Even Kevin Bacon ain't gonna be able to get the aftermath of this under control....
People are crazy enough to buy these bonds?
Once you start borrowing to pay your operating costs - and current payments to pension beneficiaries are operating costs, not capital costs - you are sunk.
And, what State did our infamous pResident come from? Suppose he’ll bail them out?
What sane person would purchase these bonds?How high will the interest rate have to be to attract buyers?
That’s nothing! The Idiot Governor if Illinois, the disHonorable Patrick J. Quinn, wants to borrow ANOTHER $4.7 BILLION to pay off debts owed to Illinois cities, towns, and schools!
I kid you not! Here’s proof:
http://abclocal.go.com/wls/story?section=news/politics&id=7328151
Well why not, he hasn’t got Bernanke’s printing press but he has all the same attitudes. At least the Republican minority has been able to keep this from happening so far.
But just wait. Just like with T-bills, all it’s going to take to bring the house of cards down is two words:
Failed. Auction.
Even Kevin Bacon ain't gonna be able to get the aftermath of this under control....
Seems like they need a governor like Wisconsin has.
another liberal state about to blow up
lol...the nation that lost its mind..what bright bulb agreed to this..oops! nevermind.
I keep hearing about these six figure pensions that public people expect to draw.
And many will, if not most.
Heck I DON’T MAKE SIX FIGURES DOING MY REGULAR JOB!!!
The icing on the cake will be when Carol Mosely-Braun becomes Mayor of Chicago.
What an investment. Lend money to a state government so they can dole out all the cash to non-productive workers. Nobody in their right mind should buy these bonds. Illinois should be forced to use loan sharks if they want the money.
Government employee payroll and pensions should be public knowlege
Who’s getting how much?
Yeppers. The state of ILL-n-annoyed is in for a future date with an economic showdown of ugly proportions. Wisconsin will be sitting much better.
I bet they will have to cancel the underwriting for lack of interest in the bonds. This clown Quinn is on a fast track to become the worst governor in the country. His solution to the Illinois debt crisis is not to cut spending but the raise tax rates by 67%.
Would like to know the percentage of government money in Illinois goes for graft, corruption and just paying off the machine?
1. How much for a roll of 100?
2. Are they squeezably soft?
