https://twitter.com/AOC/status/1230697952240291844
( twitter | raw text )
AOC makes the common mistake of misrepresenting how rich billionaires actually are. Earning a thousand times as much as a teacher makes one a millionaire. She should have said said “a hundred thousand times harder”.
That would have been a great follow-up to the final debate question.
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AOC is half right here. The financial services industry definitely took advantage of unsophisticated pension boards at large public sector pension plans. Having said that, what really happened was that governments decides to run public sector pensions with very optimistic assumptions about how much money the fund could return and by and large the reason that private equity managers got access to pension investment boards is that they had painted themselves into a corner of needing to chase higher and higher returns to try to bail the plans out without putting more money in.
What does a teacher make, 50 thousand a year? AOC says “thousands of times”, so that’s an income of 100 million or more. That is, indeed, a billionaire level of income.
Yeah it’s a joke. My buddy works in PE and his firm deals with random stuff like the Michigan State Firefighters union. The people on the board are clueless so now they pay outside consultants to tell them how to invest in expensive PE funds and get absolutely raked.
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I once caddied for a billionaire hedge fund bro member of Bel Air CC, who was hosting 3 board members from…the Oregon State Retirement Fund. They were complete dopes. I legit knew more than them at age 22.
I’m almost certain dumping all public pension money in Vanguard Life Strategy Growth would be better than what they all actually do. Same for university endowments.
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My first thought was also splash mountain or something like that.
Not me… not gonna find four black women who’ll get on a ride called Splash Mountain.
I think the big announcement was introducing Courage to Change, a new PAC that will be supporting progressive candidates for congress.
Still might have to vote straight R now tho.
AOC pulling a Maddow tier hype announcement is ominous as fuck.
Did she make more than one tweet saying there an announcement?
Something about a weird little dog.