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This seems like madness until you understand the method.
The California Legislature has unanimously approved a Bay Area lawmaker’s proposal to create the nation’s first state-run pension fund for mixed-martial arts fighters.
Assembly Bill 1136 by Asm. Matt Haney (D-San Francisco) passed the State Senate with a 34-0 vote and the Assembly on a 76-0 vote this week, sending the bill to Gov. Gavin Newsom for his signature.
“We are providing mixed martial arts athletes with an opportunity to secure their financial future and ensuring they have money set aside when needed,” Haney said. “This groundbreaking initiative sets a new standard in the sport, further demonstrating California’s unwavering commitment to MMA fighters who risk their lives for the sport.”
It’s not just MMA fighters. California’s one-party state has been aggressively expanding the scope of its pension assets.
Last year, Sacramento unleashed CalSavers. Employers are obligated to turn over the names of employees to CalSavers who are then automatically signed up and have a portion of their paycheck deducted unless they know enough to opt out.
Calsavers now has over $600 million in assets from around half a million people to manage. About a third were wise enough to drop out. Most weren’t.
David Teykaerts, the head of CalSavers was brought in from the California Public Employees Retirement System (CalPERS).
How is CalPERS doing?
The California Public Employees’ Retirement System performed worse on average than other large U.S. public pension systems over the last decade, missing out on billions of dollars in potential earnings, Chief Investment Officer Nicole Musicco told the system’s Board of Administration this week.
Not like the pensions of a huge chunk of the public bureaucracy and employees of the state are on the line.
The pension fund staff calls it a “prudent” calculated risk. Critics call it a desperation move. Both agree that the fund — which faces hundreds of billions in unfunded future pension debt, persistently basement-scraping interest rates and now a pandemic-ravaged economy — is under pressure to perform.
CalPERS’ turn to direct lending is part of a broader rethinking of the pension fund’s money-making strategy, approved by the organization’s board last month. The plan also allows the fund to borrow up to $80 billion to goose potential profits — an 11-figure sum has generated skepticism from some financial experts and howls of protest from some corners of the political and financial commentariat.
Now many more Californians at CalSavers can enjoy the high standards of the CalPERS approach.
Does this matter to anyone outside California? Yes.
These people don’t care about pensions except as assets they can play with. Gobble them up, make money playing with them, dedicate them to politically correct causes, and then weaponize them.
Here’s what New York is doing.
New York City’s pension funds sued the Fox Corporation and its board on Tuesday, accusing the company of neglecting its duty to shareholders by opening itself up to defamation lawsuits from the persistent broadcasting of falsehoods about the 2020 presidential election.
Controlling billions in assets means that you can force companies to bow to your political agenda. The retirees whose pensions you’re playing with can go to hell. It’s all about leveraging and weaponizing maximum political power.
I’m sorry to the people here from California (and I believe there to be several) but, just as my home state of Illinois became a liberal hell hole that pushed me into military service as an “exit stage right” strategy, so should the liberal tyranny taking place in California push you out. I promise you, there are greener pastures out there where life is sacred, liberties and freedoms are protected, constitutional rights are celebrated and state taxes are minimal, where your dollar goes farther, your neighbors are friendlier and constitutional carry keeps the bad guys in check.
I respect that and I’m planning to leave CA (after leaving NY) but the bottom line is eventually we run out of places to run.
You’re right, Daniel, and maybe if I were a little bit younger with a little more spring in my step, I’d keep on with the fight and wouldn’t look on it so selfishly…but the fight takes a lot out of a person.
After being stationed in San Diego for nearly 12 years, I was happy that my wife and I could leave the area more conservative than we found it. Through her Navy wive’s club, my wife hooked up with a wealthy elderly philanthropist who liked what she heard coming from my wife. Of course, my wife didn’t realize she was wealthy at the time, but her fire inspired this woman to use her resources to take action.
My wife was named Executive Director of the fledgling Crisis Pregnancy Centers before there were centers, and the daunting tasks began…and “daunting” doesn’t begin to cover it: site locations, retrofitting construction, councilor staff, volunteers, family adoption networking, advertising and more than I can even remember. I know God had a hand in it because my ship (for the first time since I’d been aboard) was basically welded to the pier at 32nd street, so the Navy became a 8 to 4 job for me…and then I’d really go to work.
Once locations became operational, local support cascaded with donations and volunteers showing up weekly. Long before the “reproductive rights” crowd were even organized, these locations were responsible for saving hundreds of lives and there are people alive today thanks to my wife’s fire and an elderly lady’s pocketbook.
Fast forward to today and San Diego isn’t as conservative as it was then. Though, by the numbers, site locations grew from the time we left from 11 to currently 16, less than half of the annual adoptions from that time are taking place today, and that’s due to social pressure and fire bombings, with all sites on a target list and multiple sites being hit.
I said all of that to say this: Leftists don’t fight fair and we can’t expect evil to play by the rules. It has always been historically easier to tear down than to build up and, while I understand when people say “we can’t play by their rules”, it is my personal belief that if the Lord doesn’t come back soon, this will either become an ideological shooting war or a full capitulation…and I have too many miles on me to contemplate either possibility. War or surrender is the responsibility of the young.
That’s a really powerful story. Thank you for making a difference.
Thank you for keeping us informed. I mean that.
I suggest Lake Coeur d’Alene Idaho.
I don’t think anybody hates Jews there, and it’s a beautiful part of the country. Expensive, though.
I plan to move there.
And Idaho is about 99% white, so you don’t have to worry about the usual suspects raping, robbing or murdering you.
Florida is still a free state, if you can stand to sweat from March to September.
Later they file bankruptcy and pay you off for pennies on the dollar. Happened to me once.
News the Nuisance that’s what it boils down to the is aa bigger screwball then Moonbeam Brown
Think UFC will schedule fights in California ?