Congrats Illinois.......
 

https://www.bloomberg.com/news/artic...over-stalemate

Kick the can...........

So sad. I graduated from Southern Illinois University in 1968 and cut my teeth owning race horses at the old Cahokia Downs. At the time it was cheap horses at Cahokia and Fairmount; mid level at Hawthorne and Sportsmen's; and high class racing at Arlington. In short there was always a course for your horse. Thanks to the politicians racing in Illinois is now a joke.

My observation is that Chicago & Cook County are responsible for most of the mess. A good 40 years over overspending has come due. The cities property taxes are all ready so high that owning a home in the city is a questionable idea. Police are giving out parking & driving tickets at a record rate in a desperate but futile attempt to stem the tide, but I think it's too little-too late.
Short of bankruptcy . I'm not seeing a solution.

On the up side if the price of the bonds falls low enough, they might be worth picking up on the off chance that the Democrats will retake the House of Representatives & bail them out. Making a score would lessen my depression of the Democrats having the House. :)

It couldn't happen to a nicer state.

Mike Madigan is a big part of the problem. He's the King of Pork, and is now attempting to get the income tax rate jacked back up to 4.95%.

The Chicago Teacher's Pension Fund is just a wee bit out of control too:

http://chicagocitywire.com/stories/5...ed-7-8-million

Described as a "taxpayer backed" Ponzi scheme. Indeed.

Can't say as I miss living in the Land of Lincoln....

FYI Chicago has imposed a 7 cent tax on bags in retail establishments, "to help the environment". Yeah right, & I'm interested in horses to improve the breed.:headbanger:

http://www.cbsnews.com/news/could-il...or-bankruptcy/

Bankruptcy coming.....but how?

CA is not far behind. If they could get their single payer healthcare system up and running, I think that might do the trick.

In theory, a state cannot file for bankruptcy, but nor can it be sued. In CA, the courts have ruled that pensions must be paid. So they either tell the courts to pound sand (like they do to the Federal Gov) or at some point they would have to cut services to pay the pensions. I would start by laying off judges.

Chicago was better off with Al Capone than they are with the current organized crime family running things - the DNC.

Did you know New York's favorite Saluki, Walt "Clyde" Frazier?

Hearing the State Troopers aren't allowed to drive their cars unless on a call. They are staying parked to save gas

From Today

http://hosted.ap.org/dynamic/stories...06-17-11-53-44

Related

Chicago losing blacks ........black flight

http://www.speroforum.com/a/OXOWUNFA...o#.WVIWBLFOmhB

all the smart/well to do blacks are leaving and all the inner city scum are killing each other at a record pace. who could have predicted it. :pound:

http://www.chicagotribune.com/news/c...627-story.html

llinois Lottery players should prepare for a bit of deja vu — with a twist — if Illinois leaders don't pass a budget by Friday night.Not only will the popular Powerball and Mega Millions tickets be off the shelf, but also any big winners of any of the other draw or instant games will have to wait to collect their cash.
The Illinois Lottery announced Tuesday that, without a budget or any special legislation, it won't be able to pay anyone winning $25,000 or more come July 1. If that sounds familiar, it's because the state did the same thing to players for months in late 2015 — spurring lawsuits and an estimated $70 million in lost sales — before the General Assembly passed a special bill that allowed the agency to pay out the nearly 3,900 stacked-up claims.