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Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples

 
DoorBert
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07/29/2013 07:20 AM
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Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
While everyone's attention is focused on the Detroit bankruptcy, and just what assets the city will sell in lieu of raising a DIP loan, perhaps it is time to refocus attention to the city 300 miles west: Chicago. According to the Chicago Sun Timesciting year-end audits, Obama's former right hand man, Rahm Emanuel, closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers. In addition to a liquidity problem, Chicago may also be quite insolvent as the city's total long-term debt soared to nearly $29 billion. That’s $10,780 for every one of the city’s nearly 2.69 million residents. More than a decade ago, the debt load was $9.6 billion or $3,338 per resident. Of course, in a world in which debt is "wealth", this is great news... at least until debt becomes "bankruptcy."

Ironically last year, now-retiring City Comptroller Amer Ahmad argued that the city’s debt load was not “troubling” because, "We still have a very strong bond rating. Our fiscal position is getting better every year and we are aggressively managing our liabilities and obligations" (very much awhat the ECB's Mario Draghi tells the world when he gives the periodic monthly update of European capital markets during the central bank's press conference). It is ironic because last week, Moody’s downgraded Chicago from Aa3 to A3 in an unprecedented three notch cut in the city’s bond rating, citing Chicago’s "very large and growing" pension liabilities, "significant" debt service payments, “unrelenting public safety demands” and historic reluctance to raise local taxes that has continued under Emanuel.

Moody’s noted that the city’s total fund balance at the close of 2012 was $231.3 million and that Chicago has just $625 million in “leased asset reserves.” Had the city fully funded its $1.5 billion “actuarially required contribution” to its four under-funded city employee pension funds in 2012 alone, “these two reserves would have been entirely depleted,” Moody’s said.

[link to www.blacklistednews.com]
DoorBert  (OP)

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07/29/2013 07:21 AM
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Re: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
Bad Derivatives Trades Added to Detroit’s Woes

[link to www.blacklistednews.com]
Kcchamps

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07/29/2013 07:25 AM
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Re: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
Thread: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
Anonymous Coward
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07/29/2013 07:34 AM
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Re: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
I always hated going to Chicago. Its such a miserable shithole. Another libtard Utopia going belly up. Good!
Anonymous Coward
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07/29/2013 08:02 AM
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Re: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
I work in Chicago from time to time. The city is going down hill. It is a great city but it is shamed by one area. The Southside. This is where all the money is going, for plans and help to people who do not care. They won't work and just violent. It is like pumping money into a slot machine that will never pay out. That area is killing the city and the people who keep on putting money into the machine. Also over recent years the housing market crash has left a lot of properties in fore closure. These properties were bought for cheap and now the owners have put these properties up for section 8 housing. Now one thing these welfare babies are smart at is playing the system. So of course they are moving to the suburbs and bring their bad ways and friends with them
Anonymous Coward
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07/29/2013 08:15 AM
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Re: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
I work in Chicago from time to time. The city is going down hill. It is a great city but it is shamed by one area. The Southside. This is where all the money is going, for plans and help to people who do not care. They won't work and just violent. It is like pumping money into a slot machine that will never pay out. That area is killing the city and the people who keep on putting money into the machine. Also over recent years the housing market crash has left a lot of properties in fore closure. These properties were bought for cheap and now the owners have put these properties up for section 8 housing. Now one thing these welfare babies are smart at is playing the system. So of course they are moving to the suburbs and bring their bad ways and friends with them
 Quoting: Anonymous Coward 25578051


Don't you just love the libfucks who try to explain to us that this is just another failure of capitalism?

If not capitalism, then Bush, or Reagan, or Halliburton, or Dick Cheney.

Do you remember back when some on the right were saying, "Just go ahead and let 0bama win. When things go to total shit, people will learn."

Some said the same thing about Carter and Clinton.

We can't afford to have that attitude. This is what those commielibfucks do. They destroy shit and then they blame everyone but themselves - and get away with it.
Anonymous Coward
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07/29/2013 09:33 PM
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Re: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
Chicago next, then Capital Hill.
Anonymous Coward
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07/29/2013 09:51 PM
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Re: Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples
you know what they need is a monument or a sports arena, that should finish it off.





GLP