THEY EXPECTED THE DOW TO GO TO 25,000.......OMG

"The one I’m referring to was made by California legislators on Sept. 10, 1999. They decided that investment gains would cover 100 percent of the cost of retroactive pension increases they granted that day to hundreds of thousands of state workers.
……….
The legislators didn’t inform the taxpayers that:
1. The state was on the hook for deficiencies if actual investment returns fall short of assumed investment returns.
2. The assumed investment returns implicitly forecast that the Dow Jones Industrial Average would reach about 25,000 by 2009 (it barely made it over 10,500 that year) and 28,000,000 by 2099.
3. Potential costs to the state were uncapped.
4. Members of the Calpers board had received campaign contributions from beneficiaries of the legislation. "

http://www.bloomberg.com/news/2012-06-17....

Making bets with other people's money doesn't tend to make on cautious...

Need a new hat, "Dow 28 Million"!

If I remember correctly it was these clowns that were holding hundreds of millions of Bear Stearns and Lehman shares when they went***** up, never heard anymore about that though...

All of this BS is actually fascinating. Learning about the fall of civilizations is nothing compared to experiencing it first hand.

Don't think we need to worry about a "what if the DOW goes down to 5000 or less?" The house of cards will come apart long before then.