Wednesday, December 16, 2009

Pension Tsunami

A very very bad site, because it is so good and you'll waste a lot of hours just looking through it, is Pension Tsunami.

Friend recommended it to me and I won't lie;

It's great reading about all the California municipalities and counties who did absolutely NO actuarial study about just how much their pensions would cost. And not just California, but just people, counties, municipalities etc., of other states who promised themselves the world and are now facing a bankrupt pension.

Call it economic Schadenfreude, it's comeuppance for those who refused to be financially literate.

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