More Debt via Putzker
He isn't just destroying the Illinois economy. He's vaporizing it:
Illinois has announced $2 billion more in additional borrowing from the Federal Reserve Bank’s Municipal Liquidity Facility (MLF). Gov. J.B. Pritzker has informed the Fed of the state’s intention to borrow the funds before the facility expires at the end of December. The facility was put in place by the CARES act as a backstop for governments hit by financial market disruptions due to COVID.
While the presence of the Fed facility is credited with bringing stability to the municipal markets, the reality is only one state or city in the entire country has borrowed from the facility since its inception: the state of Illinois. All others have successfully raised billions from the traditional markets during the pandemic (New York’s Metropolitan Transit Authority is the only other government [entity] in the country to borrow from the MLF.)
Illinois’ increased reliance on borrowing follows the public’s rejection of a $3.1 billion tax hike referendum on Nov. 3. More debt, in the absence of major spending reforms, means a junk rating is increasingly likely for Illinois. No state in modern history has ever been rated junk.
Labels: money questions, state politics
posted by SCC at 12:01 AM
45 Comments:
JB Da hutt Prickster only knows how to cut a steak....barely!
Associated costs: Bonds rated "junk" cause a chain
reaction higher in insurance costs, diaster insurance,
ect. It's like witn a bad credit score: you're going to
pay a higher rate for car insurance.
Hey Illinois can’t pay back the previous loan! Don’t worry. We’ll just roll over your previous debt into the new loan. Interest? Don’t worry. We’ll just roll over the interest from the previous loan into the new loan. Of course since you failed macro and micro econ, we’ll have to charge you more interest and lower your bond rating to lower than whale shit. But don’t worry, if you need more money we’re here for you. Ya’ll come back now hear.
The Fed prints money and hands it to Illinois. What can go wrong????
I could care less about the billions that Illinois is borrowing. Let me just watch the kneeling NFL players and the NBA players who keep telling me I’m racist when I’m trying to make hyper-crime ridden neighborhoods just a tiny bit more safer.
Just kidding - FatFuck needs to be tossed out of office. We just need a crane that is strong enough to lift that mother fucker who destroyed our economy and way of life.
Why can’t Chicago news lead with this story? Every night and every day until it sinks into the mind of the average asshole voter.
It's our own fault, we elected a fat bastard, trust fund nincompoop that never ran anything other than his mouth. Just like Groot, a nincompoop that never ran anything other than her mouth. Gee, I wonder why the state has the lowest bond rating in the nation. They better hope Trump can't prove the election was stolen so they can get bailout money after the democrats steal the Georgia run off election.
So maybe Trump can put this in play. How about the MLF becomes the sole supervisory agency for select tax producing businesses? As an example, all businesses on Rush Street are allowed to open with no restrictions at the owners discretion. Then all tax revenue ear marked for the state/local government would then be confiscated by the MLF. Win, Win, Win, the MLF gets paid back, the businesses get to earn a profit, tax revenue can't be wasted by the retards in state/local government. Implement a policy like this state wide, and the debt would be repaid in a reasonable time.
Then Fatass and Frog eye can choke on their stupidity.
According to Forbes, Fatman is worth a little over 3.2 Billion.
Why doesn't he really pander to the SJW crowd and put his money where his mouth is? Why doesn't HE pony up the cash?
I mean, he's they type that could easily make a few billion dollars in a short time just like he did before... by suing his family for the money.
Exactly, why should these poorly run DemoRATic states get any money from the government, esp since they all hate Trump!!! Fuck them, they got into this mess, let them get out of it. Ask Madigan how!
Let the government start cutting...since we have government and City employees sitting on their asses at home doing nothing and still getting paid. Lets start by cutting spending on Link, those who file for bullshit govt funds, cut the salaries and perks of all govt officials (from governor to congressmen) start selling state property etc. This state is so fucked.
Fat chops has arthritis of the jowls from all that yardbird and stuffing he mashed into that giant maw. He doesn't like to spend his money but has no problem spending yours.
Debt obeying the law that you legislators put in place were democrats fuck you peons:
City dismissed red-light camera tickets against Chicago Mayor Lori Lightfoot’s security detail
https://www.chicagotribune.com/politics/ct-lightfoot-security-camera-tickets-20201130-ed5ui7guorgmtpb5bz54b2httm-story.html
Again and again proving lying Lori does whatever she he wants! Look at those gas hogging xl vehicles why not follow the talk you spew Larry green vehicles but your a proven dam hypocrite right? Your above the law as usual sickening and arrogant!
The painful cut is coming in your disposable income. Higher taxes and fees will drain that income level. All the while the Illinois municipal employees will continue to collect their full salaries for staying at home. All but Leo'so they get longer shifts, lose days off and vacation time. Those are the painful cuts Fatso was referring to. So where did the Great Big Fat One spend Thanksgiving?
It is blatantly apparent that the state of Illinois cannot tax and spend its way out of debt! The last time the state budget was balanced was under REPUBLICAN JIM EDGAR who followed REPUBLICAN JIM THOMPSON. The comedy crew, democrats, that followed and had control of the illinois house and senate has NEVER balanced the budget! This after adding expanded lottery, gambling, legalized marijuana, tollways and tolls, income tax, sales tax including used cars, fuel tax (FATASS doubled it since elected), utility taxes, and a host of others the public doesn’t even realize! All this while the states payroll has geometrically progressed higher, faster than the spread of COVID and with a worse effect on the taxpayers of the state of Illinois!!!
The state continues to go further in debt each time it raises taxes, borrows money, or expands employment and NEVER EVER OAYS DOWN ITS DEBT! FATASS shouldn’t be recalled, he should get Rod Blag’s old cell until he tots. He shouldn’t be alone, there are plenty of other greedy bastards in state and local governments as well!!!
Where's the pot tax money!!!!!????
Fuck this city.
And fuck ALL democrats.
May they both burn in hell.
Might a well dump another million illegals in Chicago,...Someone has to pay for them.
ayyyy, illinois cant cut any jobs or stupid programs that never worked to save money
The feds are just printing money without anything to back it. Remember, JB has destroyed the economy to save your life. I am so glad I am near the end of my life and will not see the collapse. I fear for my grandkids
YAWN.
Everyone calls JB names - their all true but, it does shit.
How does JB, Foxx, LIghtfoot, Kwama all get 'elected'. Through Fraud and the Dominion machines.
Even the police heavy areas voted heavily for biden - that makes no sense. Dupage/Kane voted heavy for Dem's but heavily voted down the 'fair tax' - my ass there isn't fraud.
Lol yeah he should cut CPD. Easy, done.
I think the CTU needs another raise....
Illinois voters do NOT want a balanced budget.
Remember what happened the last time an Illinois governer tried to keep state government on a balanced budget? They called him a dysfunctional, a nazi, a failure. One-term Rauner.
No, Illinois voters want the current mess. They tell us so every election.
Borrowing seemingly endless $ billions, trillions from the Federal Reserve Bank. It's not our US government bank, it's a private banking cartel, some of the top guys/gals are appointed by our "elected officials" (yeah right).
This constitutes a rather blatant form of "debt slavery" and is rather openly
Usury.
All of the great religions throughout history have tried to tame, end this horrible debt slavery, usury system.
The Islamic Religion simply bans usury and interest loans. Various forms of Christianity under kings or populist, nationalist governments banned usury and announced a "jubilee" where the debts of regular people to these usurious money lenders were cancelled.
The real Jesus Christ took a rather firm line on
Money Changers in the religious temple.
These last 20 years our country has housed and sheltered arguably THE worst money changer in human history - George Soros.
It boggles the mind why seemingly no American populist, nationalist leader has risen to actual power by identifying George Soros and Soros' "Open Society Foundation" as Public Enemy #1. Victor Orban and sensible nationalists in Hungary did just that - identified George Soros as the Star Wars Evil Emperor - Hungary gave Soros the boot and Victor Orban's populist, nationalists are very popular with regular people, but are suffering severe persecution by the corrupt EU.
They borrow the money to line their own pockets. He will have more covid tests and continue lockdowns. It will be just rich and poor. He sill make money off the covid tests, it's his company!
1 term governor. On day 2 after elected he thought to himself, “Why the hell did I take this job.”
Rich boy Pritzker thought it would be a fun hobby. But it ain’t.
If he only knew how many Illinois citizens can’t stand him. Especially down state. They way he talks to the public grandstanding with such elitist arrogance is unbelievable! “Do as I say not as I do” total hypocrite. He has no ability to lead and bought himself the position. He does nothing to improve Illinois and only wants to spend money not save it.
The fact that Illinois bonds aren't currently rated as junk is a joke. We are in the final 10 years of business as usual in this state. People are leaving at an increasing rate every year and when the tax base has eroded enough it will hit a tipping point where it is no longer sustainable. As the productive leave the leaches will exert increasing control and continue to elect idiots like frog face and fat boy. They in turn will continue to increase taxes and borrowing thus speeding up the death spiral. When rock bottom comes...and it is coming..there won't be any money to pay the bloated pensions.
I will observe this from across a border...when critical mass hits I don't want to get caught in the blast radius..
How quickly we forget. I read the comments about how Groot and The Fat Man destroyed Illinois and my brain screams bullshit. Illinois and Chicago were destined for failure long before those two idiots took office. Little Richie started the destruction of Chicago and George Ryan started the downfall of the state with the help of Mike Madigan. Groot and the Putz were just too stupid to stay out of the way so they will take the blame.
If you really want to blame someone, blame the Chicago Media Machine who cover for politicians and continue to push the belief that everything is fine and insist it is just a few small areas have issues because of poverty. Give them more money and it will be better.
VOTERS IN CHICAGO ARE IDIOTS! RIP Illinois!
Try and get a new car, or fridge or a even house financed on a credit score of 450. Think anyone will hand out money when the history paying debts is horrible? How IL keeps getting refinancing deals and allowed to borrow more....just to stay afloat. It just don’t make no kinda sense.
There’s probably a piece of legislation allowing a whole new kind of government bankruptcy clause in the works, not that bank debts would be wiped away but all the little guy incidental purchase contracts. Close knit vendors waiting years to get paid likely to get stiffed but also allowed equal bankruptcy protections because they’re also preferred vendors. The obama-Solyndra comes to mind. It makes for IL will get bailouts and only select vendors will be paid off, allowed to reorganize under a new program and never lose a red cent.
Larri is trying to piggyback on the this too. Spend like threes no tomorrow. Larri more than doubled the budget deficit in under a year even after getting $470 million in Covid’s bailout.
JB has plenty of knowledge and experience of shifty financing dating back to his fathers deals in Las Vegas hotel-casino business. Just think of the property deals that would secretly pop up when IL is allowed to fold on its obligations. Keep an eye on the IL Thompson Center, the shuttered Navy Pier and MacCormack’s Place.
JB is setting up his ducks in a row. Bet on him leaving along with Larri in April or May.
Its time to put a old business tactic to use, hostile take-over.
Always nice to see my tax dollars going to a worth while cause... and then there is this. You guys dig this hole, dig yourselves out.
On top of all this, since the beginning of the BIG FLU SCAM, I've noticed an inflationary increase of 20-30% on much of the merchandise I regularly purchase. That's an astronomical increase for such a brief time period.
Cash savings will be worthless soon as a period of overspending, the likes of which has never been seen or even imagined, is implemented by democrats via The Senile One. The Senile One was chosen as he will make the perfect scapegoat after democrats loot the economy.
Welcome to the new mostly democratic Weimar Republic brought to you by the Fetter Arsch Chancellor GOBBLES.
fat fuck!
On top of all this, since the beginning of the BIG FLU SCAM, I've noticed an inflationary increase of 20-30% on much of the merchandise I regularly purchase.
********
I agree - it seems like prices of everything has EXPLODED over the past year. Grocery store prices and restaurant prices have increased a ton over the past year or so. Why????? $15 minimum wage bullshit to do unskilled labor? Property taxes skyrocketing on businesses???? Is it the need to survive b/c businesses have to limit foot traffic to 25% or none at all? Fed printing dollars and devaluing the dollar like it’s 1974?????? All the fucking above????? What do you think?
Inflation is getting crazy fast.
Make no small plans.....
Chicago WILL go bankrupt, it is the easy thing to do for the pygmy to relieve pension debt.
If the state follows suit, it should relinquish statehood and revert back to a territory.
Anonymous said...
How quickly we forget. I read the comments about how Groot and The Fat Man destroyed Illinois and my brain screams bullshit. Illinois and Chicago were destined for failure long before those two idiots took office. Little Richie started the destruction of Chicago and George Ryan started the downfall of the state with the help of Mike Madigan. Groot and the Putz were just too stupid to stay out of the way so they will take the blame.
If you really want to blame someone, blame the Chicago Media Machine who cover for politicians and continue to push the belief that everything is fine and insist it is just a few small areas have issues because of poverty. Give them more money and it will be better.
Calling people who wanted to work anti-semite super spreaders while leading protests and Biden celebrations - they are in a class of depravity all their own. Every one who could, fled after the first pediatrician broadcast - hard to believe it was ever this bad before.
1 term governor. On day 2 after elected he thought to himself, “Why the hell did I take this job.”
Rich boy Pritzker thought it would be a fun hobby. But it ain’t.
11/30/2020 09:27:00 AM
He'll just buy the election again. Why? Because he can. And he is having fun playing his kind of fun. Playing dominoes with our lives is his kind of fun.
11/30/2020 09:28:00 AM
100% correct...they (downstate) know what a disaster Chicago is becoming.
signs everywhere...fuck you fat man!
Just remember this Fact, Illinois and Only Ten other states pay more Fed' income tax than they get in return of Fed program money to add to the state budget.
Anonymous Anonymous said...
According to Forbes, Fatman is worth a little over 3.2 Billion.
Why doesn't he really pander to the SJW crowd and put his money where his mouth is? Why doesn't HE pony up the cash?
I mean, he's they type that could easily make a few billion dollars in a short time just like he did before... by suing his family for the money.
11/30/2020 01:49:00 AM
Not that easy. His income is between 3 and 5 million. Rest of the money comes from a trust his grandfather started and is in one of the off shore islands. The trust really controls his wealth
Well it's almost over. The fatman has a 99 yard hail mary with no time left. And that's if the dems win both senate seats in Georgia. Unlikely, but they're very, very good at stealing things. Votes, big screen tv's, Louis Vuitton bags, etc.
According to Bloomberg:
Illinois has about $8.3 billion of unpaid bills, some $137 billion of unfunded pension liabilities, and its rainy day fund has just $68,459.
Rated as by far the worst state in the country economiclly I expect the fatman to throw the keys on counter and float off into the sunset soon. The only good part was that he sunk $53M of his own money into the "tax the rich" ad campaign. You know, $20 bucks for you or me.
he had to do that
I mean who would agree to have a huge tax levied on their wallets/purses when they know it'll just go to people who despise them and will do nothing for their quality of life...and of course increase the IOU load upon their necks.
but other than those, it was entirely doable
@12/01/2020 12:37:00 PM Fact - states don't pay federal income tax - the high income earners in IL pay it - I wonder what the ones who actually pay it (those left anyway) feel about feds bailing out states that refuse to cut spending and balance their budget.
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