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Move Over Detroit - The Fiscal Crisis in Chicago is Far Bigger.
Townhall.com ^ | September 19, 2013 | Mike Shedlock

Posted on 09/18/2013 5:30:22 AM PDT by Kaslin

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1 posted on 09/18/2013 5:30:22 AM PDT by Kaslin
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To: Kaslin

“Investors better pick their municipal bonds carefully, because some major hits are on the way.”

After the GM debacle where Obama unilaterally broke 200 years of law and picked the Union as the winner, I’m astonished there IS a bond market.


2 posted on 09/18/2013 5:34:47 AM PDT by Gen.Blather
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To: Gen.Blather
After the GM debacle where Obama unilaterally broke 200 years of law and picked the Union as the winner, I’m astonished there IS a bond market.

Maybe there are a lot of institutional investors with an inside track, or at least think they do.

3 posted on 09/18/2013 5:36:56 AM PDT by St_Thomas_Aquinas (Isaiah 22:22, Matthew 16:19, Revelation 3:7)
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To: Gen.Blather
"After the GM debacle where Obama unilaterally broke 200 years of law and picked the Union as the winner, I’m astonished there IS a bond market."

You and me both, my friend. And no one ever talks about it, ever.

4 posted on 09/18/2013 5:40:52 AM PDT by Former Proud Canadian (The IRS--a softer Gestapo)
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To: St_Thomas_Aquinas

“Maybe there are a lot of institutional investors with an inside track, or at least think they do. “

These institutional investors who think they have the inside track should talk to the unions who supported Obamacare thinking they’d be immune to it.


5 posted on 09/18/2013 5:54:04 AM PDT by Gen.Blather
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To: Kaslin

The can kicking is about to end.
The road is ending - in a dead end.

I await the rape of the productive sectors Nationally to pay for the total failures of liberal lunacy.
Its coming. Hide your wallets.


6 posted on 09/18/2013 5:58:15 AM PDT by bill1952 (Choice is an illusion created between those with power - and those without)
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To: bill1952

It won’t be to long until 401Ks are converted into “Patriot Bonds”.


7 posted on 09/18/2013 6:03:58 AM PDT by glorgau
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To: glorgau

Sounds like a great add on for directive 10-289.


8 posted on 09/18/2013 6:10:28 AM PDT by wally_bert (There are no winners in a game of losers. I'm Tommy Joyce, welcome to the Oriental Lounge.)
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Comment #9 Removed by Moderator

To: jsanders2001

> Ultimately, Chicago will play around with superficial remedies just like Central Falls, Detroit, and several cities in California (all of which succumbed to the inevitable).

In the meantime, Chicago will probably follow some other major cities into bankruptcy, such as Oakland and Los Angeles.

Hmmm....what common denominator do I see here? Oh yeah I’m not allowed to speak the truth in a PC world (but they will allow all the lies you can muster if it excuses their irresponsible / corrupt actions)


10 posted on 09/18/2013 6:30:02 AM PDT by jsanders2001
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To: Kaslin

I bet you dollars to donuts Kansas City is on the same path


11 posted on 09/18/2013 6:37:57 AM PDT by yldstrk (My heroes have always been cowboys)
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To: Kaslin

I’m from Chicago. The city is definitely in a transition. On the plus side, despite what the media says, murders are down to the lowest level since the early 60s.


12 posted on 09/18/2013 6:43:10 AM PDT by nikos1121 (“To err is human; to forgive, divine.” Alexander Pope (1688-1744) English poet)
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To: Former Proud Canadian

there really isn’t

the bonds are making zilch for people


13 posted on 09/18/2013 6:43:25 AM PDT by yldstrk (My heroes have always been cowboys)
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To: Kaslin

Chicago, like Detroit will not change. They will go to bankruptcy kicking and screaming all the way, while the city denigrates further. Obama or his successor will bail them out and the cycle will continue.


14 posted on 09/18/2013 7:06:17 AM PDT by No_More_Harkin
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To: Kaslin

My mom had a part time job for a number of years in Chicago, working at a Senior Center, administering a meals program. When she retired her pension checks were SIGNIFICANTLY larger then her pay had been when working. In addition to a health plan that was zero cost and payed 100% for prescription drugs.


15 posted on 09/18/2013 7:09:00 AM PDT by Kozak ("Send them back your fierce defiance! Stamp upon the cursed alliance! To arms, to arms.....")
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To: glorgau
"It won’t be to long until 401Ks are converted into “Patriot Bonds”."

You're definitely on to something here. I've thought all along that if someone (99.9% sure that this will be a liberal dem) proposed taking all of the retirement plans, 401Ks, etc., from the American people and in exchange everyone gets a $3-4,000 check each month when they retire that more than half the population would gladly go along with the scheme. Of the remaining 50% most would find that revolting or protesting would take too much effort and cut into their time watching X-Factor, Duck Dynasty, and so on. I'm surprised it hasn't happened yet as they could do it easier than they think!

16 posted on 09/18/2013 7:26:26 AM PDT by aegiscg47
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To: Kaslin
Chicagoans continue to elect DIMs and LIBs. So... Bwahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaaaaaaaaaaaaaaaaaaaaaaaaaa!
17 posted on 09/18/2013 7:27:09 AM PDT by hal ogen (First Amendment or Reeducation Camp?)
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To: aegiscg47

and I am 99% sure just enough GOPers will cross over to make it pass. Maybe not the first time it comes up though


18 posted on 09/18/2013 7:28:51 AM PDT by GeronL
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To: Kaslin
Moody's downgraded Chicago Debt 3 Notches (just 4 steps above junk)

Move over Detroit....

19 posted on 09/18/2013 8:03:16 AM PDT by GOPJ ( Politicians who fear the people seek to disarm them. - - Bill St. Clair)
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To: GOPJ
This, IMHO, explains why Bill Daley decided NOT to run for governor of Illinois, yet pointedly said that Quinn does not deserve to be re-elected.

Daley would win a primary, and the general, easily...but who wants to run to be the next,and LAST Captain of the Titanic..and have to battle the Democrats core constituencies, teachers, govt employees, welfare, etc to try and get any reforms through.

I think this means that the crisis in much worse than we think..and will blow up very soon.

20 posted on 09/18/2013 8:29:48 AM PDT by ken5050 (According to Dick Lugar, I'm a "random outlier." Woo Hoo!!!!)
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