Day: June 8, 2016

Chapter 3, There Will Be No Cuts

From Illinois Blues: How the Ruling Party Talks to Voters:

Sen. Don Harmon opened the July 17 (2013) Oak Park Library session with a reprise of his calm-down, don’t-worry commentary.

There had been “decades of underfunding” of pensions, he said. Nothing to see here, move on, why the fuss?

The problem can be solved without taking from “core government services, especially social services,” he said. Again, why the fuss?

Rep. Camille Lilly agreed but said the budget process was “really, really, really critical.” A triple-really gets the mind working: there might be cuts?

In any case, she had an important tip: Have a look at the budget on the state’s web site. It’s “the new technology of today,” she said. . . . .

Illinois Blues is available in paperback, epub and Amazon Kindle formats.

Cutting off Illinois water

Major lender says no more.

For years, Illinois has found the municipal-bond market open whenever it needs to raise money, despite budget deficits, worst-in-the-nation pension shortfalls and a political paralysis so severe it’s headed for a second year without even a blueprint for what it should be spending.

It’s about time to shut the doors on the state, says BlackRock Inc., the world’s largest money manager.

“We as municipal market participants should really be penalizing in some way, by almost not giving them any access to the market,” Peter Hayes, who oversees $119 billion as head of munis at BlackRock, said in New York on Wednesday. “Think about it — they’re a state without a budget, they refuse to pass a budget, they have the lowest funded ratio on their pension of any state, and yet they’re going to come to market and borrow money.”

This from someone who tries to handle other people’s money responsibly. Tries harder, we might say, than many if not most of Illinois’ elected officials.

Tila Tequila? Racist post?

I am definitely missing something here. What’s wrong with me? If it’s racist to speak of illegals, what isn’t?

I mean, come on, folks.

Tila Tequila pisses off the internet again with racist Instagram post

“Ain’t nuthin better than riding around Texas in my cowboy boots to hunt down these damn illegals!” she posted VIDEO

Not to mention, who is Tila Tequila?

 knows. Ask her for me, please.

Dodd-Frank a friend of big banks?

GOP not. 

Congr. Jeb Hensarling:

When they voted for it, supporters of Dodd-Frank told us it would “promote financial stability,” “end too big to fail,” and “lift the economy.” None of this has come to pass.

Today the big banks are bigger and the small banks are fewer. In other words, even more banking assets are now concentrated in the so-called “Too Big to Fail” firms. Pray tell, how does this promote financial stability?

And how does it harm big banks? It doesn’t.

More here: Notable & Quotable: Hensarling on Dodd-Frank – WSJ