Reuters reported Friday that Illinois is considering using the Federal Reserve Bank’s new Municipal Liquidity Facility (MLF) for a pending cash-flow borrowing. The program is for states, cities and other municipalities.
But as we reported earlier, the program is only for solvent states and borrowers must provide a written certification that they are not insolvent.
We’ve been trying to envision the meeting among Pritzker Administration officers and staff when they found that requirement in the paperwork.
This wonderful old cereal commercial comes to mind:
Maybe the Illinois meeting would go something like this:
“I’m not going to sign that. You sign it.”
“No, you sign it.”
“Hey, let’s get JB to sign it. He’ll say anything.”
Audio and summary 
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
Expect no retraction or apology. This what they do.
Maybe Deutsche Bank can sign it.
I sign it if I get a huge pension and can move to Florida to live the good life on the backs of the poor honest hard working taxpayer.
Thanks all you fools.
That was a wonderful commercial. It’s nice to see something pleasant instead J.B.’s face all the time, constantly insulting and threatening our own people.
The state is not solvent yet nothing changes. Maybe it’s time to abandon hope for; (1) a constitutional change to lower/adjust public pensions, (2) a reduction in the layers of government, (3) a new law prohibiting public unions from striking. These are Wirepoints solutions for getting the state back on track to fiscal sanity. They are good ideas. They will also never be implemented by the Democrat liberal leaders. They would rather sit back and watch “for sale” signs pop up in Illinois neighborhoods and “closed” signs appear in small business windows.
Yes, I’ve been saying for years the Democrat mafia won’t cut their pensions, they would rather see millions of other taxpayers suffer dramatically 1st before bankruptcy. The longer they delay the worse it’ll get.
It’s a nice thought, but nothing will happen to the person that does sign it. With what I’ve seen the last couple years of zero accountability for malfeasance and criminal behavior at the federal level, it is clear that there are two sets of laws in this country. One for us and one for the politicians. They grant themselves explicit immunity from all kinds of things, and even if there is malfeasance they turn a blind eye, so that they themselves will get the same treatment if needed, one day. But they sure are tough guys when it comes to… Read more »
Amen.
It is just one large Ponzi Scheme.
Bernie Madoff is smiling today.
Everyone has their heads in the sand. People are in denial and just hear what they want to hear. With some structural changes, they might even be able to finagle a federal bailout of some sort for the pensions. Giving the IL pols bailout money now would be like throwing money down a rathole. Open the constitution. Cap pensions at 10 grand a month max, indexed to CPI. Cut all those receiving more now down to that level as well. Tax pension income as regular income. All future increases linked to same measures Social Security uses, no more automatic 3%.… Read more »