(Alaska) Permanent Fund loses $10 billion in past year

[Newsjock]

Source: Anchorage Daily News

Alaska Permanent Fund investments had a negative 8.5 percent return during the July-September quarter thanks to sagging stock markets, said officials of the state oil-wealth savings account.

The fund value fell to $33 billion on Sept. 30, the end of the quarter. But stock markets plunged in October, and the fund's value now is about $30 billion. The value peaked at $40.4 billion a year ago.

Despite the pounding from the stock market, the fund should have positive "statutory net income" for the fiscal year that ends next June, said Michael Burns, chief executive of the Alaska Permanent Fund Corp. That should prop up next fall's annual Permanent Fund dividend paid to Alaskans. The dividend is based this net income averaged over five years.

Read more: http://www.adn.com/money/story/574398.html

[LynnTheDem]

1. "annual Permanent Fund dividend paid to Alaskans" OMG that sounds like

SOCIALISM of SPREADING THE WEALTH!

[uppityperson]

2. actually it is a bribe to keep Alaskans from voting to use the fund money for things.

So long as residents get a bit every yr (and quite a good bit now) they won't vote to free up the money to use for things like schools, healthcare, running the state, etc. It is a bribe.

[BearSquirrel2]

3. I've seen the pictures ...

I've seen the pictures of those podunk Alaskan towns. Given their lack of infrastructure INVESTMENT, it's no wonder they cannot grow. Hey Alaska, you have to spend money in order to make money.

[uppityperson]

9. Ah, there you have a common misconception. Or a couple.

1) Many AK villages don't necessarily WANT to grow. People want to live there and just live there, not grow, not make money. Just live.

2) Spending for healthcare and schools in AK is generally quite a bit above what is spent here in the lower 48. It is not always spent wisely though. What with PFD money lessening, perhaps they will figure out how to not waste so much money.

3) Spending large sums of money to (for instance) get running water in an area that gets to -30 for months isn't a good use of money. Having a community well and hauling water works fine.

[Bandit]

4. I received intertest on my bank account.... Socialism

There really isn't anything more capitalistic than receiving dividends on investments...Maybe you need to look up the meaning of Socialism..

[LynnTheDem]

5. Maybe Sarah Palin' needs to look up the meaning of socialism.

I already know the real meaning.

[Bandit]

6. Evidently you don't really.

Sarah didn't create the Permenent Fund nor does she have any control over it what-so-ever. It actually has zero to do with Oil at this stage of it's existence.

[LynnTheDem]

7. You really don't understand the jibe at Palin', or are you just

looking for a fight with me?

Either way,have a nice day! :hi:



:eyes:

[SOS]

8. Palin raised taxes on oil companies to spread the wealth

I posted a thread on Palin's new tax on oil companies, above and beyond the fund.
KO did a campaign comment on Palin's huge money grab on capitalist oil corporations.
The fund provided each Alaskan man, woman and child with $2,000 in 2007.
Palin's massive tax increase on the oil companies added an additional $1,200 for a total of $3,200 in 2007.
Palin's tax increases were so extreme that oil companies are rethinking even doing business in Alaska in the future.

Full details on Palin's spread the wealth scheme:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4325293