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Poor Taxpayer
4 months ago

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
4 months ago

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

nixit
4 months ago

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
4 months ago
Reply to  nixit

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”.

debtsor
4 months ago
Reply to  Mark Glennon

Capitol Fax is more like the Capitol Fix, as in the ‘fix’ is in. Ironically, the name of the website still uses the word ‘fax’ showing how old, outdated and out of touch those people actually are.

Jockey
4 months ago
Reply to  Mark Glennon

I’ve said this before, why are state workers allowed unfettered access to the internet and Capitol Fax to complain about pensions all day?

They are squandering state resources and time and the tax payers see not benefit from this. The IG or media needs some snooping around on this.

Juicy Smollier
4 months ago
Reply to  Mark Glennon

Yes, the blank looks I’ve gotten from cop or (especially) fire pensioners that think that a complaint “They have to pay …” is funny as they believe the hype that money can come from nowhere. Obviously they haven’t looked at the math since it would cause too much pain. Mark, would a Fed bailout, even if it happened, just be to SS max per pensioner (139k)? How would anyone deal with the moral hazard of other US taxpayers being associated with Fed spending or federal reserve balance sheet expansion? The Federal Reserve would clearly be the “savior.” But they have… Read more »