If Chicago Were a Bank
Slow news day, so how about this - you want to know how scary the financial situation is here in Chicago?
You probably don't, but here's a few interesting pictures from the article:
You probably don't, but here's a few interesting pictures from the article:
Not only does Chicago start in a bigger hole, Chicago keeps digging itself deeper.
Go read the article - it's a sobering look at what the future might hold.
Go read the article - it's a sobering look at what the future might hold.
Labels: money questions
posted by SCC at 12:01 AM
48 Comments:
Chicago is a bank! Its gets robbed everyday by politicians!
Those that can't be paid won't . You better have a plan B .
Fear not Rahm and his Rahmenomics will boot that can down the road.
Shortshanks and Rahm should be in prison.
If your young enough get out now. Don't be stupid, leave and don't look back.
but atarting in 2011 there's an incease in the decrease or a decrease in the increase - depensing on how you look at it... only 50 more years to... oh
Chicago is to big to fail, the President and the U.S. Congress will never allow it to fail and go into bankruptcy. The feds will bail Chicago out.
Keep voting for the Democratic Machine. They love to steal money and give away what's left over to their buddies. Can't wait to retire, I'm going to Detroit.
Bankruptcy for the city and for the school system is coming, probably within 10 years. There must be pension reform for city workers with exception of police and fire and teachers. There is no reason truck drivers should get a pension and retire early as well as clerks and laborers. The teachers do not want to pay into their pension so the city should stop picking up their share. Let their system collapse they will wake up.
and if illinois was a person... it would be poorer than a bust-out hype with a dolla.
The Daley-Emanuel Democratic death spiral continues.
I love the fact that Chicago democrats keep finding ways how to pick pocket the citizens who keep Reelecting politicians who personally do have the best intentions for the people who the represent. Please note, I moved out the city back in 2013.
Does anyone think they will have a pension in 10 years, my guess is nope in 8 or 7
I'm surprised it's that good. I thought it was way worse.
Very good presentation of the problem. Where is the goof from the other thread who wants to talk about the vibrance of Chicago and the booming real estate development in a number of areas. Debt is the elephant in the room folks. It is unmanagable which is why the bond ratings are in the tank. And it was Leslie Munger who said about two or three months ago she will have at the state level $10 BILLION in unpaid bills in Decmember and NO money to pay them. No go buy some property in Chicago and Illinois.
I said it before, I'll say it again, the city is not broke! It has money for their wants and never for the needs! Where is the transparency with the TIF funds?
Don't even think about asking about your pension
Its the pension system. Raise the minimum retirement age to 55, or even 60.
Our finances are in the shitter because so much of the revenue generated (that once went into the General Fund) is now in TIF's.
Chicago is doing just fine. Just look at all of the neighborhoods with very high property values and now very high rents. There are luxury apartment buildings being built all over Chicago. Downtown Chicago is vibrant and full of energy and there will be a net increase of 8000 luxury apartments in downtown alone.
More neighborhoods are gentrifying at an accelerating rate. McDonald's will relocate their world headquarters to downtown Chicago. The sky is not falling. Any comparisons to Detroit is pure hyperbole.
The city isn't a business. It's not expected to make money. Want more revenue? Raise fines and taxes! Would you feel better then?????
Also, accounting procedures make it very easy to make it appear as if the city is poor. If they showed they had lots of cash then workers contracts that go to arbitration would win big. Does the city look broke??? The same Idiots that fall for this are the same ones who think our pension won't be around. Can you imagine that?? "Dear CPD, we won't be paying any pensions anymore but enjoy your day of work with no hope of retirement." Now what do you think would happen to the city if that happened??? LOL.
The day you should worry about the city not having cash is the day they stop doing things like putting flowers in those planters- figure it out blind mice!!!!!!
If you ran your personal finances that way guess what. Chapter 7 or 11.
How about naming rights for 'Chicago'. Like: Chase Bank City, or BMO Ill, or my favorite, Wells Fargo Town. When that is done, start renaming the streets....neighborhoods, etc.... WOW Rahm could retire and hang out at 'CashNET USA field (Wrigley) or 'The General' field, (old Soldier Field).
Wow!
Because everyone is flying the fuck out of there.
If I were working the job, I wouldn't count on a pension being there for me. Best case scenario is that you'll get a percentage of it. Put that money away in an IRA. Don't buy that boat/motorcycle and sock that cash away.
Those places have casinos. Thousands of people leave Chicago every day and gamble hundreds of dollars in Gary and Hammond IN.
Remember Trump telling the black folks "What have you got to lose" (by voting for him)? They'll continue to vote democrat until the city goes bankrupt and there'll be no city services, like police, fire, ambulance, lights, water...
Stay safe Officers, but consider getting out of Illinois.
J.J.
Interest payments making Crap Chicago a goner.... in the bankrupt hole.. Notice how CPS gave Chase an easy $20Million to borrow in a no bid /auction deal to buy CPS debt
apply for foreign aid. after all chicago is a sanctuary city.
Just like the federal govt all run by Democrats. The peeps will still vote Democratic nothing will change.
The country is 20 Trillion plus in debt then you have the Vice President debate where criminal Hillary weasel acting like a child constantly interrupting a great man Mike Pence 73+ times:
http://www.foxnews.com/politics/2016/10/05/kaine-interrupter-hit-for-debate-demeanor.htm
These 2 are both really pos anti-police the only chance of change is Trump this is really insane how they are tied in polls over/under on the criminal Clinton crew stealing election to finish destruction of America?
To the Mongolia who posted at 0:01:02, laborers work a hell of a lot harder than you do, you office bee-yotch. You police who protect the politicians don't deserve a pension.
It is not so much Chicago failing, for as one already pointed the feds won't allow it to happen because Chicago is too big to fail, as are some other major cities. However, the spiral will impact the citizens in the form of higher taxes, fees, penalties, and user fees. There is saying, 'Hurray for me and fuck you'. The pols live by that when stealing monies from the public in the form of taxes, fees, etc, etc to pay themselves, their cabal, and the pol campaign contractors doing work for the city.
I am disturbed by the stupidity of our society and the desire of the media to spin the malfeasance. Sheep are some of the most ignorant animals, I've been told.
How far back do you have to go for Chicago to be in the black? That would be an interesting stat to add on there.
To: 0102am:
No reason truck drivers and laborers deserve a pension? What are you an asshole? Why do you deserve a pension?
Even if the feds bail Chicago out...you still pay.
Wait until the folks elect PrickWrinkle. Now there's a "It's Our Turn" spendthrift. Todd Stroger Jr & Hog Balls Willie Beavers may make a comeback.
What we don't know is how much money the banks and brokers are making off Rahm's continual borrowing.
Money funneled offshore and commissions paid in advance in the event there's some castotrophic financial crash.
Keep in mind how financial wizard Rahm tallied $16 million as a US Rep. using his committee info to dump his Freddie Mac stock before the market crash in 2003. He knows how to enrich himself at taxpayers naivety.
Real simple Martha Stewart (Clinton Democrat) went to jail for similar deal and it wasn't even for gains but to avoid losses. Lied and covered up, like Hillary and got sentenced for obstruction, unlike Hillary.
Future of Chicago is and will always be dismal.
Here's reform by a punk alderman Trump invested hundreds of millions now he wants his sign torn down:
http://www.chicagotribune.com/news/local/politics/ct-donald-trump-honorary-way-remove-1006-chicago-inc-20161005-story.html
Gee alderman how much have you done to reduce crime? Hire police?
I know what I'll do I'm going to hit my district with enough parks that I'll save the city then I'll get an award and make sergeant once a sergeant I'll brown nose to LT. once I get there I'll still write parkers as a Lt. and become commander once I'm a commander ill motivate all the po under me and I'll get the attention of the mayor and he'll pick me to be the next supt. Hahaha I bet nobody even thought of this before I'll show all of you.....to be continued
How long before real estate prices collapse?
Glad your pension fund is fully funded?
I am sure that they will meet all their promises.
I'm not police or from a police family, but I very much appreciate the work that police do. From that standpoint, PLEASE, if you are appalled by what is going on in Chicago and hate the Obama/Hillary/BLM bashing of cops and worship of thugs, do your best, if possible, to leave Chicago (or any other liberal bastion) and seek employment in a red area (they exist, even in liberal states) instead.
If you look at the long term picture, the situation in this country is moving towards eventual civil conflagration. Productive versus unproductive. Rural versus urban. Liberal versus conservative. There are two ideologies (traditional American capitalism and western civilization versus Marxism and multiculti globalism) up for grabs here, and each is anathema to the other side. It won't settle peacefully. It can't because they are polar opposites and no compromise is possible. One side has to lose, and lose big. I don't know when (obviously), but sooner or later the dam will burst. It already has a lot of breaks.
It is becoming time to tribe up with people of a similar mindset. There are a lot of us, especially out here in rural flyover country, who are as disgusted as you about what is happening in our country. We need LEOs like you on our side and in our communities. Our towns tend to be smaller , and they tend to not pay as much, but they are also much more peaceful and better places to raise a family. Lower cost of living too. If you are able to up stakes and move, do it. Get while the getting is marginally good, and move where people actually respect and appreciate you. Either stay in law enforcement or use your various peripheral skills (and there are a lot, you guys wear a LOT of different hats as part of your job) to find other meaningful employment.
The cities will burn anyways, no reason you need to be there to see it happen. They aren't fixable, and they hate you for trying. Eff 'em all.
if you're a commander in 007 or 011 and the homicides in your districts are higher than most major cities, you get promoted
These comparisons are not useful if you do not compare the changes in revenue debt and spending as a percentage to the total revenue, debt and spending. Compare these percentages of each city. Then you might have something to talk about.
Time to move
As bad as Rahm is, Richie robbed this city blind with the help of Madigan and Burke. Rahm was just too stupid to realize there was no way he could crawl out of the hole. If Rahm had half a brain, he would have Richie and he cadre behind bars.
@5:37 PM
Wisdom in these comments. The orgy of mismanagement for last 8 years has taken this country to the brink. The edge has begun to crumble. Normal social constraints are failing. Good is bad, and bad is good. Free Speech has given way to Politically Correct speech. Freedom of religion has given way to freedom to disrespect religion, especially if the religion involved is Christianity.
We live in a complex society. To expect the Federal gov't to continually step in to "fix" us is sheer folly. 99 times out of 100 what the gov't fixes ends up worse than before.
Who among us eats rotten fruit? If the rot is small enough, cut it out. If there's too much, throw it out. We are well past the 'cut it out' stage.
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