-- 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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FTX Mf global. (LTCM. Enron. Countrywide Mortgage. Worldcomm. Theranos. Lehmann bros…..) Premise: selective oversight and selective enforcement of the law are debilitating cancer on economy. Be it new tech (crypto) or legacy (see above list), regulation is both necessary and insufficient. Solution 1.: complete deregulation. Buy a ticket, take your chances. No bailouts. Solution 2: complete regulation. Trust your government (as in Illinois) with omnipotent power to allow selective monopoly and monopsony special conditions exclusively for friends of the regime. Heads they win, tails you (taxpayer) lose. Solution 3: create a bypass system which tolerates thoughtful regulation, has a robust… Read more »
SBF is not surprising. He is a product of today’s the elitist educational system. Economics, fiscal responsibility, living within your means, none of that matters. What matters is adopting the “right” narrative; in this case the altruistic gibberish SBF spewed to cover fraud.