FREE to do what he wants, he will gamble, and 90% will lose, and then come back crying to the government to feed him.