CalPERS portfolio has lost $18 billion in value since July 1

[xchrom]

http://latimesblogs.latimes.com/money_co/2011/08/calpers-value-down-18-billion-since-july1.html

After posting its best annual performance in 14 years, the California Public Employees' Retirement System is giving back a sizable portion of the 20.7% investment return it reported for the fiscal year that ended June 30.

The value of the country's largest public pension fund was $220 billion at market's close on Monday, down 7.6% or about $18 billion, CalPERS said Tuesday.

"It's bad, but it's not 2008," said Joseph Dear, CalPERS' chief investment officer, in an interview on CNBC. "We have a crisis induced by lack of confidence in the U.S. and European political systems, combined with gloomier and gloomier economic growth forecasts."

Wall Street's massive stock sell-off that began last week "is a tipping point," Dear said, "but it's not a time to panic and run with fear out of the market."

[banned from Kos]

1. probably $90 -120 billion gains since Obama became President

in Jan 2009. It pays to stabilize the financial system.

[elleng]

2. Dow up 420 points today. Should help many.

[lib2DaBone]

3. drip-drip-drip.. as the lifeblood flows out of the USA.

Ironically.. WE were the ones who showed Afghanistan how to bankrupt Russia.

I guess they learned their lesson all too well.