-- 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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https://www.bloomberg.com/news/articles/2020-06-08/citigroup-sees-illinois-bonds-already-pricing-in-worst-outcome Citigroup Sees Illinois Bonds Already Pricing In Worst Outcome “When it comes to Illinois bonds, Citigroup Inc. says the worst-case-scenario has already been priced in, Bloomberg News reported.” * Priced in my a$$…the insiders are telling their clients to sell Illinois bonds while at the same time reporting that it’s a great time to buy because the worst outcome is already priced in (and getting more expensive to buy IL bonds too!) * I think we’ve seen this all before… “When the music stops, in terms of liquidity, things will be complicated. But as… Read more »