-- 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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A 25% loss on AAA CMBS in mid-town Manhattan. Look out below. When you hear the commercials pitching you high-quality commercial real estate investment opportunities, remember this article.
you got Kaegi trying to sugar coat the downtown real-estate turd in today’s Crains lead story (https://www.chicagobusiness.com/commercial-real-estate/west-loop-assessments-show-kaegis-rosier-view-downtown-offices)….looks bad for chump homeowners prop taxes payers
Wait till you hear the lies about taxes from our old friend Zippy and partners in crime.