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CGC

@clintgc

1A | 2A Absolutist.

🇺🇸 Katılım Şubat 2009
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david friedberg
david friedberg@friedberg·
it’s not political and should not be partisan to ask “where did all the money go?” California’s functional bankruptcy threatens the nation and should be a front-and-center state and national discussion. ignore the bs. this is what matters.
Molly O’Shea@MollySOShea

BREAKING: David @friedberg says "California is functionally bankrupt" "People don't realize how screwed California is, & I worry that if California falls, so does the union. "$250 billion to $1 trillion short." "This is because for California to get rescued would be a big cost to red states, & I think it creates in the years ahead a lot of tension." "California's functional bankruptcy is a major risk to the country. & I think we need to figure out what we can change to fix it." How we got here: "California has a public pension system, & that public pension system retirees have paid into it & they get some benefits out, & the amount that they're owed back out is somewhere between $250 billion - $1 trillion dollars more than has been paid in. $250 billion to $1 trillion short. If it was the federal government, it would be like, okay, we'll just print more money. California doesn't have the ability to print money, so California has to pay this out, and you can't restructure retirement benefits. There is a Supreme Court case in California that said that once an employee has been offered retirement benefits, even if they're currently an employee, you can never restructure their retirement benefits. It has to stay forever, and the state cannot declare bankruptcy. There's no way for the state to functionally declare bankruptcy. There's no law to allow it. No state has ever declared bankruptcy, and the retirement benefits sit senior to the bonds in California. So you have to pay out the retirement benefits before you pay out all the bond holders that have loaned California the money that they use to run all their programs and services." Hill & Valley Forum 2026 (@HillValleyForum)

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AC
AC@saveusculture·
If you followed me recently for tech posts, please be advised that I am a far right American nationalist and you will be disappointed with my political opinions. Don't waste my time and crash out on me, just unfollow now.
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Barack Obama
Barack Obama@BarackObama·
The day the Affordable Care Act passed was one of my proudest moments as president, because it meant that millions of Americans would have access to health care, some for the first time. The ACA also prevented insurance companies from denying people with pre-existing conditions coverage, allowed young people under the age of 26 to remain on their parents’ plan, expanded Medicaid, and so much more. But the ACA was always meant to be a first step. We still have to do more to expand access and make health care more affordable for everyone.
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Chamath Palihapitiya
Chamath Palihapitiya@chamath·
We all know what some feel uncomfortable saying: Most taxes are WASTED. They are leaked and grifted into all kinds of programs that sound good on the surface. But that’s the lie that is told so politicians can take more of your earnings and dole it out to win votes and stay in power. But it also turns out that people aren’t stupid and know the game. So the states that admit this by breaking away from the hamster wheel of increased taxation are winning. While those who continue to try and sell the lie are losing. At the limit, those losing states are leaking so much revenue that they will eventually lose so much tax revenue as to be effectively insolvent. Remember this data is just from 2023…we are in mid 2026 so another two years of this trend is already in the books.
Chamath Palihapitiya tweet mediaChamath Palihapitiya tweet media
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captain S.O
captain S.O@sow413·
Do you truly understand what Japan just gained? As a Japanese citizen, I’m telling you—this moment changed history. Trump's Pearl Harbor joke wasn't an insult. It was the key that finally unlocked something buried deep in the Japanese soul. For 80 long years, we've carried apology and guilt like a permanent shadow—haunted by the past, bound by the Constitution America wrote for us, forever in "reflection mode." He turned that raw wound into a shared laugh between equals. No more endless atonement. No more vassal shadow. The curse is broken. Japan is free now. Thank you, Mr. President. We're allowed to stand tall again—as true partners, not subordinates. The strongest alliance in the world is rising—equals, brothers, ride-or-die. #PhoenixRising
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Nick Nemeth (Mispriced Assets)
TLDR: I am a recovering alcoholic with no fund, no credentials, and no lobbyist. I rebuilt myself from nothing. Then I broke into finance with no degree, no pedigree, and no permission. I parsed SEC filings for a $31.5 billion private credit fund called Cliffwater. Not because anyone asked me to. Because nobody else would. The filings are public, but they are buried in footnotes that are not indexed, not searchable, and not structured for analysis. I have been told by fund managers that nobody even attempts this. Billions of dollars in pension capital, and the people who manage money for a living do not bother to read the filings. So I read them. Every loan. Every amendment. Every semi-annual PIK disclosure. 2,330 positions. I hand-researched fifty. I found 189 loans where borrowers are paying interest with more debt instead of cash. I found over 50 loans that are not generating enough cash to service their debt at all — carried at par on the books of a fund that has never reported a losing month in 41 months. The fund's Sharpe ratio is 3.75. Bernie Madoff — who was fabricating returns and could pick any number he wanted — ran a 3.5. He got caught because the numbers were too smooth by Markopolos. The greatest quant fund in history, Renaissance Technologies, runs a five or six. Cliffwater is claiming risk-adjusted returns that would be impossible even if you insider-traded with perfect information every single time, because the volatility of the underlying markets would still prevent it. Nobody asked questions. Bloomberg confirmed 14% redemptions 48 hours after I published. S&P cut the fund's outlook to negative this week. Cash on hand fell 76% in six months. This is not an isolated fund. This is the structure. $9.4 trillion in private equity. $3.5 trillion in private credit. They all pay their own valuation agents. The valuation agents decide what the funds are worth. No valuation agent has ever been fired for saying the number was too high. The marks produce the NAV. The NAV produces the fees. The fees come from pensions. The pensions come from firefighters and teachers and nurses in Oregon and California and Illinois who will never read a private placement memorandum in their lives. Wall Street ran out of rich people. The endowments were full. The sovereign wealth funds were tapped. So they went downstream — to 401(k)s, to retirement accounts, to interval funds sold to people who have no idea what they own. 1. Direct the SEC and FSOC to examine Level 3 fair value practices across interval funds and BDCs. 2. Require that valuation agents be independent of the funds they mark. 3. State publicly that the current self-marking regime creates systemic risk. 4. Mandate position-level mark disclosure for every fund that accepts pension capital. There are two ways this ends. It breaks all at once like 2008 and we fix it. Or it rots slowly like Japan: one fund blows up, six weeks of quiet, another one, and nobody connects it for a decade while a generation of retirees gets destroyed. I am not asking anyone to take my word for it. I am asking them to read the filings. If you know someone in the administration, a regulator, or anyone on a legislative committee, please send this to them. One person learned this from a one-bedroom apartment. Your government can too. The will is what is missing.
Nick Nemeth (Mispriced Assets)@NickNemo17

x.com/i/article/2034…

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Elon Musk
Elon Musk@elonmusk·
@AFpost Looks like he finally took some Ozempic
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AF Post
AF Post@AFpost·
Democratic Illinois Governor JB Pritzker speaks about a Democratic "Project 2029" in which members of the current Trump administration, along with federal agents, will be criminally and civilly prosecuted. "Whatever it is that we can do. It may be that you cannot criminally prosecute somebody, but you can go after them civilly." Follow: @AFpost
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Tammy Duckworth
Tammy Duckworth@SenDuckworth·
Under the SAVE Act, you cannot use your driver's license to register to vote. Republicans want you to buy a passport instead. If you can afford one. This is a modern-day poll tax.
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Governor Bob Ferguson
Governor Bob Ferguson@GovBobFerguson·
I just signed a historic bill. In Washington state, law enforcement officers, including ICE, are now prohibited from wearing masks.
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John Hickenlooper
John Hickenlooper@Hickenlooper·
Donald Trump and his MAGA allies want to disenfranchise millions with their SAVE America Act – to shield themselves from answering to you for their broken promises.
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CGC
CGC@clintgc·
@malonebarry What's the prompt to get such good hand gestures?
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Barry Malone
Barry Malone@malonebarry·
Just two humans having a perfectly natural conversation.
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CGC
CGC@clintgc·
@HamelHusain He said he has friends ... totally Ai.
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