-- 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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Aldermen need to step up to the plate if the banks seem discriminatory to them. How about they lend homebuyers some of their millions.
Yes, demand lending to unqualified borrowers, and then, well, just hope for the best!
Debtsor – that worked so well in 2008. Mortgages with no underwriting. Derivatives ratcheted to these lousy MBS’s. Almost collapsed the global economy. And why does anyone think it is good policy to extend loans to people that cannot pay them? It actually puts them further in the hole. Of course, cue the narrative about discrimination and that being the reason behind the disparities and the like (and I don’t deny abuses like redlining and other lousy behaviors, some of which likely continue to this day), but credit scores really matter and are a very good indicator of future behavior.… Read more »
Bad credit scores come from not paying bills on time. It has little to do with income. It has everything to do with living within your income. Sure there’s a mix of credit limits, and types of debt, but in general, paying your bills on time will give you a good score.
*bad credit scores can also come from a lack of credit, but that’s a young persons and old person’s problem, at least rich old people who pay cash for everything…for the rest of us involved in the econony, our credit scores are determined by paying bills on time.