Inquiring minds are listening to California Treasurer Bill Lockyer who testified at an informational hearing on budget reform on October 22, 2009.







The highlight of his rant is about pension reform.



"It’s impossible for this legislature to reform the pension system, and if we don’t, we bankrupt the state. And I don’t think anybody can do it here, because of who elected you. You’re just captive of the current environment and I don’t see any way out."



Mike "Mish" Shedlock

http://globaleconomicanalysis.blogspot.com

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