What is your opinion on Bruce Rauner? (Chicago, Union: leases, new construction)

[dtcbnd03]

Originally Posted by Liledgy

.

I believe that that's what RUINER wants

He probably does. I work as a restructuring & turnaround consultant and I can tell you bankruptcy has been the best thing for some companies. It breathes new life into a company that would otherwise go out of business or be forced to liquidate. I can name numerous companies that have emerged from bankruptcy healthier and stronger than ever with new leadership (while the old people who failed take the blame). I kinda hope Illinois goes this route as well because we'll never pay back $200 billion....and Rauner smartly knows it. So we file for bankruptcy...shed debt...rightly blame Madigan...and emerge with Rauner stronger than ever!!!

[BRU67]

Originally Posted by dtcbnd03

To change up the conversation a bit...Puerto Rico filed for bankruptcy on May 3, 2017. This is ground breaking because:

1. States/territories are not allowed to file for bankruptcy. Only cities can file for Chapter 9 bankruptcy (like Detroit).
2. This is the largest US Bankruptcy in history. Puerto Rico's debt is $128 billion. Detroit's was $18 billion.

While I'm sure there will be a long and lengthy legal battle...and I realize Illinois has a better GDP than Puerto Rico...do you all think this is the eventual path for Illinois? I do. Given the gridlock in Springfield and the inability to change pensions without a constitutional amendment I think this is the only route and many states will look towards Puerto Rico for guidance to shed this debt.

I certainly hope this becomes an option. However, it really would not matter here if we keep electing the tax-and-spend stooges who got us into this mess. And of course we'll still have the politically appointed judges who rule on whether we can do things like this long after we elect them out of office.

I really think we could get out of the quagmire we are in without bankruptcy - if we had the political will to do so.

[flamadiddle]

Originally Posted by BRU67

I really think we could get out of the quagmire we are in without bankruptcy - if we had the political will to do so.

I disagree. The money is just not there and many in this state (including myself) are already at a tipping point where if taxes were to go up, more people and business will simply flee, leaving even less of a tax base. It's a catch 22.

You either find a way to work with the $$ you have coming in vs. going out or file bankruptcy, but as others have mentioned, if you leave the same tax and spend Democrats in control, what's the point? It's quite the quandary!

[MSchemist80]

Originally Posted by BRU67

I really think we could get out of the quagmire we are in without bankruptcy - if we had the political will to do so.

I think that ship has sailed. The pensions that were promised were so insane and add to the fact they were not even funded especially during the Bull Market since 2008 and since they are constitutionally locked in I see no way to raise the money at this point. It is like trying to fund a 401k When you are age 64 and didn't contribute from ages 30 to 63. Too late.

Puerto Rico is going to be the test canary on state bankruptcies. I think Illinois is probably the next in line.

[BRU67]

Originally Posted by flamadiddle

I disagree. The money is just not there and many in this state (including myself) are already at a tipping point where if taxes were to go up, more people and business will simply flee, leaving even less of a tax base. It's a catch 22.

You either find a way to work with the $$ you have coming in vs. going out or file bankruptcy, but as others have mentioned, if you leave the same tax and spend Democrats in control, what's the point? It's quite the quandary!

We could cut expenses, particularly in the area of government employee costs. We could also create a more business friendly climate for more revenue via tort and workers' compensation reform and tax incentives. We could drop all of this "tax the rich" to avoid pissing off special interests nonsense.

I'm not saying that would solve all of our problems, but it would go a long way. Rauner is trying at many of these things but he's being blocked at every step.

[MSchemist80]

Originally Posted by BRU67

We could cut expenses, particularly in the area of government employee costs. We could also create a more business friendly climate for more revenue via tort and workers' compensation reform and tax incentives. We could drop all of this "tax the rich" to avoid pissing off special interests nonsense.

All of which Rauner has tried but all the dems have blocked hence the stalemate.

All the dems want to do is start a death spiral of more taxes, causing more businesses and people to leave the state, causing more revenue to drop, causing the need to raise taxes more...

I can only conclude the Dems are simply not interested in serving the citizens of Illinois therefore I cannot vote for them.

At this point Bankruptcy seems to be the only option. The state really already is, they are picking and choosing which bills to pay and running a longer and longer backlog. Once Puerto Rico sets the legal president it will probably be made official.

[BRU67]

Originally Posted by MSchemist80

All of which Rauner has tried but all the dems have blocked hence the stalemate.

All the dems want to do is start a death spiral of more taxes, causing more businesses and people to leave the state, causing more revenue to drop, causing the need to raise taxes more...

I can only conclude the Dems are simply not interested in serving the citizens of Illinois therefore I cannot vote for them.

At this point Bankruptcy seems to be the only option. The state really already is, they are picking and choosing which bills to pay and running a longer and longer backlog. Once Puerto Rico sets the legal president it will probably be made official.

They are more interested in special interests, like the desires of public employee unions and lawyers who are making money hand over fist off the currently one-sided personal injury and workers' compensation legal system. A quick perusal of Madigan's primary campaign donors discussed way back in this thread shows you that much. That's who's giving them money, so that's who they are going to pander to.

Again, I caution you about getting too excited about bankruptcy. You can make bankruptcy available to the states, but someone has to actually file a bankruptcy petition. The public employees are going to potentially see their pensions and sweetheart collective bargaining agreements get obliterated if IL files for it and they will scream to the very highest heavens. Unless we elect a majority Republican General Assembly and Senate, they'll never even get to that point. It would be politically unthinkable. They'll just jack our taxes and hope for the best.

And even if they do actually find the balls to file it, you are very naïve if you think our legal system is purely neutral. We have a nice big thick layer of Democratic judges in the Circuit Court of Cook County who the employees will run to in order to stop it. And if the state gets past that, it will have the chance of getting a Federal bankruptcy judge who can deny or limit relief. I like the thought process, and should by all means look at it as an option, but it would be a huge uphill battle. I wouldn't hold my breath waiting for it, in other words.

[Liledgy]

Originally Posted by MSchemist80

All of which Rauner has tried but all the dems have blocked hence the stalemate.

All the dems want to do is start a death spiral of more taxes, causing more businesses and people to leave the state, causing more revenue to drop, causing the need to raise taxes more...

I can only conclude the Dems are simply not interested in serving the citizens of Illinois therefore I cannot vote for them.

At this point Bankruptcy seems to be the only option. The state really already is, they are picking and choosing which bills to pay and running a longer and longer backlog. Once Puerto Rico sets the legal president it will probably be made official.

More like the Supreme Court has blocked RUINER.

[Liledgy]

Originally Posted by BRU67

They are more interested in special interests, like the desires of public employee unions and lawyers who are making money hand over fist off the currently one-sided personal injury and workers' compensation legal system. A quick perusal of Madigan's primary campaign donors discussed way back in this thread shows you that much. That's who's giving them money, so that's who they are going to pander to.

Again, I caution you about getting too excited about bankruptcy. You can make bankruptcy available to the states, but someone has to actually file a bankruptcy petition. The public employees are going to potentially see their pensions and sweetheart collective bargaining agreements get obliterated if IL files for it and they will scream to the very highest heavens. Unless we elect a majority Republican General Assembly and Senate, they'll never even get to that point. It would be politically unthinkable. They'll just jack our taxes and hope for the best.

And even if they do actually find the balls to file it, you are very naïve if you think our legal system is purely neutral. We have a nice big thick layer of Democratic judges in the Circuit Court of Cook County who the employees will run to in order to stop it. And if the state gets past that, it will have the chance of getting a Federal bankruptcy judge who can deny or limit relief. I like the thought process, and should by all means look at it as an option, but it would be a huge uphill battle. I wouldn't hold my breath waiting for it, in other words.

Bankruptcy? Well, RUINER waste more time going in that direction. He's batting zero going to court though. Adding more debt under his leadership. He better hurry though, he only had 2 more years.

[Liledgy]

BRU, you were going to tell me which party labor should vote for since they don't get anything from the democrats.