Bailout bills moving in the Illinois General Assembly would attempt to turn Illinois’ massive debt problems into guaranteed profits for banks and bondholders and a lower standard of living for other Illinoisans.

Comment: This is a must-read — not because I’m quoted but because it catalogs some insane pending legislation.

Read Article

Sort by:   newest | oldest | most voted
Doug

The main reason the corrupt Illinois Democrats are trying to screw the people withthese bills is due to no bank will lend to them without one. So they would rather destroy the people of Illinois if it gives them more time to try and save their pensions.

Doug

So if these bills don’t get passed, the end may be near. The sooner the rest of the taxpayers get a fresh start the better. The longer this gets dragged out the lower the pensioners will get.

Rick

They don’t say it publicly, but now they know it’s all a Ponzi scheme in death spiral. Evidenced by the crafting of laws all the sudden, tailored specifically to determine who gets shafted in bankruptcy. Why these laws now and not 10 years ago? Because now the realization of default has sunk in, 10 years ago the thought of default didn’t pass their giggle test, now it’s real. Remember politicians budget things year to year on cash, they are incapable of understanding trends. They are just circling the wagons.

Mike

Some of the legislation includes stipulations for home rule communities.
Home rule puts more power in the hands of elected politicians, and less in the hands of taxpayers.
Any Illinois community over 25,000 is automatically granted home rule status.
A referendum can be held to remove home rule from a municipality.

j.a.herzrent

Insolvent city borrows money to make pension contribution. City can’t pay lender back. State pays. Found money for pensioners. Suddenly the entire state is paying city pensions. What am I missing?

Mike

This is part of scheme to “lower” property taxes.

wpDiscuz