PERS has posted a Frequently Asked Questions about the 2008 economic downturn. It is reassuring if you accept that there aren't any other mitigating factors. You can read the report here. What is significant is what question isn't asked and what question isn't answered. Read it and see if you figure out what the missing question is. Enjoy your week.
Please don't post your comments more than once. I moderate all comments and a delay between posting and appearing is part of the drill here. I get to all comments in due time. Please don't continually repost the same comment. Only one will be posted. Thank you.