March 31, 2009

Another day, another lie...

JustOneMinute: We Get Pensive On Pensions:

...Inspired by a Boston Globe story and aroused by the indignant yet underinformed Josh Marshall, lefties are aghast that the Pension Benefit Guaranty Corporation switched "much of" (per the Globe) or "most" (per the unflappable Josh Marshall) of its portfolio from safe bonds to risky stocks last February, prior to the stock market wipe-out (see "FEEL THE RAGE", below). However, our friends on the left are so intent on bashing Bush and his appointees that they have overlooked some good news, which I will bury for a while....

In fact it was just a proposal; nothing was done about it. The whole story is bullshit.

But you can depend on it that you will be hearing the lie decades from now as an example of the abhorrent horridness of the Bush Administration. (And of course if the PBGC had done something smart, something that increased their portfolio, that would have nothing to do with Bush and his greedy minions. In that case the agency would have been independent!)

Posted by John Weidner at March 31, 2009 9:50 AM
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