New accounting rules show Chicago has understated its pension liabilities by $11.5 billion. At the end of 2015 the stated liability was $7.1 billion. Today it’s $18.6 billion. That’s a jump in net liabilities of 168%. Mayor Rahm Emanuel has hopes pinned on union concessions and help from the state legislature. Neither is likely. Let’s stop pretending there is another solution, because there isn’t.
Gun violence in the windy city is on track to post its worst year in the 21st century, the result of an unprecedented surge in gun deaths in the first three months of the year. By March 31, 141 people had been killed, according to the Chicago Police Department. On Thursday, eight were shot and two of them died in one hour alone, Chicago Police said.The 141 deaths in the first three months of the year mark a 71.9% jump from the same period in 2015, when 82 people were killed. It's the worst start to a year since 1999, when 136 people died in the first three months the year
Dear Mayor Emanuel, it may be about time to get on the phone with Detroit and ask for pointers on how to efficiently navigate the bankruptcy process...
“While their contributions will diminish slightly, the condition of the funds will revert back to something that is totally unsustainable and in danger of being completely insolvent within 10 to 15 years. Hundreds of millions in savings from rationalized pension benefits will be lost that will either have to be made up from reductions in city services, increased taxes or by allowing these funds to further deteriorate."
“To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything.” ~Edward Abbey
Inequality of wealth is inequality of power. A study just released finds that "America’s 20 wealthiest people — a group that could fit comfortably in one single Gulfstream G650 luxury jet — now own more wealth than the bottom half of the American population combined, a total of 152 million people in 57 million households.” How much political power do the people who would be inside that jet — and their friends — actually have?
Chicago Mayor Rahm Emanuel announced the resignation of Police Superintendent Garry McCarthy, amid growing furor over the administration’s handling of the shooting death of a black teenager by a white officer last year. “Now is the time for fresh ideas and new leadership” the mayor said.
Chicago Mayor Emanuel Urges "Remain Peaceful" As Protests Begin After Video Shows Cop Killing Black TeenSubmitted by Tyler Durden on 11/24/2015 20:32 -0400
...this video "could tear Chicago apart," which is why Mayor Emanuel has already urged Chicagoans, "it is fine to be passionate, but it is essential to remain peaceful."
If the only gun violence statistics you see are disseminated by the mainstream media or left-wing anti-Second Amendment groups, then in all likelihood you are horrified by America’s murder culture. But what if what we’re being sold as truth is merely a means to achieve an agenda focused on seeing the American people totally disarmed?
"It is like the board is a desperate gambler at the end of their run"...
It’s all emotional bullshit because what one hardly ever reads about from these Trumpeteer Marionettes is an actual discussion about Trump on the issues. It’s more important to squeeze out yet another orgasmic fountain of joy because he threw out some Univision reporter; “Oh, look! Isn’t zee Donald just Wunderbar!!” Screw that. So, let’s look at what The Donald believes... by his own words.
It’s very important to call out people like Trump for the man he is, so we don’t simply fawn and fall for a narcissist, strongman-type as a way to deal with our societal pain and frustration... "I was there at the first Tea Party in 2007 and I’ll be damned if I’m going to stand passively by and watch the movement destroyed by a fake conservative."
Junk-rated Chicago is paying nearly 8% to issue debt these days and although the city's fiscal woes are set to persist, some asset managers are taking the plunge ahead of a key court ruling scheduled for Friday.
It seems Goldman Sachs' conspiracy theory was right all along...
ECB'S COEURE SAYS ECB IS EVEN READY TO USE NEW INSTRUMENTS, WITHIN ITS MANDATE
GREECE COULD EXIT EURO, COEURE SAYS IN LES ECHOS INTERVIEW
This is exactly what The ECB wanted all along (and their leaders overlords) - all they needed was an 'excuse'. Or, in the parlance of Rahm Emanuel's times, "Let no Greek default crisis go to QE waste."