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Old 05-12-2015, 04:34 PM
 
Location: Chicago
4,745 posts, read 5,570,868 times
Reputation: 6009

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Chicago Rating Cut to Junk by Moody


The only city with a lower rating is Detroit.

 
Old 05-12-2015, 05:43 PM
 
10,275 posts, read 10,335,229 times
Reputation: 10644
Yet the city's voters just reelected "tiny dancer" Rahm; who is a complete disaster. His first term was a total joke.

And with a hostile governor, the city will have no choice but to dramatically raise taxes and slash services just to remain solvent.

Just wait until the city's union deal gets overturned. That's coming down the pipeline too.
 
Old 05-12-2015, 06:09 PM
 
Location: Lincoln Park, Chicago
498 posts, read 724,367 times
Reputation: 777
Quote:
Originally Posted by NOLA101 View Post
Just wait until the city's union deal gets overturned. That's coming down the pipeline too.
God willing
 
Old 05-12-2015, 06:24 PM
 
28,455 posts, read 85,361,596 times
Reputation: 18728
Yeah baby!

Lead story -- "PRESIDENTIAL LIBRARY TO CHICAGO!"

WHOOOORAH! Happy Days ARE HERE FOR SURE!
 
Old 05-12-2015, 08:03 PM
 
2,990 posts, read 5,277,998 times
Reputation: 2367
Quote:
Originally Posted by Chicago South Sider View Post
Chicago Rating Cut to Junk by Moody


The only city with a lower rating is Detroit.
Detroit actually has an investment grade rating after its bankruptcy.
 
Old 05-12-2015, 08:07 PM
 
2,990 posts, read 5,277,998 times
Reputation: 2367
Quote:
Originally Posted by NOLA101 View Post
Yet the city's voters just reelected "tiny dancer" Rahm; who is a complete disaster. His first term was a total joke.

And with a hostile governor, the city will have no choice but to dramatically raise taxes and slash services just to remain solvent.

Just wait until the city's union deal gets overturned. That's coming down the pipeline too.
What exactly do you want him to do with billions in legacy debt.

The rating reflects 100 years of city politics and a professional assessment of the city's ability to service its debt to bondholders.

When you have the kind of debt Chicago does you have exactly two choices: Cut spending or raise taxes.

Unless done to unprecedented extremes, neither would really do much at this point, anyway.

It's a valuable lesson, however, for the very odd political wing these days that somehow thinks that debt doesn't matter.
 
Old 05-12-2015, 08:14 PM
 
3,118 posts, read 5,355,544 times
Reputation: 2605
Quote:
Originally Posted by NOLA101 View Post
Yet the city's voters just reelected "tiny dancer" Rahm; who is a complete disaster. His first term was a total joke.

And with a hostile governor, the city will have no choice but to dramatically raise taxes and slash services just to remain solvent.

Just wait until the city's union deal gets overturned. That's coming down the pipeline too.
This has nothing to do with the recently elected governor and rahm. These problems are the results of decades of irresponsible liberals and democrats.
 
Old 05-12-2015, 09:39 PM
 
62 posts, read 91,555 times
Reputation: 120
I'm sure Chicago is the utopia that John Maynard Keynes envisioned when he was creating his 'spend it all and let God sort it out' economic model.
 
Old 05-12-2015, 09:50 PM
 
Location: Chicago
4,688 posts, read 10,105,114 times
Reputation: 3207
Quote:
Originally Posted by OccidentExpress View Post
I'm sure Chicago is the utopia that John Maynard Keynes envisioned when he was creating his 'spend it all and let God sort it out' economic model.
No, Keynes was not referring to municipal governments.
 
Old 05-12-2015, 11:28 PM
 
Location: CHICAGO, Illinois
934 posts, read 1,440,843 times
Reputation: 1675
Conservatives will make this about liberalism, but the true lesson here is about inept leadership and the inability of voters to recognize the dangers of partisan politics.

Because on the other side of the coin, my home state of Kansas should start making headlines here soon as it's dye-in-the-wool conservatism has caused them to re-elect the same jackass whose Koch-inspired economics have left the entire state circling the drain.
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