-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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More Neanderthal thinking from the Dictator
Calling JB a neanderthal is an insult to neanderthals. Our ancestors were tall, strong warriors who fought and killed big game like mammoths and saber tooth tigers. JB is a morbidly obese weakling who inherited his money, flies on private jets, and can never admit he’s a loser.
The moratorium is too heavy handed because it prohibits landlords from evicting tenants who are perfectly able to pay. There should always have been a requirement that the tenant make a showing of financial hardship. This requirement would result in a need for fact-finding by the court and create added legal cost. The added costs might prompt those with assets to negotiate settlements (pay something and exit the premises). Those who fail to settle could be faced with money judgments which landlords could pursue as collection matters and there would be collection agencies and contingent fee lawyers eager to go… Read more »
Cram down property values by inflicting punitive conditions, forced sales at cheap prices then can be gobbled up using highly leveraged borrowings from politically friendly banks.
When ownership changes hands punitive conditions may be modified.
Some ancient history: During the depression many people were out of work and without income, and many others who were working were paid with scrip rather than actual money. Many properties became available to those with cash at tax sales, as scrip was not legal tender for property taxes and landlords could not collect rent from people without cash. Politicians and insiders were paid in cash and were able to buy up property for pennies on the dollar at tax sales. They were able to buy properties from the county before they went up for public sales back in the… Read more »
Good point. I think 2008+ was more sophisticated, same church different pew.
In the immortal words of Burr in ‘Hamilton’ and (paraphrased) Jessie Pinkman:
“No one else was in the room where it happened, the room where it happened…”
and,
“Yeah, History, b****!”.
There were also “favored citizens” who were allowed to buy up scrip for cash from desperate teachers at 10 cents to 50 cents on the dollar,
““Many of them are struggling, many of them will face foreclosure, even property tax sales over the coming years,”
I believe this is the goal.