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« Max Keiser: "Pitchforks & Torches See Higher Prices, Where Are The Guillotines For Wall Street?" | Main | Dear Bank Of America - This Is Why We Hate You »

Calpers CIO Tells CNBC :"I Understand Why People Are Protesting, Wall Street Is A Rigged Game" 

CNBC Video - Joseph Dear, Chief Investment Officer CALPERS - Oct. 11, 2011

People are “waking up” to the fact that “the game appears to be rigged,” Joe Dear, CIO of California Public Employees’ Retirement System, told CNBC Tuesday.

“The financial system gets bailed out, executives' salaries stay high and the incomes of people who work for a living, paycheck to paycheck, continue to decline,” said Dear.

The fact that people are taking to the streets because the economy isn't meeting the needs of ordinary Americans "should not come as any surprise to anybody," he explained.


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Reader Comments (3)

I, personally, would say that finally mentioning that the system is being rigged is throwing obstacles in the way of justice. What the deregulation provided the stupid and the mewling with is a one way ticket to the cannabalism buffet table. You dig?!! Calper's CIO is years late and trying to save his own ass. It won't work.
Let's get the regulators out here to answer some questions. Barney Frank, take a hike. Let's get the pukes who think it is the people's duty to catch this bullshit after trillions have already been stolen. You senators who benefitted or voted in and sat and watched this rapine are accomplices. So are you mewlers. Imagine if we always had to professionally recheck and examine every commercial transaction we make, and check every food morsel we eat for poison because the government scum puts poison in it. Oh, I FORGOT. THEY DO. And inbred garbage like Peter King calls us riff-raff.

New York. Take a bite of the Big Apple , but don't mind the maggots. George Bush really gave you a reason to steal by dropping the WTCs on 3,000 innocent people after his daddy set him up with the Silverstein clan.

You brokers and government leaders were granted a position of trust and betrayal and looting is your legacy. Naked theft. I got in the familiy broker's face over the phone (Use your imagination). I got the stupid ass flatfoot lying about inflation rates, unemployment rates, derivatives and bribes and the ongoing looting of the treasury and overseas murder. He hadn't a f______ CLUE! He was too busy mewling like a baby rat to face his obligation as a trustee. The word 'trust' hadn't crossed his mind with all the SEC circle jerking and all. All he could remember was rolling around naked in someone else's money. Then he started calling ME names over the phone and what a vile creature I was because he had not violated laws , so I had no complaint, even though he and his cohorts stole plenty through various phony B.S. 'instruments' by which brokers collect commissions by handing stocks and bonds back and forth by computer, without ANY thought for need of investment in remedies for today's woes or even the next hula-hoop. Other meaningless 'investment' provides an image of duty with an absense of professionalism. COLLECTING COMMISSIONS was their only concern. Over 50% of the Wall Street trade is high velocity computer trade/looting, whose only function is the collecting of commissions from invested cash and equities. It's called part of the ' accepted risk'.
Oct 11, 2011 at 9:46 PM | Unregistered CommenterHoward T. Lewis III
Off Topic..................but it fits with this worthless-goverment, trust me................

"Dont FUCK*N Mess With Texas"..................we are a proud people, and dont take Shit from anybody, least the F Goverment................a e-mail i got from a friend in Texas.........

Regarding the presence or absence of government 'aid' for the fires in Texas, I am so proud to be a Texan!
This was written by one of the volunteers and is an amazing story of the Texas Spirit! Please pass it along!

Here’s some stories you won’t hear about the Tri-county fire in Montgomery, Grimes, and Waller County the weeks following Labor Day, 2011. Although Kenna promises to write a book.

My neighbor across the road has a sister named Kenna. Labor Day, when she saw the huge column of smoke over our homes, she left a birthday party at my neighbor’s house to meet with her friend Tara at the Baseball complex in Magnolia. She called the owner of the complex and got permission to use the warehouse there as a staging area for donations for the fire fighting effort.

They put a notice out on facebook that they were going to be taking donations on their facebook pages. That night as they were setting up tables and organizing, News 2 Houston came by and saw the activity, investigated and left with the phone numbers and a list of suggested donations. The facebook notice propagated faster than the fire. By dawn they had 20 volunteers, bins, forklifts, and donations were pouring in. I stopped by with my pitiful little bags of nasal wash and eye wash, and was amazed.

There must have been 20 trucks in the lot, offloading cases of water, pallets of Gatorade , and people lined up out the door with sacks of beef jerky, baby wipes, underwear, socks, and you name it. School buses and trailers from many counties around were there offloading supplies, students forming living chains to pass stuff into the bins for transport to the command center and staging areas. If the firefighters had requested it, it was there. What do you give the guy out there fighting the fire that might engulf your home? Anything he or she wants. Including chewing tobacco and cigarettes.

Kenna moved on to the Unified Command Post at Magnolia West High school. She looked at what the fire fighters needed, and she made calls and set it up.

Mattress Mac donated 150 beds. Two class rooms turned into barracks kept quiet and dark for rest.

The CEO of HEB donated 2 semi trailers full of supplies, and sent a mobile commercial kitchen at no charge to feed all the workers, but especially our firefighters, 3 hot meals a

An impromptu commissary was set up, anything the firefighters had requested available at no charge. As exhausted firefighters (most of them from local VFDs with no training or experience battling wildfires) and workers came into the school after long hours of hard labor, dehydrated, hungry, covered with soot and ash, they got what they needed. They were directed through the commissary, where they got soap, eye wash and nasal spray,
candy, clean socks and underwear, and then were sent off to the school locker rooms for a shower. HEB then fed them a hot meal and they got 8 hours sleep in a barracks, then another hot meal, another pass through the commissary for supplies to carry with them out to lines, including gloves, safety glasses, dust masks and snacks, and back they went.

One of the imported crew from California came into Unified Command and asked where the FEMA Powerbars and water were. He was escorted to the commissary and started through the system. He was flabbergasted. He said FEMA never did it like this. Kenna replied, ”Well, this is the way we do it in Texas.”

Fire fighting equipment needed repair? The auto shop at the High School ran 24/7 with local mechanics volunteering, students, and the firefighters fixing the equipment. Down one side of the school, the water tankers lined up at the fire hydrants and filled with water. Down the other side there was a steady parade of gasoline tankers filling trucks, dozers, tankers, cans, chain saws, and vehicles.

Mind you, all of this was set up by 2 Moms, Kenna and Tara, with a staff of 20 simple volunteers, most of them women who had sons, daughters, husbands, and friends on the fire lines. Someone always knew someone who could get what they needed- beds, mechanics, food, space. Local people using local connections to mobilize local resources made this happen. No government aid. No Trained Expert.

At one point the fire was less than a mile from the school, and everyone but hose volunteers were evacuated. The fire was turned. The Red Cross came in, looked at what they were doing, and quietly went away to set up a fire victim relief center nearby. They said they
couldn't’t do it any better.

Then FEMA came in and told those volunteers and Kenna that they had to leave, FEMA was here now. Kenna told them she worked for the firefighters, not them. They were obnoxious, bossy, got in the way, and criticized everything. The volunteers refused to back down and
kept doing their job, and doing it well. Next FEMA said the HEB supplies and kitchen had to go, that was blatant commercialism. Kenna said they stayed. They stayed. FEMA threw a wall eyed fit about chewing tobacco and cigarettes being available in the commissary area.
Kenna told them the firefighters had requested it, and it was staying. It stayed. FEMA got very nasty and kept asking what organization these volunteers belonged to- and all the volunteers told them “Our community”.

FEMA didn’t like that and demanded they make up a name for themselves. One mother remarked “They got me at my boiling point!” and suddenly the group was “212 Degrees”. FEMA’s contribution? They came in the next day with red shirts embroidered with “212 Degrees”, insisting the volunteers had to be identified, never realizing it was a slap in their face. Your tax dollars at work - labeling volunteers with useless shirts and getting in the way.

The upshot? A fire that the experts from California (for whom we are so grateful there are no words) said would take 2-3 weeks to get under control was 100% contained in 8 days. There was so much equipment and supplies donated, 3 container trucks are loaded with the excess to go and set up a similar relief center for the fire fighters in Bastrop.

The local relief agencies have asked people to stop bringing in donations of clothing, food, household items, and pretty much everything else because they only have 60 displaced households to care for, and there is enough to supply hundreds. Again, excess is going to be shipped to Bastrop, where there are 1500 displaced households. Wish we could send Kenna, too, but she has to go back to her regular job.

And that’s the way we do it in Texas!!!.............Tex !
Oct 11, 2011 at 10:09 PM | Unregistered CommenterTexas Dar
It IS rigged. The Bilderberg group- 2011 agenda

"Prolonging the economic crisis:

Finally, the Bilderbergers will work on an effort to continue into further fantastic debt producing bankster bailouts, specifically for Greece, Ireland, Portugal, and other member EU nations sliding toward bankruptcy and social disruption on a monumental scale.

Oil prices will skyrocket – a faith accomplished with gas prices at the pump now at historically high levels – as the global elite work behind the scenes to take take down national economies. New revelations also deal with the death of the dollar, exploding energy prices, and the engineered onset of order out of chaos revolution worldwide.

Because the plan is to take down national sovereignty, impose drastic austerity measures, hold fire sales on national assets, consolidate wealth and power, and use an endless economic crisis as an excuse to usher in world government, a one-world currency, and a sprawling high-tech police state."

Oct 11, 2011 at 11:18 PM | Unregistered CommenterJack

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