Posted on 01/18/2010 2:11:16 PM PST by FromLori
As Illinois' fiscal crisis deepens, the word "bankruptcy" is creeping more and more into the public discourse. "We would like all the stakeholders of Illinois to recognize how close the state is to bankruptcy or insolvency," says Laurence Msall, president of the Civic Federation, a fiscal watchdog in Chicago. "Bankruptcy is the reality that looms out there," Republican gubernatorial candidate Andrew McKenna Jr. says.
(Excerpt) Read more at chicagobusiness.com ...
Wisconsin is in the same trouble. The common factor, democrat governors and dem control in the rest of state gov’t. Won’t change until they are all kicked out of office.
Don’t worry. We’ll just tax the rich and all will be good.
ping some other articles I do not have time to post but you may like to read
Ford reconfigures partnership in China
http://market-ticker.denninger.net/archives/1871-To-All-US-Citizens-Time-to-BOYCOTT-China.html
http://beforeitsnews.com/story/12499/5000_Gold_Imminent_as_Dollar_Devalues.html
http://market-ticker.denninger.net/archives/1872-Consumer-Anger-Rising-Fast-Chargebacks.html
I just watched an old Frank Sinatra movies called Hole in the Head. During the whole movie he is driving around in a new Cadillac, searching for a source of funds to keep from being evicted from the hotel he owns, due to lack of payments.
The last day he sells his Cadillac for $500 and immediately loses the money. His last hope for emergency cash dies that day and the next morning you see him loitering across the street as the place is no longer his. He is on the street with no money, no car, and no place to stay, yet the day before he was a hotel owner with a brand new Cadillac.
We are quickly approaching the end of the “day before” as a world economy. The day after will come even more quickly. A lot of people will not know what hit us.
Luckily, Obama has money to bailout Illinois from his “stash”, according to folks I’ve seen on TV interviews. Phew, Bob
“...for in one hour is she made desolate.”
Even if he tosses some money towards failed states, it isn't going to be business as usual. It is rather poetic justice that Obama's home state of Illinois is in such terrible shape. It is too bad people didn't take a closer look when he was running for national office. He came from the political culture that put Illinois where it is today..
RATS run Chicago
RATS run Illinois
RATS run California
RATS run Wash DC
RATS run Detroit
Anybody seeing a trend here?
Run away from the RATS/No more RINOS!
Industrial vacancy highest in at least 19 years
http://www.chicagobusiness.com/cgi-bin/news.pl?id=36763
There are a number of states which would have been declared insolvent YEARS ago by normal business standards.
Politicians sure seem to have proven to all of America that they have no business sense.
Our dem governor has WI about 7 billion in the hole. Yet he forges ahead with trolley plans and commuter rail plans that no one will use and many have protested against. The dems spend like there’s no tomorrow. They’re all a bunch of spoiled children. Shouldn’t be allowed to run anything more complicated than a lemonade stand.
Or burned at the stake! How did all of those communists come to collect up in them parts?
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