I believe it is safe to assume that the only people who are prospering from “safe” investments in Detroit, San Bernardino, Stockton, Jefferson County, Central Falls, and many other cities across America are investment brokers, and attorneys. What do these municipalities have in common? Their leaders followed the advice of financial “experts” and made bad decisions. From all accounts these bureaucrats and elected officials acted within the regulatory guidelines.
Just because it is legal that doesn’t mean it is smart!
Right here at home in good ole conservative Parker County we have a “financial expert” (the County Treasurer) who is trying to convince Commissioners Court to approve her ‘Investment Policy’.
I am always skeptical of people who say “I can do things that nobody else can do”.
We have a President who said that and we can see how that turned out!
Narcissism and investments are about as compatible as President Obama and the NRA! When someone says trust me…I don’t.
Our County Treasurer may believe the advice she is giving Commissioners Court, but I am left with a nagging question that will not go away – If she is so skilled at investing, why hasn’t she made millions investing her own money? Or… does she only have enough courage to invest other people’s money?
I consider myself an expert at nothing. But even an ordinary citizen like me can understand – The greater the risk, the greater the profit; conversely – The greater the profit, the greater the risk.
County government is not a ‘for profit’ business.
If our budget is funded, (and it is) why would we even consider risking taxpayers’ money?