[snopercod]

A link to this information was posted on another thread relating to the energy bonds.

Ernest_at_the_Beach noticed the "PERS loan" at the bottom of the table, and questioned whether Davis was "borrowing" from CalPERS, the retirement plan for state employees.

It seems like he has been dipping into the CalPERS till, and the State Teachers Retirement System [STRS] to boot.

So I am spinning this off as a seperate thread regarding the fiscal rape of California working people.

[snopercod]

flag

[randita]

Good analysis, as usual. CalPERS has taken a steep decline in value over the past year or so due to the stock market decline. Do you know what the value of CalPERS is at present?

It might be useful to forward your info and analysis to Dan Walters at the SacBee. He's written some good columns explosing the corruption and mismanagement of the Davis Administration.

I'm surprised Davis has only borrowed a billion or two from the state worker's and teacher's funds. Perhaps he didn't want it to be noticed. Or perhaps he got permission and sanction from the CalPERS board to do this. I wonder, because didn't he insult them by asking them for campaign donations before he granted them a favor they were asking of him? Maybe borrowing from the pension fund was part of the quid pro quo.

[sasquatch]

PERS Loan=? PERSonal Loan for the campaign??

[randita]

According to this article, the value of CalPERS peaked at $178 billion, but now is worth $145 billion. More info can be found at this thread (which I posted, ironically, but forgot about):

Link

[NormsRevenge]

the fiscal rape of California working people.

In the aggregate, the $58 Billion worth of borrowing reflected in the budget will result in total costs of $108 billion over the 30-year life of the borrowings.

Imagine What 8 Years of GraYouT in the White House would do to this country? Why IS he doing this to California? Does he really hate us or is he just insensitive and uncaring and manipulative by nature? Sad anyway you look at it.

Bring on the Debates!!!
DUMP DAVI$ & the Den of Socialists



GO SIMON

[Torie]

I missed the looting of retirement funds bit.

[Kozak]

"It seems like he has been dipping into the CalPERS till, and the State Teachers Retirement System [STRS] to boot."

Well it would seem only fitting that two groups who are major supporters of the Party of Looters, the public employees and the teachers get to be including in the rape.

[Robert357]

If you look at all the borrowings you will note that the " total cost" is about 1.5 to 2.5 times the "amount borrowed," except for the PERS and STRS loans. For the teachers the factor is over 3. For the PERS loan it is almost a factor of 7.

What this means is that something is very strange about these loans. The loans are either for an exceptionally long period of time (like 30 or 40 years) or the loans have no principal or interest payments for the first few years. There is something about these loans that makes them more expensive in terms of interest cost, based on total payment.

That should be a red flag that says politics is involved.

[A CA Guy]

So where is the commercial on this from the CA Republican Party 24-7 until election day?

Use it or expect to lose it you spineless wonders!