A Quote by Edward C. Prescott
After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people.
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If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.
Imagine if the pension funds and endowments that own much of the equity in our financial services companies demanded that those companies revisit the way mortgages were marketed to those without adequate skills to understand the products they were being sold. Management would have to change the way things were done.
There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.
World War II put feminism on hold for a long time; the men went away to fight, a lot of women in those years got jobs both in teaching and in factories - at all social levels - which they enjoyed very much. A lot of them were quite happy during the war.
The most common mistakes were investing in money market funds by people who were so scared at the prospect of managing their own funds that they picked the most conservative option, and their investments did not keep up with inflation. The second major mistake was being too heavily invested in their own company's stock, and buying when it was high and there was a lot of optimism about the company, and then having to sell it low when the company got in trouble.
Budgets that don't balance, public programs that aren't funded, pension funds that are running out of money, schools that aren't funded - How does that help anyone?
To stabilize the nations public-employee pension systems and to prevent federal taxpayers from being billed for failed pension funds, I have introduced the Public Employee Pension Transparency Act in Congress.
To stabilize the nation's public-employee pension systems and to prevent federal taxpayers from being billed for failed pension funds, I have introduced the Public Employee Pension Transparency Act in Congress.
In general, the hedge funds were clobbered by the 1969 bear market, ending up in many cases with records that were worse than those put together by aggressive mutual funds denied the luxury of short sales.
When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments. Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.
When I was 23, 24, I started covering hedge funds - a lot of this was luck - when no one else did. This was before hedge funds were the prettiest girl in school: this was pre-nose job and treadmill for hedge funds, when nobody talked to them - back then, it was just all about insurance companies and money managers.
There were two qualities about the mutual funds of the 1920s that made them extremely speculative. One was that they were heavily leveraged. Two, mutual funds were allowed to invest in other mutual funds.
I used to work in public health, and the issues were sustainability, how the funds were being delineated, and if the funds were actually helping the people we think they're helping.
After World War II, a lot of people moved to the cities for work and abandoned the old vineyards. Then in the 1950s and 1960s, wineries were paid to produce volume at a cheap price. That's when the Lambruscos and bad Chianti were popular.
There were a lot of people dreaming about making films, and they would finance maybe 6 films a year. Because they were funded by the government, the films sort-of had to deal with serious social issues - and, as a result, nobody went to see those films.
I was born just after the end of World War II, and with my friends in our little suburban backyards in New Jersey, we used to play war a lot. I don't know if boys still play war, they probably do, but we were thrusting ourselves into recent history and we were always fighting either the Nazis or the Japanese.
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