Illinois Governor - Let's borrow $15bn to balance our -$12bn budget shortfall."

Discussion in 'Economy' started by iamwhatiseem, Dec 29, 2010.

  1. iamwhatiseem
    Offline

    iamwhatiseem Gold Member

    Joined:
    Aug 19, 2010
    Messages:
    14,817
    Thanks Received:
    3,114
    Trophy Points:
    260
    Location:
    Virginia
    Ratings:
    +6,097
  2. Revere
    Offline

    Revere BANNED

    Joined:
    Jan 23, 2010
    Messages:
    7,427
    Thanks Received:
    415
    Trophy Points:
    0
    Location:
    Watching you in my profile page
    Ratings:
    +415
    Time for the false statist utopia to crash hard.
     
  3. Annie
    Offline

    Annie Diamond Member

    Joined:
    Nov 22, 2003
    Messages:
    50,847
    Thanks Received:
    4,644
    Trophy Points:
    1,790
    Ratings:
    +4,770
    It will get worse:

    Moody's downgrades state bonds, revenues continue slide - Springfield, IL - The State Journal-Register

     
    • Thank You! Thank You! x 1
  4. william the wie
    Offline

    william the wie Gold Member

    Joined:
    Nov 18, 2009
    Messages:
    7,261
    Thanks Received:
    672
    Trophy Points:
    175
    Ratings:
    +1,602
    IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
     
  5. loosecannon
    Offline

    loosecannon Senior Member

    Joined:
    May 7, 2007
    Messages:
    4,888
    Thanks Received:
    263
    Trophy Points:
    48
    Ratings:
    +264
    CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.

    But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
     
  6. Revere
    Offline

    Revere BANNED

    Joined:
    Jan 23, 2010
    Messages:
    7,427
    Thanks Received:
    415
    Trophy Points:
    0
    Location:
    Watching you in my profile page
    Ratings:
    +415
    Bullshit. It's poverty rates, welfare cases and unemployment rates are at the top of every category.

    Oh, and stick it to 70 year olds for small homes they have owned for 50 years and see what happens next.
     
  7. william the wie
    Offline

    william the wie Gold Member

    Joined:
    Nov 18, 2009
    Messages:
    7,261
    Thanks Received:
    672
    Trophy Points:
    175
    Ratings:
    +1,602
    I don't necessarily agree with LC but the public employee unions in CA are insane. That idiot who bankrupted Orange county in the 90s playing with derivatives he didn't understand and got his job with a purportedly fictitious resume was at one time one of the highest paid retirees in the state pension system. OK, so he didn't get sent to prison like say Toro would if he screwed up an account the same way. OK, he wasn't terminated for cause for misrepresentation and lose his pension entirely. But how come his take home pension was published as one of the highest in the state and there was no note saying that X amount was being garnisheed for his screw up?

    That was big news here in FL on the local news to show us how crazy the left coast is. I remember seeing it just before the weather segment. I don't know where you are from Revere but that story probably elected our soon to be current governor because Sink, his democratic opponent, pulled a similar stunt here in FL only not quite as bad. So instead we have a governor elect who was associated with one of the biggest medicare frauds in US history. That's how bad CA public service unions are.
     
    • Thank You! Thank You! x 1
  8. iamwhatiseem
    Offline

    iamwhatiseem Gold Member

    Joined:
    Aug 19, 2010
    Messages:
    14,817
    Thanks Received:
    3,114
    Trophy Points:
    260
    Location:
    Virginia
    Ratings:
    +6,097
    Yes...well CA has the highest debt to spending ratio in the nation.
    It will have to be bailed out by the rest of the states or you will bo bankrupt.

    Yeah...loose...healthy economy..:eusa_hand:
     
  9. Two Thumbs
    Offline

    Two Thumbs Platinum Member

    Joined:
    Sep 27, 2010
    Messages:
    33,450
    Thanks Received:
    5,786
    Trophy Points:
    1,140
    Location:
    Where ever I go, there I am.
    Ratings:
    +11,589
    Illinois is chock full of cronyism and the mob.

    Chicago alone will ruin the whole state. The last 3 Govs ran on the platform of cutting spending and balancing the budget.

    All failed

    Why? B/c they all did some fluff crap then went for the money.

    Blago cut spending. He did it by closing offices. What he actually did was close VA offices. So he made it harder on Vets and widows, and had to pay to move everyone who's office was closed (shh, that wasn't looked at)

    It won't end until the FBI treats the Ill Government like the mob and makes arrests.
     
    • Thank You! Thank You! x 1
  10. zzzz
    Offline

    zzzz Just a regular American

    Joined:
    Jul 24, 2010
    Messages:
    3,072
    Thanks Received:
    422
    Trophy Points:
    98
    Location:
    Yountsville
    Ratings:
    +429
    A state cannot declare bankruptcy under current US law. [See chapter 9. 11 U.S.C. § 109(c). ] A municipality can declare. A municipality is defined as a township, county, or a city. A state does not meet the definition of a muncipality [See 11 U.S.C. § 101(40) under the bankruptcy code!

    And in some states even muncipalites are forbidden to declare. In Indiana a process is being formed to allow cities to declare banruptcy.
     

Share This Page