{"id":198178,"date":"2007-12-05T00:21:00","date_gmt":"2007-12-05T05:21:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/12\/05\/florida-pension-investments-in-big-sh-pile\/"},"modified":"2007-12-05T00:21:00","modified_gmt":"2007-12-05T05:21:00","slug":"florida-pension-investments-in-big-sh-pile","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/12\/05\/florida-pension-investments-in-big-sh-pile\/","title":{"rendered":"Florida Pension Investments in Big Sh#@ Pile"},"content":{"rendered":"<p>Well, a few days ago, it was the <a href=\"http:\/\/40yrs.blogspot.com\/2007\/11\/whiskey-tango-foxtrot-florida-short.html\">short term money market type funds for local Florida governments and school boards<\/a>, and today, it&#8217;s <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aEWz6lIRbqE4&amp;refer=home\">the state of Florida&#8217;s pension fund<\/a>.<\/p>\n<p>More Structured Investment Vehicles (SIV), more downgrades, more losses.<\/p>\n<p>I think that what has been going on for the past 18-24 months is that the investment banks have realized that the stuff is illiquid (economist speak for worthless), so they fobbed it off on a lot of people with more money than brains, state pension and similar funds.<\/p>\n<p>Given that the level of leverage and complexity is greater than in 1929, the consequences of the collapse might be a lot worse than in 1929.  This is not just subprime&#8230;.It&#8217;s almost everything out there.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, a few days ago, it was the short term money market type funds for local Florida governments and school boards, and today, it&#8217;s the state of Florida&#8217;s pension fund. More Structured Investment Vehicles (SIV), more downgrades, more losses. I think that what has been going on for the past 18-24 months is that the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,970,973],"tags":[],"class_list":["post-198178","post","type-post","status-publish","format-standard","hentry","category-bubble","category-corruption","category-economy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/198178"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=198178"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/198178\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=198178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=198178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=198178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}