We're #1!

It's ugly. Was just going back through the financial problems.

http://www.cityofchicago.org/content/da ... R_2013.pdf

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Hawaii (fuck) You

This is undoubtedly Rauner's fault. Let's secede.

Yeah, Chuy couldn't have done better.

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I personally would loved to have watched Willie Wilson's first presser after this development.

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There are only two examples of infinity: The universe and human stupidity and I'm not sure about the universe.

The name's Bond...Junk Bond...

these rating companies are a big sham. who in their right mind would have loaned Chicago any money over the past five years?

unless you have some dumb sucker to sell the bond to.

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Reality is your friend, not your enemy. -- Seacrest

WILLIE WAS ON THE NEWS LAST NIGHT SAYING HE WAS CONTEMPLATING running for president... because to a normal person getting 10% of the vote in a mayoral race means you have a chance to win the presidency

There are whole segments of the investment world that buy junk bonds because of the yield. It's no different than an investor betting on an unprofitable drug development company or picking up distressed real estate, The investor decides if the risk is worth the reward relative to other investment options.

As for muni debt, it has the advantage of being tax free. Repayment is based upon the taxing power of the issuer, and Chicago has a large tax base. At this point I would not buy a Chicago bond mainly because of the pension liabilities. It is a good bet that a court managed restructuring will occur in the next few years. I just don't see any other way out of the pension mess.

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Hawaii (fuck) You

well Rahm ("I can handle this better than Chuy") Emmanuel had the exact reaction that I thought he would.

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ike could handle it better than Chug.

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

way to state the obvious captain

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the world will always the world. your entire existence is defined by your response.

This really doesn't matter to Chicago the way it did to Cleveland and Detroit. This is more like NY in the 70's, Chicago is still a destination city for a lot of people.

RAHM TO ALL LIVING THINGS: DROP DEAD

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Is this a joke?

Or do you actually think that the taxes of the visitors and new residents will cover the city's pension shortfall?

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The city has survived much worse. The biggest negative is this will be used as an excuse for Emanuel to continue selling the city off to billionaires to cover the budget, that'll be the largest long-term negative of this.