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Poor Taxpayer

I was told by a rich pensioner that if I do not like it I can “MOVE”. So I did, Illinois will never get a penny of my tax money again. So long suckers. Best day of my life is when the movers came by and I got on an airplane to start a better life. The fruits of your labor belong to you not some greedy cop, firemen or teacher.

Gemini

The very fact that those bonds have to be securitized in the first place is just scary.

nixit

Another great article that simplifies the complicated bond world for the masses, Mark.

Regarding the statement “Others liken it to a sale of body parts”…maybe Chicago assumes it’s an octopus that can simply re-generate its tentacles that will extend to reach other revenue sources.

Willowglen

I wonder what the Capitol Fax crew generally thinks of this article. Reflexively, they likely dislike it intensely. But current and future pensioners – unsecured claimants – now sit behind senior and junior liens. Pension defenders have to realize just how risky this scheme is, but deep down they are likely relying on a federal bailout, so little niceties like property law don’t matter. As Trump said to Pritzker at a governors conference, “Nice State you have there”.