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.
Two words—Dems/ China
Yves Smith of nakedcapitalism dot com frequently says, and I paraphrase, that if your business model relies on someone else’s platform, then you don’t have a business at all. That goes for the Uber driver who can be suspended, to the Amazon seller that gets banned, to the facebook business that is downgraded. Relying on someone else’s platform for business means that literally overnight, everything you’ve built up, can be arbitrarily taken away, with no recourse, no contract rights, no damages, nothing. There’s virtually no analogue to this in the real world. In the business world, parties have written contracts… Read more »