By: Mark Glennon* The U.K.’s central bank was reported today to be considering expanding its stress tests to include pensions. Stress tests are done by central banks to gauge systemic threats to a nation’s economy under different scenarios. Memo to Fed in case you’re considering same for U.S. public pensions (and we know you read WirePoints closely): No need to bother. Calling it “stress” would be looking backward. It would be more like examining a Post Dramatic Stress Disorder victim at the morgue. We already know public pension unfunded liabilities exceed any Wall Street scam ever —
Chicago has rarely enforced its current snow shoveling ordinance, according to a 2014 NBC analysis, but during these cash-strapped budget times, City Hall is looking for more and more ways to generate revenue.