Skip to comments.Will the next mayor get Chicago its cut of a booming economy? (Rahm was the greatest!)
Posted on 09/09/2018 9:22:46 AM PDT by Libloather
What keeps the city afloat, and allows it to maintain a robust jobs-based economy, is the ability to borrow money and deliver services. Only cities that manage their finances responsibly can hope to woo the bond market, and thats what Emanuel has done. In municipal bond circles, hes seen as a trusted partner whose departure is unsettling.
Ive been pretty impressed with the mayor, Howard Cure of Evercore Wealth Management told The Bond Buyer, an industry publication. He inherited a very structurally weak budget and I think hes made a lot of improvements and is striving to achieve structural balance while dealing with pensions and getting rid of bad debt practices. Nice words, but heres Cures key warning: I have less comfort in the unknown. Theres a lot of anxiety in the unknown.
In other words: Whos going to succeed Emanuel? It has to be someone who campaigns and takes office vowing fiscal discipline, who swears off extravagant spending sprees, who negotiates affordable union contracts, who pays todays expenses today, and who understands that one of Chicagos important constituencies is the investment community. Otherwise, Chicago could sink because investors wont trust Chicago to pay back what it borrows.
(Excerpt) Read more at chicagotribune.com ...
Hold on there editorial board, whoever you are. (Can we call you 'anonymous'?) Kinda got used to polishing that Rahm turd, did ya? A few other folks from that sh!those have a differing opinion.
Emanuel's belated decision to grapple with Chicago's other monumental challengeunderfunded public employee pensionsresulted in massive property tax increases that deepened discontent with his stewardship. http://www.chicagobusiness.com/opinion/our-assessment-rahm-emanuels-mayoralty
It's almost endless...
Emanuel appointed Byrd-Bennett CEO of CPS in 2012. Three years later, Byrd-Bennett resigned amidst bribery allegations and involvement in a kickback scheme in which she steered $23 million in contracts to her former employer. Shes now serving a 4.5 year prison sentence. https://chicago.cbslocal.com/2018/09/04/rahm-emanuel-not-running-mayor-reelection/amp/
Just one more. Hey, let's look at what the 'anonymous' dead tree printed just six days ago...
Obviously he has his reasons. Its disappointing that he wouldnt rise to the occasion and address the challenges that this city faces, said community activist Jawanza Malone, who has openly criticized Emanuel for the closing of public schools and for not devoting enough attention to the rising costs of housing." http://www.chicagotribune.com/news/ct-met-rahm-emanuel-reaction-20180904-story,amp.html
Oh, I'm pretty sure the ballerina addressed the rising costs by raising property taxes.
RAT town. RAT mayor. RAT results. Booming economy? Ew, that's right. Almost forgot. It's all due to Hussein's efforts. So he says.
RAT town. RAT mayor. RAT results.
PACK,ENGORGE MY WALLET NOW...
STUFF your SOCK WITH PROMISES FOR TOMORROW..
Good Luck Suckers ! the DEMS tell you..
That was some amazing reality-free propaganda.
Chicagodishu is soon to be known as Caracas-by-the-Lake.
Chiarq is the home of
(american) Communist Party.
unbelievable levels of violent crime
and gave us B Onama, the Saint and Savior of... oh wait, he’s out of power now, so - the worst President in recent times. IOW, Jimmy Carter’s second term.
DOesn’t matter which Dems claws there way to the top of the manure pile, the place will continue to rot, form the inside out.
We have great cities, imagine what they could be under solid Republican leadership.
I think Rahm had been planning on using the Mayor’s office as a stepping-stone to higher things...not realizing that, as any good Chicago history class would have told him, being the mayor has long been a career dead-end, even under good circumstances.
Once in, I think he realized that Daley had left him a political and fiscal sh*t-sandwich, and was looking for either an economic miracle or some other office outside the city he could jump to, before Daley’s time bomb caught up with him.
Instead, he gets to go out as Chicago’s own Lyndon Johnson.
Booming? Does that mean part of the cut for the illegal gun sales that are being used daily?
And after all that he raised the dead.
Its easy to say these guys are delusional but if you look at the alternatives to Rahm you understand why they go with him.
Yes! The funeral business in Chicago must be booming!!
No. They will continue to vote demonrat and never get out of the rat hole.
“Instead, he gets to go out as Chicagos own Lyndon Johnson.”
Zat mean he now owns “ BALLOT BOX 13 “ ??...LOL
The Chicago Tribune Editorial Board is headed up by the America Hating Far Left Wing Liberal, Clarence Page. Page spent 8 years praising anything Obama said and played the racist card against anyone who dared criticize his God [Obama].
Chicago is one $Billion in the hole on pension funding. It will be $2 Billion down by 2023. Chicago cannot tap Illinois State funding for anymore money. Illinois is just as broke. The only option left, is a massive property tax increase to cover the debt. No one running for Mayor will tax about more tax increases, but it is the only source of new revenue for the city.
THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.
When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09
More here: http://online.wsj.com/article/SB124113406528875137.html
Pres Trump needs to to ask US Treasury officials what exactly Rahm Emanuel and Obama were doing there.
PAUSE TO REFLECT--- As taxpayers were being gulled by the TARP fraud, Obama had tight control of Treasury and spent trillions of tax dollars. Obama calculatedly placed his then-COS Rahm Emanuel in a dual role.......in the WH and at Treasury. Obama had a stranglehold on the US Treasury via COS Rahm Emanuel's dual role.
TARP UP CLOSE---FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout;
Abbreviations, acronyms, and obscure programs WRT Obama's $14 trillion Wall Street bailout
SOURCE motherjones.com --- Mon Dec. 21, 2009 12:23 PM PST
The price tag for the Wall Street bailout is popularly put at $787 billion---the actual size of TARP--the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside untraceable money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see MJ chart at web site. A guide to the pieces of the puzzle includes massive untraceable Treasury Department bailout programs.
Money Market Mutual Fund: In September 2008, the Treasury controlled by Obama/Emanuel announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokeragesas much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury controlled by Obama/Emanuel made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury controlled by Obama/Emanuel bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury controlled by Obama/Emanuel may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.
LONG READ---go to web site to read more and checkout the shocking financial charts.
<><>(1) using long-term financing to cover day-to-day expenses,
<><>(2) using bond proceeds to pay pension obligations, and,
<><> (3) misappropriating returns from the interest rate swap portfolio (a sub rosa ATM for paying the citys day to day expenses).
The stench from Chicago's poplitical sleaze is permeating the putrid city hall air... starting w/ Obama's ex-COS Chi/Mayor Rahm Emanuel. ....and remember, these kingpins of Chicago criminal politics moved into DC with Chicago kingpin Barack Obama.
ANALYSIS Bonding is eternal taxation----the insider deals bonding companies made w/ shady pols to get bonding business would tell a tale of greedy pols accumulating riches through massive govt corruption.If these bonding deals were effectuated by way of referendum at the ballot box----and misled investors into buying tax-fee muni bonds----the SEC would be interested.
Massive govt corruption might include forgery, falsification of official records, fraudulent state budget entries, tax evasion, illegal wire-transfers, misuse of public office.
Tax-exempt municipal bond investors (including public education bond investors)-- have legal grounds to sue if they were deceived about deceptive bond offerings. In many cases, bond issues are approved by voters---at the ballot box--so that voters may have also been misled WRT uses of fraudulent bond offerings.
Also culpable are:
<><> bonding companies underwriting possible fraudulent bond issues;
<><> banks holding possibly fraudulent bond proceeds;
<><> State/city's modus operandi in allocating tax-exempt bond proceeds,
<><> the sub rosa acceptance of bond proceeds.
<><> state/city vendors accepting possible fraudulent bond proceeds.
<><> publicly-funded state/city agencies advocating the uses of fraudulent bond proceeds.
The SEC, FBI, banking overight agencies, and the IRS, would be interested in the activities of state/city entities WRT bonding.
EMAIL---FBI TIPS PAGE https://tips.fbi.gov
Contact the IRS Fraud Unit
EMAIL Banking oversight agencies
Taxpayers should find out which Chicago banks are facilitating this.
<><> Which banks are designated the official repositories of municipal tax dollars.
<><> Which banks are dispensing the ill-gotten proceeds....and to whom.
EVEN IN THE DC SWAMP Valerie Jarrett STILL Received
A $36K Annual Pension For a Part-Time Chicago Transit job
dailycaller.com ^ | 2/17/2016 | Chuck Ross / FR Posted by rktman
Chicago is known for its L-train. But it's the gravy train that White House senior adviser Valerie Jarrett prefers to ride.
In addition to the $173,922 Jarrett earns per annum as President Obama's senior adviser, she is also paid an annual pension of $35,660 for the eight years she served as chairman of the Chicago Transit Authority, according to a Chicago Sun Times investigation.
Jarrett was appointed to chairman of the agency - a part-time position - in 1995 by then-mayor Richard Daley, whose brother, William Daley, served as Obama's chief of staff. Jarrett served as the former mayor's deputy chief of staff and was appointed to numerous other positions during his term. (Excerpt) Read more at dailycaller.com ...
That one Chicago pension check is what she'll admit to. Wonder how many transportation bonds were issued while Jarrett was at Chicago Transit? Her pension payout would pale against her hidden income from lucrative insider Chicago bond deals.
In his final days in office:
<><> Obama appointed Valerie Jarrett and National Security Adviser Susan Rice to the Kennedy Center Board of Trustees
<><> Deputy Ntl Security Adviser Ben Rhodes was appointed to the tax-funded US Holocaust Memorial Council.
The Obamaminions can't live by do-goodism alone (smirk). We demand to know how many US govt checks this motley crew of incompetents hangers-on is cashing. (including US govt payroll and pension checks.)
Its an old political trick to pad pensions, and, hand-pick people and put them on govt payrolls long after you think they're gone.
The trio's vouchers for reimbursement would also prove enlightening.
Remember, Obama gave his MIL a 200,000 US govt pension for baby-sitting his kids. She must be on several payrolls, too.
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