The chief investment officer of one of the country's biggest public pensions funds said the government response to the coronavirus should be focused on supporting unemployed workers.
The chief investment officer of one of the country's biggest public pensions funds said the government response to the coronavirus should be focused on supporting unemployed workers, not stocks owned by pensioners.
"I don't buy in to just [saving] the pensioners. Yes, they're important, but they're a small percentage. I think we have to start saving individual people," Christopher Ailman of CalSTRS said on "The $2.2 trillion CARES Act passed by Congress and other actions by the Federal Reserve have created an unprecedented economic support from the U.S. government as the coronavirus pandemic shut down large parts of the economy.
Ailman said it is "such a tough call" as to which companies should be helped, but he said the total amount would likely have negative economic effects long-term. "It's a question of overall cost. All of a sudden, 'too big to fail,' remember that term from '08? Now we're implying that almost everything is too big to fail, and I hate to say it, but in capitalism we should have some destruction, even from events that people can't foresee. It's just different with this being a health crisis," Ailman said.
"We stopped the economy almost on a dime, which is amazing, but I don't think we're going to be able to restart it as efficiently. We're going to end up stumbling out of this slowly," Ailman said.
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