Reading Ben Meng’s “Calpers Prepares for the Long Haul” (op-ed, June 15) in the face of the recent bailouts of overleveraged and overrisked companies makes me think that the lunatics are truly running the asylum that our market economy has become. Can a person of his experience and knowledge truly believe that more risk and leverage are the right answers for millions of California retirees at a time when little or no risk is truly priced into markets? I can only hope that when it all ends badly, the California Public Employee...

Source: Wall Street Journal June 21, 2020 18:45 UTC