NEW YORK – New York City Mayor Michael Bloomberg is no fan of the gun industry, but his representative on the board that oversees the pension fund for city schoolteachers voted against a proposal to drop investments in companies that sell firearms or ammunition.
Trustees of the $46.6 billion New York City Teachers' Retirement System approved the divestment last week in response to the school massacre in Newtown, Conn.
Now, sure, the hypocrisy is rich - the only person voting against divestment of gun company stocks was the representative for super anti-gun Bloomberg - but in this case, it's spot-on. Right now, firearms are about the only thing that's selling in today's market, and gun company stocks have been consistent good performers. Holding onto those stocks is a sound financial investment - and the teachers' union is going to flush that good investment down the drain to make a stupid political point.
It's sad, really - this union is going to throw away probably the only smart thing it ever did in the interest of "doing something". Guys, look. I'll tell you right now, the gun companies sure as hell aren't going to lose any sleep over you selling your shares in their company. Chances are pretty good they won't even notice. But you? You'll probably have your broker buy up a bunch of "green" stocks, which have been performing about as well as Al Gore's TV station (before it was sold to a foreign old conglomeration). You are very nearly literally throwing good money after bad.
And if it was anything other than a teacher's union, I might feel the tiniest pang of sadness for their stupidity.
That is all.
Another dispatch from...
(image courtesy of Robb Allen)