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Illinois legislators ended their 2012 session yesterday without taking any measures to deal with...

Illinois legislators ended their 2012 session yesterday without taking any measures to deal with the state's $97B unfunded liabilities, which are rising by $17M a day and which could lead to more downgrades. "I think we may learn from Wall Street very shortly about the importance of doing this quickly," says state Senator Daniel Biss. "We all look like idiots." (previous)
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Comments (11)
  • Sammy Lee
    , contributor
    Comments (306) | Send Message
     
    "We all look like idiots."

     

    Finally a politician that tells the truth.
    9 Jan 2013, 05:10 AM Reply Like
  • Johann Galt
    , contributor
    Comments (236) | Send Message
     
    He was close. Should've replaced "look like" with "are".
    9 Jan 2013, 09:32 AM Reply Like
  • rheimerl
    , contributor
    Comments (392) | Send Message
     
    im afraid that the property tax burden in IL will become oppressive
    9 Jan 2013, 05:16 AM Reply Like
  • User 353732
    , contributor
    Comments (4913) | Send Message
     
    Illinois much like New York and California is well on its way to becoming a third world financially and intellectually failed state where a tiny kleptocratic elite and a large and growing lower class prey on a shrinking privately employed middle class.
    Greed and depravity are consuming the substances f these states, which are now on the Greece trajectory.
    9 Jan 2013, 05:27 AM Reply Like
  • rambler1
    , contributor
    Comments (481) | Send Message
     
    Hey add NJ which is my home state (I'm embarrassed to say). The union nonsense going on here is ridiculous.
    9 Jan 2013, 08:21 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4377) | Send Message
     
    IL muni CDSs appear to be an attractive opportunity. If you’re interested, there is a description here: http://bit.ly/QMvDql. There are probably around ten states that will need to be bailed out or reorganized, starting with IL and CA.
    9 Jan 2013, 06:22 AM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    "We all look like idiots."

     

    Somewhat, but actually a lot more like spineless cowards. But then, we are talking about politicians. Seems idiocy and cowardice are the two top job requirements these days.
    9 Jan 2013, 06:53 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    Why should anyone bail them out...when they just walked away from doing anything....I for one do not want the federal Government going in and bailing our states...its obvious to us "they have a spending problem".....hmmmmm..s... kind of familiar....either they cut expenses....spending..... raise taxes to cover it...I hope they raise taxes...as I live in Denver and have a Penthouse Condo to sell..
    9 Jan 2013, 06:53 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4377) | Send Message
     
    You are right and I sympathize with this view 100%. However, whether or not we want the federal government bailing out the states, CA will need a bailout within the next 24-36 months. Their economy is over five times the size of Greece's. They will not be asking -- they will be in instructing the administration to pay up or their economy will implode and the rest of the country will go down with it. The president will follow instructions. Is this a desirable situation? Maybe not, but the time for expressing preferences on such things was when we decided on our current trajectory over the past few elections.
    9 Jan 2013, 07:30 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    So what if it implodes....they need to implode to get back to the basics...its a reset...the liberals have failed...they need to fail...they need to feel the consequences...if they don´t..they will never stop
    9 Jan 2013, 08:23 AM Reply Like
  • petten
    , contributor
    Comments (128) | Send Message
     
    All governments ARE idiots.
    13 Jan 2013, 11:33 PM Reply Like
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