By Chris Powell, includes “…State government has gotten away with this sort of thing -- borrowing to finance a pension fund -- but this would vastly increase New Haven's debt and its pension fund's vulnerability to financial market declines. This isn't investing as much as gambling. … state government itself doesn't yet fully understand that it is insolvent too and that merely removing state employee pensions and benefits from collective bargaining, the timid reforms just starting to be discussed in polite company, won't be nearly enough to restore solvency.”