Best February in 7 years for local home sales (Springfield: refinance, neighborhoods)

[chet everett]

"
“The pension crisis has grown so severe that
it is now unfixable,” former state attorney
general Tyrone Fahner, the committee’s
president, wrote. “We do not make that
statement lightly. It is an honest statement
that no one — not our legislators, nor our governor, nor labor leaders — is willing to
say publicly.” The memo said workers putting money into
the retirement accounts will never see the
payback they were promised. “It’s not melodrama, it’s fraud,” Fahner said
in an interview with The Associated Press.
“They’re paying under false pretenses.” Fahner acknowledged that even with a
pension debt estimated at $96 billion, the
problem is mathematically solvable. But to
continue trying to catch up, Illinois must
pay $6.7 billion next year — about a fifth of
the state’s general revenue — and that amount will top 40 percent by the beginning
of the next decade."
Civic Committee: Illinois pension system 'unfixable' - Breaking News - Springfield, IL - The State Journal-Register

Originally Posted by long101

I agree with Chet that our pension issues are enormous and embaressing us as a state. But as you state they are fixable... My biggest gripe is that they arent being fixed... Everyone knows that this is getting worse everyday, but we keep kicking the can down the road. This isnt specifically an IL problem, but an American problem. We need to get someone in office that can keep everyone in the damn room till it gets figured out.

[jdiddy]

Was talking to a coworker yesterday who put an offer in on a home in the south loop that needs a lot of work. There are currently 4 other offers already on the home.

[williepotatoes]

Originally Posted by chet everett

"
“The pension crisis has grown so severe that
it is now unfixable,” former state attorney
general Tyrone Fahner, the committee’s
president, wrote. “We do not make that
statement lightly. It is an honest statement
that no one — not our legislators, nor our governor, nor labor leaders — is willing to
say publicly.” The memo said workers putting money into
the retirement accounts will never see the
payback they were promised. “It’s not melodrama, it’s fraud,” Fahner said
in an interview with The Associated Press.
“They’re paying under false pretenses.” Fahner acknowledged that even with a
pension debt estimated at $96 billion, the
problem is mathematically solvable. But to
continue trying to catch up, Illinois must
pay $6.7 billion next year — about a fifth of
the state’s general revenue — and that amount will top 40 percent by the beginning
of the next decade."
Civic Committee: Illinois pension system 'unfixable' - Breaking News - Springfield, IL - The State Journal-Register

Chet, I noticed you left out the second part of this 5 month old newspaper article concerning ways to "fix" the problem.

[chet everett]

Funny that someone given toward one-sided, mindless boosterism / happytalk finds fault with a direct quote from a respected civil prosecutor ...

I also am quite amused by anecdotes about "multiple offers" when, should one visit the real estate threads on this forum, even respected real estate professionals admit that their less-than-ethical peers have been known to use this as tactic to motivate reluctant buyers ...

I live in Illinois, was born here, have considerable equity in a home here, will stay here until / unless better overall employment / living costs DRAW me somewhere else. If others choose to ignore the warning signs that is their folly. I literally had a conversation this morning with a neighbor that is a partner in a well known trading / investment firm that senior leadership had a presentation from a business group in Toronto about the advantages of relocating to that city. If Chicago loses jobs in the financial sector the end game will not be pretty...

[williepotatoes]

Originally Posted by chet everett

Funny that someone given toward one-sided, mindless boosterism / happytalk finds fault with a direct quote from a respected civil prosecutor ...

I also am quite amused by anecdotes about "multiple offers" when, should one visit the real estate threads on this forum, even respected real estate professionals admit that their less-than-ethical peers have been known to use this as tactic to motivate reluctant buyers ...

I live in Illinois, was born here, have considerable equity in a home here, will stay here until / unless better overall employment / living costs DRAW me somewhere else. If others choose to ignore the warning signs that is their folly. I literally had a conversation this morning with a neighbor that is a partner in a well known trading / investment firm that senior leadership had a presentation from a business group in Toronto about the advantages of relocating to that city. If Chicago loses jobs in the financial sector the end game will not be pretty...

Chet, you did read the article right? The part where the respected former prosecutor says the problem is mathematically solvable? Or doesn't that fit into the "apocalypse Illinois and apocalypse Chicago" themes that you so obsessively push.

[chet everett]

Every day that a solution is not worked out the problem grows worse by $17,000,000.

Taxes will need to increase. Under most of the proposals that increase is so dramatic as to be detrimental to home owners and businesspeople.

"MATHEMATICALLY" it possible to drive a Bugatti at speeds over 200 mph, the practical problems of finding anyplace that would allow one to do so and the fact that doing so would drain the fuel tank in a very short time means that even the extraordinarily wealthy that own such vehicles are unlikely to ever do so.

The demonstrated incompetence of Illinois voters is perhaps the single largest practical impediment to solving our financial crisis.If this does not give anyone contemplating any kind of home purchase or even extended business commitments in Illinois reason for concern I can only assume that they are unwilling to face reality. Of course failure to face reality is exactly why so many low information voters in Illinois continue to elect literal criminals like Ryan, Blago, and Beavers...

[rparz]

Well Chet, you're right. It's hopeless, there is no fix.

Time to turn out the lights, leave the city and look for greener pastures on the coasts. Chicago the dream is no more.

[chet everett]

The complacency of folks that fail to acknowledge the magnitude of the problem would seem to suggest, if anything, I am not alarmed enough!

Look at the links above -- an SEC charge of fraud, state prosecutors and business leaders that quite literally say there is no means to solve the problem, jailed former governors an other elected officials and still the rose colored glasses crowd is willing to tip back their beers and talk about how pals are getting outbid on real estate purchases. Party On!

[rparz]

Perhaps if we whip it up enough on an internet message board you'll see Emanuel and Quinn realize there is a problem and get together to figure it out.


Or, I've got a slice of Gino's east and a pitcher of beer that says the game plan is to kick the can down the road to the next election.

[williepotatoes]

Originally Posted by chet everett

The complacency of folks that fail to acknowledge the magnitude of the problem would seem to suggest, if anything, I am not alarmed enough!

Look at the links above -- an SEC charge of fraud, state prosecutors and business leaders that quite literally say there is no means to solve the problem, jailed former governors an other elected officials and still the rose colored glasses crowd is willing to tip back their beers and talk about how pals are getting outbid on real estate purchases. Party On!

You're being silly now. Almost every concerned party from the Civic federation to the Trib editorial board has proposed roadmaps to address this, and few if any propose significant tax increases. You best get a script for a good blood pressure medication, because the pension problems will be with us for many years to come. Solutions and relief will come incrementally.