Rotten Eggs

The Virginia Retirement System reports that it lost $11 billion since June, much of it during the recent financial meltdown. Its holdings are now worth $44 billion. The VRS executive director assured senators that its ability to pay pensions for about 140,000 retirees will not be impaired because the system still had a positive cash flow.

Based on my far more modest portfolio of investments, I can share VRS' pain. Actually though, I think I've fared a little bit better. 

But, more bad news this morning - President Bush is making a public statement about the economy and financial bailout today. When the president speaks, people listen, fear rises. Every time he's opened his mouth in the last month I (and VRS) have lost money.