Home WP Original Stories Wirepoints’ Monthly Crain’s Article: Chicago doubling down on dangerous ‘securitized bonds’ Wirepoints' Monthly Crain's Article: Chicago doubling down on dangerous ‘securitized bonds' January 19, 2020 9 Facebook Twitter Linkedin Email Print newest oldest most voted Notify of new follow-up comments new replies to my comments Poor TaxpayerI 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. Vote Up-2Vote Down 2 months agoGeminiThe very fact that those bonds have to be securitized in the first place is just scary. Vote Up-1Vote Down 2 months agonixitAnother 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. Vote Up-1Vote Down 2 months agoWillowglenI 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”. Vote Up-1Vote Down 2 months agoMark GlennonIn the past, I have tried to post that question there, asking why the don’t see the eventual struggle between bonds and pensions. But it got blocked like so many other comments that don’t fit the narrative there. Yes, I do think many of them think there will be a federal bailout. Others think their state constitutional protection somehow makes payments certain. And union leadership is forever telling them there has never been a failure to pay public pensions, blah blah blah…. Vote Up0Vote Down 2 months agodebtsorCapitol 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 Ironically, the name of the website still uses the word ‘fax’ showing how old, outdated and out of touch those people actually are. Vote Up-2Vote Down 2 months agoJockeyI’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. Vote Up-3Vote Down 2 months agoJuicy SmollierYes, 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 »Vote Up-1Vote Down 2 months agoMark GlennonI don’t know when that day will come, but it will come. They can indeed continue to paper it over for at least a few more years. In my view, it’s already happening. Just in the south suburbs where I grew up, hundreds of thousands of families have lost their home equity — most of their life savings. All my nieces and nephews have left for other states. They are having kids now and I won’t be able to watch them grow up. Countless people like me. Vote Up-1Vote Down 2 months ago Wirepoints Original Stories Who Are the Real ‘Covidiots,’ Rich Miller? – Wirepoints – UPDATED March 27, 2020 ProPublica was right to ask for hospitalization numbers, and so were we. View Comments (13) | Add Comment Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Sign me up for the WirePoints newsletter. Pending $2 trillion federal aid bill would single out Chicago from other Illinois towns and cities to get certain aid – Quicktake March 27, 2020 The Illinois Municipal League is angry, as they should be, about federal bailout money for Chicago as the only Illinois town or city to get federal aid. View Comments (1) | Add Comment Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Sign me up for the WirePoints newsletter. What next for Illinois? – Wirepoints March 27, 2020 The Coronavirus is a terrible crisis that threatens everyone, but the silver lining for many will be the clarity that only structural solutions can fix Illinois’ problems. View Comments (11) | Add Comment Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Sign me up for the WirePoints newsletter. Unacceptable: Illinois and Certain Other States Not Releasing COVID Hospitalization Numbers – Wirepoints – UPDATED March 27, 2020 We need daily hospitalization numbers and we need them now, on both people currently in hospitals and those who have been released. There’s no excuse for not having them. View Comments (18) | Add Comment Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Sign me up for the WirePoints newsletter. State of Illinois provides first look at possible revenue impact from downturn – Quicktake March 26, 2020 A revenue loss of $8 billion is a reasonable scenario – about 20% of the state budget – though it likely would be spread over several years. View Comments (18) | Add Comment Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Sign me up for the WirePoints newsletter.