Great Job Conehead
Just making it worse as he goes along - another downgrade:
Ratings agency S&P downgraded the city of Chicago’s general obligation debt late Monday, citing structural imbalance in the just-passed 2025 budget, limited options for new revenue down the line, and a lack of willingness among city leadership to cut spending.
S&P analyst Scott Nees said in a release that Mayor Brandon Johnson’s 2025 budget left a “sizable structural budgetary imbalance that we expect will make balancing the budget in 2026 and outyears more challenging.”
A downgrade isn’t only a reputational hit; It could also increase the city’s cost to borrow money for long-term projects like Johnson’s $1.25 billion housing and development bond, which is slated to go to market early this year.
The First Rule of Holes is when you're in one, stop digging. But here's Conehead readying a $1.25 billion bond to be sold via connected banks so that his people can get "their share" of the bribes, kickbacks and percentages that always accompany deals like these.
But don't worry - there's still one more step to go before total insolvency:
The BBB rating means the city has “adequate capacity to meet financial commitments,” according to S&P, but that the agency views the city as more susceptible to “adverse economic conditions.”
BBB is a step above the lowest investment-grade, BBB-, which is still a notch above junk.
That just means selling the last few items in the cupboard, like O'Hare and Midway, maybe even emptying the museums of artwork and displays.
Labels: money questions
posted by SCC at 12:05 AM
61 Comments:
We be Detroit!
My idea. You wanna take out big loans?? Take out big loans that make sense. Offer to buy back the parking meters. They have made triple their money already from the purchase. Offer 2 billion to buy them back then you control them again. The revenue will be able to pay the loans back in about 11 years. After 11 years you are back to making money. Do the same with the skyway. They sold it for a billion. That company has made 2.5 billion already. Offer to buy it back for a billion. Yes, you are giving money away but you are getting out of stupid business deals and will bring future revenue back once the loans are paid off. Once paid off, lower parking rates and skyway rates. You will still make money and possibly more because you will make it more attractive than private parking garages and people may utilize them more often bringing in more money.
Hey SCC,
Get this, person shot/illegally parked vehicle comes out over zone 6 at 56/california at around 2330. Guess what time the occurrence was at? 2030hrs. Dude was dead in his truck blocking south bound lane of traffic on California and it took 3 hours to finally get a call out about it. Add this to another fine job by conehead. Victim was Hispanic so you know he nor the media will bat an eye.
1). Everyone thinks they will continue to get pay raises.
2). The city is and has been in a death spiral.
3). Taxes and crime is killing the city.
4). Pensions with the city are in serious jeopardy.
Those are the top four that come to mind with hearing that information.
You should have to pass a credit check to run for Mayor. Who wants to bet this doofus has one in the low 600s if not 500s.
Speaking of poor money management, remember SCC's Englewood's lack of fire trucks (10/07/2024)? LA wild fire news 01/14/2025, reports 100+ of LAFD's 183 fire apparatus are OOS due to required repairs and lack of civilian employees to perform them thanks to budget cuts $17.4M foisted on LAFD by their current city admin. Anyone see a pattern?
Here’s where you can start selling off the assets:
“ Chicago spent $80K to renovate office for first lady Johnson as city faces billion dollar budget shortfall
Chicago faces a nearly $1 billion budget shortfall under Johnson's leadership
Chris Pandolfo By Chris Pandolfo Fox News
Published October 12, 2024 2:08pm EDT FoxNews.com
Sell Mrs Conehead’s furniture first. Maybe they could sell off City Hall too.
We're well otw to Detroit status. Johnson is done, the only thing that saves Chicago is the next mayor is a non progressive. Vallas was the closest thing to a moderate as Chicago will evervsee. The rest of the future candidates are all left of center, even the good ones.
Wait, wait, wait,wait!!! It gets better.
The city's finances are in the dumpster, city is a dumpster fire, Mayor CTU keeps blaming every White politician dead or alive, and he OK'd over $600M+ to be spent on the Migrants while we have homeless freezing in tents. Now it's reported CPS just pissed away another $4M on their new Chicago Board of Education meeting room.
CPS still can't find all of the 77,505 missing and lost laptops and tech devices at a cost of $23M with several now reportedly tracked in 109 countries. Not sure how they were tracked all of a sudden when CPS choose not to have the $3M in tracking turned on a year ago. Global thief ring?
Wait, what?
Yes, CPS-Times reporter Nader Issa, I mean Sun-Times, tweeted this on X.
https://x.com/NaderDIssa/status/1879306746864521259?t=JQtSQG8j0yL3tkzWOUeCOw&s=19
$4M was wasted on a futuristic Board room instead of rotating each Board of Ed meeting from school-to-school, using school auditoriums and gyms, and putting out folding tables and chairs for the Board to sit 20 newly elected or appointed Board members their fat asses on.
It's supposed to be 21 Board members, but. Mayor Step and 1/2 is holding back one spot, most likely for community scam artist Olga Bautista. She's a beaut.
Welcome to Bizarro-land.
Why not setup a permanent Board meeting spot somewhere at Douglass (32 students, 95% underutilized) or Austin (150, 90%) high schools to have the Board meetings?
After Detroit went into bankruptcy, the city tried to screw the pensions by leaving the unions out of the negotiations. The Detroit Police union went to the city with a list of assets to sell so the city could meet the obligation owed to the workers. On the list were all of the priceless works in the Detroit Institute of Art. Before that, the city had only been negotiating with the banks and bond holders, getting ready to fuck the unions. The city got scared and brought the unions into the negotiations if they promised not to force the city to sell all of the art. Soon after that was brought to light, the City of Chicago gave all of there art to a not for profit. The city doesn't own the art anymore. They took that off the table when they "gave" it all away. There was a small article in the Sun Times about it, about five lines, so it wouldn't draw too much attention.
Adverse economic condition equals,
Democrat run city,
Can we compare mayors with LA?
Democrats to blame, they deserve credit for fiscal stupidity
Absolute insanity. Anyone who supports or partakes in "sex work" is a twisted being. It is nothing short of depraved.
Good choice, voters.
Time to visit a Peter Francis Geraci law firm
Don’t Forget To Vote For The Illinois Flag!!!
SCC can you please move flag article to the top
Anyone notice the Chicago Boat Show was held in Rosemont this year? All the restaurant and hotel business lost. Not to mention parking fees, and union jobs lost that put up and take down the displays.
Stop giving outrageous pay and benefits to city labor unions. Labor unions have destroyed our city and country.
Stop no bid contracts. The majority of the city's contracts are no bid.
Cut the number of city employees across the board by 25%.
Create a Department Of Government Efficiency staffed only by billionaires and allow them to make all necessary changes. If you become a billionaire then obviously you are smart and know how to run organizations efficiently.
wonder if the lying liberal news will ever thank daley and the aldermen for that parking meter blunder ???
Maybe it's time to head out to greener pastures. It's not going to magically fix itself and no one will get elected that can or will. If you're counting on Vallas to save you, he won't....
Conehead said on his first day: ‘first you get the money…!’
You have to own up the fact the public sector unions are what's bankrupting the city and state. No way those obligations get met. It's only a matter of time.
How much is the city going to pay the victim of the beat down by one of their "peacekeepers?"
More questions than answers!
Coneheads latest approval rate, 15% which equals a 1 term loser of a Mayor. Put his picture on the wall next to Groot as the 2 biggest Losers in Chicago History.
Why would the investors want out of this cash cow?
"...unwilling to reduce spending...". That says it all!
Pensions are going to be a problem and don’t expect the public to go to bat to fund them if the comments on this blog concerning the fairness act is any indication. People who paid into social security wanted to get the pension they were promised. These are not connected people, but just cops, teachers and others who worked hard to provide for their families. The justification for doing this was they didn’t need it because of their public pension. These will be the same arguments to justify the reduction of your police pensions, after all don’t most of you have maxed out deferred comp accounts?
Conehead will never admit it, but the election of Donald Trump probably saved his bacon in the short term. The economy nationally will start being great later this year, which will help Conehead not go bankrupt in the near term. The city is still doomed, just not right now.
Next up will be a NYC style congestion tax to enter downtown Chicago. I know a lot more folks are working from home but the work trucks and delivery trucks still have to come downtown. The aldermen will bitch about, then approve it. The only drama is what year does this happen.
One notch above junk😳
I wonder what BBB stands for? I’m guessing, BAD BAD BAD
Just did a quick GOOGLE search and found "The Art Institute Chicago owns the artwork in its collection. The museums collection includes works from private collectors, benefactors, and artists who have given their work to the museum". How was it possible to give public assets to a private non-profit?
Hey, the CTU needs their cut. They got him elected after all!
Conehead is a worse mayor than Karen Bass
Another tool installed to manage the decline of the city. Democrats are evil.
No one gives up a cash cow. The problem with your idea is the public sector unions employees you have to hire with all the associated costs to run it. Couple that with the incompetence of public sector employees and it'd be a money loser.
I did notice and wonder why! Union cost? Crime ? Cost of using McCormick Place???
The current owners of the Skyway and parking meters know they got a super investment deal at a low cost and low risk which just keeps on earning them money. I'm sure they would sell if you offered them billions to recoup their current investment and future earnings. You might be able to make that happen, but no one is going to loan the city that kind of money to make that happen and make it financially feasible.
I'm sure that any lenders to the city will want to see a repayment plan. If the city does not have one they will have to put up collateral to protect their investment. Future tax revenues? Ohare or Midway?
Hahaha....
Too much sense. Soon all that will be left here are union workers.
Don't worry bout it, it's okay senor, no problem...
Speaking of the newly elected/appointed school board sitting in a $4M meeting room…could any of the SB members get a passing score on an ACT or SAT test. That should be a requirement. Yet, they are in charge of educational policy in Chicago. What a farce.
All the empty auditoriums in high schools throughout Chicago and Brandon spends $$$ needlessly. This from a guy who couldn’t pay his water bill on time.
maybe he should close some schools ,have one principal cover 3 schools,lay off administrative staff at cps. eliminate the driver position for all departments at streets and sanitaion,forestry,electricity . keep drivers for garbage collection.They actually drive 8 hours,not sleep in truck. eliminate deputy mayor positions,eliminateCOPA ,let IAD or CCSA office handle criminal complaints by cpd. eliminate positions at CFD, cut the bloated supervisory ranks, privatize ambulance services. Cut wages of tradesman, pay them the same as electricians,plumbers,carpenter,laborers make in private sector that work for factories,steel mills,high rise buildings. they are employed year round,no layoffs because of weather. water department can cut supervision. be privatized to take reading, not necessary to have union workers taking readings .
gaming is legal is our state,a city ordinance is preventing local businesses,city of chicago and state of illinois from profiting. chicago residents visit surrounding suburbs,states to gamble. LL and BJ are not the brightest mayors.
Everyone who is a taxpayer in Chicago, GTFO ASAP...!
Chicago never owned the art held by, for instance, the Art Institute of Chicago. Or MOCA. Similarly, New York doesn't own the collections of the Met. Detroit did have a large public collection. Why is this so confusing to ya'll?
Good. F-Rosemont. Keep Chicago venues in Chicago.
CPS bonds already have junk bond status See street white traffic lane, ,crosswalks markings not painted for years... Detroit here we are
What in the good fuck is the over paid DEI head of security, and safety Jadine Chou doing about the $ 23 million dollars in stolen laptops ? Nothing ! Why in the Fuck does she still have a job with CPS ?
They should also have to pass an IQ test (minimum 100). BJ would flunk that one.
It’s also crazy that it wasn’t happened upon by patrol.
What art assets does Chicago have or if you’re correct used to have? The art institute of Chicago has nothing to do with the city other than the name. So i don’t know what publicly owned artwork you’re thinking of. Even if it was true I would think it was some tiny portion of what is in the art Institute. As comment above says that comes from donations
Better call China!
Bedbug Bond Rating.
Conehead has a negative IQ
Conehead thinks he's Nino brown from new jack city..
Fuck you pay me.
Sell the Picasso in Daley Plaza... Bean...
Best and brightest DEI hires running everything! It's [their] time now! LOL. CPS gradumates.
They'll default on every loan. The good news is I'm sure your pension is invested in munibonds.
They have their own problems
The best bet is the south and west sides burn down and you don't rebuild.
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