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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (104)	7/22/2012 1:38:21 PM
From: Kirk ©	Respond to of 26384

What is scary is this bond bubble is leveraged up. Consider that CalPERS, California's public pension group is under funded by a ton, only earned 1.0% the last year vs its target of 7.5% AND a lot of its fixed income is in other cities that might want to pay back less... Stockton Reveals Bondholder Offers From Mediation By Steven Church - Jul 21, 2012 12:54 PM PT Stockton sought court protection on June 28, listing assets of more than $1 billion and debt of more than $500 million. At least 18 creditors were involved in the failed talks, which began March 27 and were extended to June 25. They included the California Public Employees’ Retirement System, the largest U.S. pension fund, owed $147.5 million, bond insurer Assured Guaranty Ltd. (AGO) and Wells Fargo & Co. (WFC), acting as trustee for different group of bondholders owed $231.3 million. This could really snowball.