"Gov. Pete Wilson tried to wrest key powers from the CalPERS board. A labor-led counterattack left the board more independent than ever."
John Myers in the Los Angeles Times explains the roots of recent California pension politics.
"Yet it is necessary to hope, though hope should always be deluded; for hope itself is happiness, and its frustration, however, frequent, are less dreadful than its extinction." --Samuel Johnson, 1759