CalPERS CIO on Wall Street: 'The Game Appears Rigged'
People are “waking up” to the fact that “the game appears to be rigged,” Joe Dear, CIO of California Public Employees’ Retirement System, told CNBC Tuesday.
“The financial system gets bailed out [during the crisis], [executives'] salaries stay high and the incomes of people who work for a living, paycheck to paycheck, continue to decline,” said Dear.
The fact that people are taking to the streets because the economy isn't meeting the needs of ordinary Americans "should not come as any surprise to anybody," he explained.
“Now, how this energy gets channeled, I don’t know. It could be extremely positive [or] it could be extremely negative,” he added.
One thing is clear, “the same old policy solution with the same sterile political debate isn’t doing anything for real folks,’ he concluded.
Watch CNBC's "The Strategy Session" weekdays at Noon ET.