-- 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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BOA will be waiting until Hell itself freezes over before seeing one thin dime from perpetually broke Cook County.
B Of A should go after Crooked County Board President personally
The irony is that terrible loans were not the result of discrimination, but rather, overzealous loan origination. It was anti-discriminatory to hand out loans like candy to people who could hardly support them, lest they be called ‘racist’.
I understand from a mortgage loan broker active during that period that the criteria was ‘can they fog a mirror?’ He bragged he could get anyone, and he meant ANYONE a mortgage no matter what their circumstances or the probability that they could repay the loan.
Questioning the ethics, he told me he had to support his family. The guy was making money hand over fist; basically a lowlife who was in the right place at the right time with the right code of ethics: none.