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Media coverage lacking

Posted: June 12, 2009 8:17 p.m.
Updated: June 13, 2009 4:30 a.m.
I was reading the June 2 edition of the paper and the “Landsource” article by Josh Premako. He wrote that CalPERS’ investment of $970 million would be wiped out.

That may be true.

It also said it would not impact CalPERS due to its size. It will not impact CalPERS because the taxpayer, through the state, will cover its losses.

Yes, you heard that correctly.

CalPERS gets into a high risk investment, loses a fortune and sends the bill for the loss to the taxpayer.

My concern is not only this but also the lack of reporting by the media. Where is the outrage? I think every overtaxed person like me lost a fortune in their savings recently.

Who is going to bail us out? More importantly, why doesn’t the media report something like this?

It’s no mystery why this state is broke. The mystery is why the media doesn’t report accurately on the cause of this financial mess.


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