MORE ON THOSE OVERGENEROUS / UNDERFUNDED PUBLIC PENSIONS: Houston Pension Plans Lose $1.9 billion in value.

Massachusetts Pension Fund off $16.1 bn in value.

N.J. Government Fails At All Levels. The thing to remember is that this isn’t just a market swing — public pensions were dangerously underfunded before the meltdown. It’s just gotten much, much worse — and more obvious — since.