Quick Hits
Like a poker player who has gone all in on a bet that's too big to lose, the Daley administration is expected to explain to aldermen on Tuesday why it needs to quickly issue $1 billion in new bonds to prevent the expansion of O'Hare International Airport from folding.
With less than half of the mega-project completed, the city is running out of money and needs the bond deal to continue work. In the high-stakes game of Chicago-style airport expansion, the fresh money would basically buy time to keep the project going with the hope that the city will be able to persuade the airport's two largest tenants, American and United airlines, to sign on.
Clergy poking their nose where it doesn't belong:
Former Chicago Ald. Edward Vrdolyak had just caught a big break. After pleading guilty in a federal corruption case and facing the prospect of prison time, Vrdolyak listened as the judge in his case let him off with probation.
Vrdolyak is hardly the only politician-gone-wrong to turn to religious leaders for a character reference in court.
Another recent example: now-former Niles Mayor Nicholas Blase, who pleaded guilty after federal prosecutors charged him in a kickback scheme.
And finally, the democrats are about to get plastered in the fall elections. So what do they fall back on? Blame, lies, and spending more money. Led by Chicago product Obama:
- A combative President Barack Obama rolled out a long-term jobs program Monday that would exceed $50 billion to rebuild roads, railways and runways, and coupled it with a blunt campaign-season assault on Republicans for causing Americans' hard economic times.
GOP leaders instantly assailed Obama's proposal as an ineffective one that would simply raise already excessive federal spending. Many congressional Democrats are also likely to be reluctant to boost expenditures and increase federal deficits just weeks before elections that will determine control of Congress.
Jim Manley, spokesman for Senate Majority Leader Harry Reid of Nevada, cautioned, "If we are going to get anything done, Republican cooperation, which has been all but non-existent recently, will be necessary."
November is going to be interesting.
Labels: money questions, quick hits
posted by SCC at 12:02 AM
23 Comments:
on the airport bond thing, there's a easy solution: sell the bonds to the construction companies getting the contracts. they've got the money.
then, when the bonds come due, the city defaults.
happy happy, joy joy.
Teddy Kennedy was the only "Shovel ready" job.
Rule number one to sales: Create a sense of urgency.
Ya know like a used car salesman.
Better hurry while they last - if you leave now I can't guarantee the care will still be on the lot..etc..
We have an URGENT need for more cash, $1 billion dollars more borrowing. Hurry, pass this bill you don't have to read it trust me..heh.
Will the powers that be roll out the same road crew that tore up Meigs Field in the middle of the night - dispatch the jackhammers to Rt19?
"...with the hope that the city will be able to persuade the airport's two largest tenants, American and United airlines, to sign on."
Sign on!!?? We'll be lucky if United keeps Chicago as its hub!
The airlines are flying less. They told Daley this and told him that the expansion was unnecessary, but I guess the connected contractors and construction companies come first.
He's gotta make up for his bungling da 'lympics somehow.
Maybe his carcass will be part of a runway or something. No wonder he needs a bodyguard detail.
As a life long Chicago Dem I have seen the light and fled the Dem Party long ago. Several others who were life long Dems are joining the other rats leaving the ship. The experiment BO has caused the Democratic Party to be swept out of Congress come Nov and out of the White House 2012! America still has a chance to recover! I hope it's not too late!!!
I was listening to Mark Stein on WLS-AM, he had a great idea for a bumper sticker: If you hate your kids vote for (fill in Democratic Candidate)"
"With less than half of the mega-project completed, the city is running out of money and needs the bond deal to continue work."
So what. There are half-completed, abandoned, rotting condo projects all over town. Go look on the south side of the Eisenhower Expressway in Forest Park, directly west of Ferarra Pan Candy, and you'll see the pathetic, abandoned hulk of the Roos Building -- a huge old brick industrial dinosaur that proved too much for the developers to handle. The little stickers are the "CONDEMNED" notices from Forest Park. I don't think the half-supported north wall will block the Ike when it collapses, but it will cover the C&NW tracks that run right there.
Tha airlines don't want this -- why should we? Not a penny more. Everyone take your toolbox and go home. Let the torn-up ground alternate between blowing dust and frozen mud.
Screw it.
we're fucked, big time! just a matter of time before the dollar loses its value
1 BILLION DOLLARS! Let the simple understand the airport system is being run by a girl who was a former gofer for "silent Vic" Reyes the mayors former government inter-governmental affairs chief! The hired truck along with many other scandals broke but Vic emerged unscathed and andolino became a $200,000+ airport boss! Wow! The power of being "Silent"! Now we are being hosed for more money, but yet the pension funds,the police dept is what 3,000++ short,we have junkers to drive, no real bosses,etc...
Another quick rant Obama came to office hailed from Chicago,Arne Duncan came the same way to be his education secretary, the obama administration awarded 10 states over 500 million a piece for education we got nothing! Daley pulled the police detail from the presidents residence, Obama comes to Chicago rarely and eats with friends and family without being close to daley.
During the Bush years, President Bush hailed from Texas his town received money, the municipal police helped protect his ranch/residence and money came into town! We have killings happening,shooting always and no major funding rolling in! Why has daley and the 50 set up a wall to prevent all the bloodshed? Why has the national guard never been called out to quell the extreme violence? Why is the daley crime syndicate operating unabated? Daley and his minions make the old guard Mafia look like child's play compared to what he has looted from us!
What did people expect? Obama is an inexperienced figurehead who takes his marching orders from the Chicago Democrats. There is a an overall plan for these politicians that doesn't include us. They don't care what happens to the country or their constituents as long as they get their end.
Let me get technical here: the City's not on the hookfor airport bonds. The airports are separate entities that are controlled by the City, but the City is not liable for their debts.
Who's ultimately on the hook is the airlines, whose landing fees, etc., are determined by the operating costs of the airports.
Airport finance is weird and screwy. The City, for instance, cannot take money out of O'Hare. It all has to be spent there, which is why - just for a highly visible example - they spent hundreds of millions to put up that elaborate canopy over the departures roadway.
The long run danger: costs at O'hare reach a point where airlines want out. Then jobs follow, fares rise, and Chicago becomes less desirable as a business, convention and vacation destination.
The airlines have always seen the need for better runways and facilities. The reason they do not sign on is that they are sick and tired of being taken to the cleaners by city hall. The Dept of Aviation is flooded with high paid city hall hacks while there are less and less workers. ( gee, sounds like the CPD )
The airlines are rebeling over having to pay way too much, and have it fall apart due to poor contruction from Daleys buddies. They also dislike the reverends demanding 20-30% of millinons of dollars.
The construction co's getting the contracts are financing the smaller construction co's that cannot get any work now because if they don't, the banks that are floating on contruction co. mortgage money,would all collapse. That would be all but the largest banks in town. So forget that idea. They got nothing either.
Andolino says she's "confident that the Council will approve the bond request." Well, DUH! (As my teens would say.) The city council is just a rubber stamp for Shortshanks. Why would anyone believe otherwise? Another person (a la our own Aunt Bea) promoted way beyond her capabilities.
wow!you think that money could help hire police and improve public safety? i wouldnt let shorty-barry or the mighty quinn run a kids lemonade stand. surprised that they didnt get that land deal in chernobyl.
Vote Republican? Is that the solution? I don't think so. They are equally at fault and just as bad as their Democratic counterparts. There really is no difference between the two parties. They serve the same masters.
Republicans advocate fiscal responsibility. A total lie. President Reagan never vetoed a single spending bill. The same with the elder George Bush and senior Bush.
From 1776 to 1980 our total national debt amounted to 1 trillion dollars. From 1980 to 2010 our national debt is now about 14 trillion dollars.
America is in deep trouble. Very deep trouble. And most Americans don't realize it.
To this day I won't forget Pelosi's idiotic remark about the trillion dollar health care bill that was shoved down American's throats, in essence:
"we'll read it after it gets passed"
These are ELECTED LEADERS of the greatest county in the world and she says it's ok to vote for a bill no one has read all the way through, page by page. It's OK to do this even you don't know exactly what is in the bill. That is truly the dumbing - down of this country.
Hopefully with Shanks not running again this ridiculous idea gets shit canned.
Ohare Terminal 3 is DEAD. Minimal flights, is it because of new runway construction? How many airlines left Terminal 3 and consolidated with 1 & 2? The Airlines know what's needed and their priority is not new runways. Somethings up with ShortShanks sudden annoucdment of not running again and the push for a quick bond issue for the airport. The payoffs are late and the juice is huge, there's an urgency here and Shanks is running out of payola. But he won't be tapping that campaign fund though. I believe this City is done, as well as the State.
GET REGISTERED AND VOTE.
"...she says it's ok to vote for a bill no one has read all the way through, page by page. It's OK to do this even you don't know exactly what is in the bill."
On top of that, it's apparently okay to not bother to read it when
a) You're not affected by the bill
and
b) It's not your money
VOTE OUT ALL INCUMBENTS. It's time to clean House (and the Senate)!
"There really is no difference between the two parties."
Another argument for term limits.
Regardless, it's time to clean House (and the Senate)!
Vote out all incumbents. It's the only thing either party understands.
"...and Chicago becomes less desirable as a business, convention and vacation destination."
That's already happened. Between the high costs of holding a convention here, the racket of getting businesses to stay/open here, and the violent crime (remember the Irish gal who got her head caved in while walking through a "safe" neighborhood?), Daley & Company have already made it so much less desirable for anyone to come to Chicago, for any reason.
"Another quick rant Obama came to office hailed from Chicago,Arne Duncan came the same way to be his education secretary, the obama administration awarded 10 states over 500 million a piece for education we got nothing! Daley pulled the police detail from the presidents residence, Obama comes to Chicago rarely and eats with friends and family without being close to daley."
Man, it's GOT TO SUCK TO BE DALEY!
His own cronies cutting him out of the deal, turning their backs on him.
His approval rating in the toilet.
Nothing left to steal.
But at least he made a lot of his friends rich. He's probably got a few bucks himself.
It won't be until after he's gone that the full extent of the financial damage he's done will come to light.
Hopefully some/most of it will have been unlawful and the discovery is made within the statute of limitations.
Would've been better to see him leaving in handcuffs...but there's still time!
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