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Illinois is about to seize all state pension funds,
Posted by: gonewithhthewind ()
Date: June 27, 2017 02:43PM

Illinois is about to declare a state of bankruptcy and seize all state pension funds, just as the Health Ranger repeatedly warned for the last year.



http://www.naturalnews.com/2017-06-26-illinois-is-about-to-declare-bankruptcy-and-seize-all-state-pension-funds-just-as-the-health-ranger-repeatedly-warned-for-the-last-year.html

Options: ReplyQuote
Re: Illinois is about to seize all state pension funds,
Posted by: DHUBD ()
Date: June 27, 2017 04:40PM

gonewithhthewind Wrote:
-------------------------------------------------------
> Illinois is about to declare a state of bankruptcy
> and seize all state pension funds, just as the
> Health Ranger repeatedly warned for the last
> year.
>
>
States can't go bankrupt.

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Re: Illinois is about to seize all state pension funds,
Posted by: Ronnie ()
Date: June 27, 2017 06:01PM

gonewithhthewind Wrote:
-------------------------------------------------------
> Illinois is about to declare a state of bankruptcy
> and seize all state pension funds, just as the
> Health Ranger repeatedly warned for the last
> year.
>
>
>
> http://www.naturalnews.com/2017-06-26-illinois-is-
> about-to-declare-bankruptcy-and-seize-all-state-pe
> nsion-funds-just-as-the-health-ranger-repeatedly-w
> arned-for-the-last-year.html

If they had eliminated taxes on the rich (Job Creators), they wouldn't be in this fix. Ask any Republican.

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Re: Illinois is about to seize all state pension funds,
Posted by: 7gevm ()
Date: June 27, 2017 06:14PM

DHUBD Wrote:
-------------------------------------------------------
> gonewithhthewind Wrote:
> --------------------------------------------------
> -----
> > Illinois is about to declare a state of
> bankruptcy
> > and seize all state pension funds, just as the
> > Health Ranger repeatedly warned for the last
> > year.
> >
> >
> States can't go bankrupt.

They can and have.

What they can't do is seek bankruptcy *protection* in a legal sense. Although given some more recent court decisions that's not necessarily wholly decided either.

They can default and not pay debts like pensions, bonds, etc., which from a pensioner or creditor standpoint is worse since the court isn't involved directly to take control of assets and prioritize debtors.

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Re: Illinois is about to seize all state pension funds,
Posted by: G3XHB ()
Date: June 27, 2017 07:14PM


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Re: Illinois is about to seize all state pension funds,
Posted by: H3PCE ()
Date: June 27, 2017 07:17PM

7gevm Wrote:
-------------------------------------------------------
> DHUBD Wrote:
> --------------------------------------------------
> -----
> > gonewithhthewind Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Illinois is about to declare a state of
> > bankruptcy
> > > and seize all state pension funds, just as
> the
> > > Health Ranger repeatedly warned for the last
> > > year.
> > >
> > >
> > States can't go bankrupt.
>
> They can and have.
>
> What they can't do is seek bankruptcy *protection*
> in a legal sense. Although given some more recent
> court decisions that's not necessarily wholly
> decided either.
>
> They can default and not pay debts like pensions,
> bonds, etc., which from a pensioner or creditor
> standpoint is worse since the court isn't involved
> directly to take control of assets and prioritize
> debtors.

You keep using that word bankrupt. I do not think it means what you think it means.

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Re: Illinois is about to seize all state pension funds,
Posted by: Lawyer type person ()
Date: June 27, 2017 07:27PM

DHUBD Wrote:
-------------------------------------------------------
> gonewithhthewind Wrote:
> --------------------------------------------------
> -----
> > Illinois is about to declare a state of
> bankruptcy
> > and seize all state pension funds, just as the
> > Health Ranger repeatedly warned for the last
> > year.
> >
> >
> States can't go bankrupt.


States can ask the courts to release them from their financial obligations to pay things such as pensions, bond payments, salaries, lottery winnings, etc. and to restructure their debt. Whether you want to quibble about the terminology, it is for all intents and purposes, bankruptcy. Whether it is akin to Chapter 11 or 13 will be up to the courts. Doubtful it would be a Chapter 7 since that involves liquidation of assets and the legal existence of the entity, which would not happen to a state/city/town/etc.

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Re: Illinois is about to seize all state pension funds,
Posted by: XFNJV ()
Date: June 27, 2017 07:54PM

Lawyer type person Wrote:
-------------------------------------------------------
> DHUBD Wrote:
> --------------------------------------------------
> -----
> > gonewithhthewind Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Illinois is about to declare a state of
> > bankruptcy
> > > and seize all state pension funds, just as
> the
> > > Health Ranger repeatedly warned for the last
> > > year.
> > >
> > >
> > States can't go bankrupt.
>
>
> States can ask the courts to release them from
> their financial obligations to pay things such as
> pensions, bond payments, salaries, lottery
> winnings, etc. and to restructure their debt.
> Whether you want to quibble about the terminology,
> it is for all intents and purposes, bankruptcy.
> Whether it is akin to Chapter 11 or 13 will be up
> to the courts. Doubtful it would be a Chapter 7
> since that involves liquidation of assets and the
> legal existence of the entity, which would not
> happen to a state/city/town/etc.

Please provide an example of a law that would authorize a court to release a state from its legal obligations to its creditors.

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Re: Illinois is about to seize all state pension funds,
Posted by: Gunlover ()
Date: June 27, 2017 08:18PM

Obama fault

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Re: Illinois is about to seize all state pension funds,
Posted by: wtvxx ()
Date: June 27, 2017 08:27PM

XFNJV Wrote:
-------------------------------------------------------
>
> Please provide an example of a law that would
> authorize a court to release a state from its
> legal obligations to its creditors.


Puerto Rico Declares a Form of Bankruptcy

By MARY WILLIAMS WALSH MAY 3, 2017


With its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure.

The action sent Puerto Rico, whose approximately $123 billion in debt and pension obligations far exceeds the $18 billion bankruptcy filed by Detroit in 2013, to uncharted ground.

While the court proceedings could eventually make the island solvent for the first time in decades, the more immediate repercussions will likely be grim: Government workers will forgo pension money, public health and infrastructure projects will go wanting, and the “brain drain” the island has been suffering as professionals move to the mainland could intensify.

Puerto Rico is “unable to provide its citizens effective services” because of the crushing weight of its debt, according to a filing on Wednesday by the federal board that has supervised the island’s financial affairs since last year.

The total includes about $74 billion in bond debt and $49 billion in unfunded pension obligations.

https://www.nytimes.com/2017/05/03/business/dealbook/puerto-rico-debt.html

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Re: Illinois is about to seize all state pension funds,
Posted by: KUUKU ()
Date: June 28, 2017 09:13AM

wtvxx Wrote:
-------------------------------------------------------
> XFNJV Wrote:
> --------------------------------------------------
> -----
> >
> > Please provide an example of a law that would
> > authorize a court to release a state from its
> > legal obligations to its creditors.
>
>
> Puerto Rico Declares a Form of Bankruptcy
>
> By MARY WILLIAMS WALSH MAY 3, 2017
>
>
> With its creditors at its heels and its coffers
> depleted, Puerto Rico sought what is essentially
> bankruptcy relief in federal court on Wednesday,
> the first time in history that an American state
> or territory had taken the extraordinary measure.
>
> The action sent Puerto Rico, whose approximately
> $123 billion in debt and pension obligations far
> exceeds the $18 billion bankruptcy filed by
> Detroit in 2013, to uncharted ground.
>
> While the court proceedings could eventually make
> the island solvent for the first time in decades,
> the more immediate repercussions will likely be
> grim: Government workers will forgo pension money,
> public health and infrastructure projects will go
> wanting, and the “brain drain” the island has
> been suffering as professionals move to the
> mainland could intensify.
>
> Puerto Rico is “unable to provide its citizens
> effective services” because of the crushing
> weight of its debt, according to a filing on
> Wednesday by the federal board that has supervised
> the island’s financial affairs since last year.
>
> The total includes about $74 billion in bond debt
> and $49 billion in unfunded pension obligations.
>
> https://www.nytimes.com/2017/05/03/business/dealbo
> ok/puerto-rico-debt.html


JFC, Puerto Rico is not a state. Fucking moron.

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Re: Illinois is about to seize all state pension funds,
Posted by: It's Happening ()
Date: June 28, 2017 09:30AM

XFNJV Wrote:
-------------------------------------------------------
> Lawyer type person Wrote:
> --------------------------------------------------
> -----
> > DHUBD Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > gonewithhthewind Wrote:
> > >
> >
> --------------------------------------------------
>
> >
> > > -----
> > > > Illinois is about to declare a state of
> > > bankruptcy
> > > > and seize all state pension funds, just as
> > the
> > > > Health Ranger repeatedly warned for the
> last
> > > > year.
> > > >
> > > >
> > > States can't go bankrupt.
> >
> >
> > States can ask the courts to release them from
> > their financial obligations to pay things such
> as
> > pensions, bond payments, salaries, lottery
> > winnings, etc. and to restructure their debt.
> > Whether you want to quibble about the
> terminology,
> > it is for all intents and purposes, bankruptcy.
>
> > Whether it is akin to Chapter 11 or 13 will be
> up
> > to the courts. Doubtful it would be a Chapter
> 7
> > since that involves liquidation of assets and
> the
> > legal existence of the entity, which would not
> > happen to a state/city/town/etc.
>
> Please provide an example of a law that would
> authorize a court to release a state from its
> legal obligations to its creditors.


The same law that allows cities to do it. Or towns. And there are lots of examples of that. Illinois would be the first state to do it. There's always a first. It will go to the state courts first and will wind up in federal court as people sue. In the end, the courts will decide and the federal government, now in GOP hands, won't bail them out.

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Re: Illinois is about to seize all state pension funds,
Posted by: Anonymous Gambling Fool Sucka ()
Date: June 28, 2017 10:02AM

Lawyer type person Wrote:
-------------------------------------------------------
> DHUBD Wrote:
> --------------------------------------------------
> -----
> > gonewithhthewind Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Illinois is about to declare a state of
> > bankruptcy
> > > and seize all state pension funds, just as
> the
> > > Health Ranger repeatedly warned for the last
> > > year.
> > >
> > >
> > States can't go bankrupt.
>
>
> States can ask the courts to release them from
> their financial obligations to pay things such as
> pensions, bond payments, salaries, lottery
> winnings, etc. and to restructure their debt.
> Whether you want to quibble about the terminology,
> it is for all intents and purposes, bankruptcy.
> Whether it is akin to Chapter 11 or 13 will be up
> to the courts. Doubtful it would be a Chapter 7
> since that involves liquidation of assets and the
> legal existence of the entity, which would not
> happen to a state/city/town/etc.

I guess that's ONE MAJOR REASON to take your lottery winnings as one lump sum payment! Can you imagine winning the lottery only to have the state decide it wants to be able to keep the winnings? FUCK THAT!

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Re: Illinois is about to seize all state pension funds,
Posted by: DP3UX ()
Date: June 28, 2017 10:14AM

It's Happening Wrote:
-------------------------------------------------------
> XFNJV Wrote:
> --------------------------------------------------
> -----
> > Lawyer type person Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > DHUBD Wrote:
> > >
> >
> --------------------------------------------------
>
> >
> > > -----
> > > > gonewithhthewind Wrote:
> > > >
> > >
> >
> --------------------------------------------------
>
> >
> > >
> > > > -----
> > > > > Illinois is about to declare a state of
> > > > bankruptcy
> > > > > and seize all state pension funds, just
> as
> > > the
> > > > > Health Ranger repeatedly warned for the
> > last
> > > > > year.
> > > > >
> > > > >
> > > > States can't go bankrupt.
> > >
> > >
> > > States can ask the courts to release them
> from
> > > their financial obligations to pay things
> such
> > as
> > > pensions, bond payments, salaries, lottery
> > > winnings, etc. and to restructure their debt.
>
> > > Whether you want to quibble about the
> > terminology,
> > > it is for all intents and purposes,
> bankruptcy.
> >
> > > Whether it is akin to Chapter 11 or 13 will
> be
> > up
> > > to the courts. Doubtful it would be a
> Chapter
> > 7
> > > since that involves liquidation of assets and
> > the
> > > legal existence of the entity, which would
> not
> > > happen to a state/city/town/etc.
> >
> > Please provide an example of a law that would
> > authorize a court to release a state from its
> > legal obligations to its creditors.
>
>
> The same law that allows cities to do it. Or
> towns. And there are lots of examples of that.
> Illinois would be the first state to do it.
> There's always a first. It will go to the state
> courts first and will wind up in federal court as
> people sue. In the end, the courts will decide
> and the federal government, now in GOP hands,
> won't bail them out.


NO, moron. The "same law", I assume you are referring to, is the Bankruptcy Code. The Bankruptcy Code allows cities, towns, and counties to go bankrupt. NOT STATES. Fucking moron. Does your computer have access to google?

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Re: Illinois is about to seize all state pension funds,
Posted by: Crazy snowflake sez what ()
Date: June 28, 2017 10:24AM

DP3UX Wrote:
-------------------------------------------------------

>
> NO, moron. The "same law", I assume you are
> referring to, is the Bankruptcy Code. The
> Bankruptcy Code allows cities, towns, and counties
> to go bankrupt. NOT STATES. Fucking moron. Does
> your computer have access to google?


Dude, you can whine all you want and act you have a clue, but you aren't convincing anyone, including the state of Illinois, which is deciding whether it's going to go to the courts to seek relief. I have already explained to you that you're hung up on the bankruptcy code and that's quibbling about a word and not the act, which is to restructure debt and be released from contractual obligations through the courts.

Why you're becoming unhinged and so butthurt about this fact is puzzling. Funny, but puzzling.

Rant on fool.

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Re: Illinois is about to seize all state pension funds,
Posted by: NL4JD ()
Date: June 28, 2017 10:32AM

Crazy snowflake sez what Wrote:
-------------------------------------------------------
> DP3UX Wrote:
> --------------------------------------------------
> -----
>
> >
> > NO, moron. The "same law", I assume you are
> > referring to, is the Bankruptcy Code. The
> > Bankruptcy Code allows cities, towns, and
> counties
> > to go bankrupt. NOT STATES. Fucking moron.
> Does
> > your computer have access to google?
>
>
> Dude, you can whine all you want and act you have
> a clue, but you aren't convincing anyone,
> including the state of Illinois, which is deciding
> whether it's going to go to the courts to seek
> relief. I have already explained to you that
> you're hung up on the bankruptcy code and that's
> quibbling about a word and not the act, which is
> to restructure debt and be released from
> contractual obligations through the courts.
>
> Why you're becoming unhinged and so butthurt about
> this fact is puzzling. Funny, but puzzling.
>
> Rant on fool.

I guess I just have a limited ability to tolerate lies and misinformation, unlike Trump supporters who thrive on it.

You, for example, think that a state can "be released from contractual obligations through the courts". Based on what law is the question. There isn't such a law, yet YOU persist. And you throw out the stupid "butthurt" meme. Not "butthurt" here whatever that's supposed to mean. Not unhinged either.

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Re: Illinois is about to seize all state pension funds,
Posted by: trump supporters? LOL ()
Date: June 28, 2017 10:41AM

NL4JD Wrote:
-------------------------------------------------------

> I guess I just have a limited ability to tolerate
> lies and misinformation, unlike Trump supporters
> who thrive on it.
>
> You, for example, think that a state can "be
> released from contractual obligations through the
> courts". Based on what law is the question. There
> isn't such a law, yet YOU persist. And you throw
> out the stupid "butthurt" meme. Not "butthurt"
> here whatever that's supposed to mean. Not
> unhinged either.


You are 100% butthurt. You are also irrationally angry. Go back and read your screeds. 100%.

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Re: Illinois is about to seize all state pension funds,
Posted by: NKDYD ()
Date: June 28, 2017 10:43AM

I did. Although I called people like you morons and fucking idiots, which is the truth, everything else I stated is accurate.

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Re: Illinois is about to seize all state pension funds,
Posted by: I'm not the one whining ()
Date: June 28, 2017 10:45AM

NL4JD Wrote:
-------------------------------------------------------
> Crazy snowflake sez what Wrote:
> --------------------------------------------------
> -----
> > DP3UX Wrote:
> >
> --------------------------------------------------
>
> > -----
> >
> > >
> > > NO, moron. The "same law", I assume you are
> > > referring to, is the Bankruptcy Code. The
> > > Bankruptcy Code allows cities, towns, and
> > counties
> > > to go bankrupt. NOT STATES. Fucking moron.
> > Does
> > > your computer have access to google?
> >
> >
> > Dude, you can whine all you want and act you
> have
> > a clue, but you aren't convincing anyone,
> > including the state of Illinois, which is
> deciding
> > whether it's going to go to the courts to seek
> > relief. I have already explained to you that
> > you're hung up on the bankruptcy code and
> that's
> > quibbling about a word and not the act, which
> is
> > to restructure debt and be released from
> > contractual obligations through the courts.
> >
> > Why you're becoming unhinged and so butthurt
> about
> > this fact is puzzling. Funny, but puzzling.
> >
> > Rant on fool.
>
> I guess I just have a limited ability to tolerate
> lies and misinformation, unlike Trump supporters
> who thrive on it.
>
> You, for example, think that a state can "be
> released from contractual obligations through the
> courts". Based on what law is the question. There
> isn't such a law, yet YOU persist. And you throw
> out the stupid "butthurt" meme. Not "butthurt"
> here whatever that's supposed to mean. Not
> unhinged either.


As I wrote, that's for the lawyers of Illinois to figure out. But they're trying to do it and I would expect they'll try and use Chapter 9 as the basis, but don't know. Neither do you. But I'm not the one ranting and frothing at the mouth whilst pounding on my keyboard. You are. And for a simple disagreement in which no one can know who is correct until this gets into the courts. Your anger and partisan nuttery has driven you to this. Chill and let's see how it plays out.

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Re: Illinois is about to seize all state pension funds,
Posted by: Wrong again goober ()
Date: June 28, 2017 10:47AM

NKDYD Wrote:
-------------------------------------------------------
> I did. Although I called people like you morons
> and fucking idiots, which is the truth, everything
> else I stated is accurate.


Not me skippy. I'm just a bystander letting you know that you're coming off as a fucking tool. You're arguing with someone else.

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Re: Illinois is about to seize all state pension funds,
Posted by: look to the law ()
Date: June 28, 2017 11:03AM

Puerto Rico is now in an insolvency proceeding. This is authorized by a statute passed last year. The insolvency proceeding, initiated by creditors, occurred after the lapse of a one year workout period called for by the statute. No work-out occurred. The proceeding is authorized to proceedin an Article III court, as opposed to an Article 1 court (Bankruptcy Court).

Illinois must go to Congress to obtain similar recourse. The quickerit can get to a universal resolution, the better (a familiar refrain of bankruptcy experts). The problem is that the Democrats who run the State really counted on a Hillary Clinton Presidency, and a much friendlier Congress. As it stands, Illinois won't get any statutory relief unless it: 1) agrees to the appointment of a control board, which divests as lot of control from the entrenched Machine politicians; 2) it agrees to set aside the public union contracts (the source of the Machine's political power), and 3) Illinois commits to avoid hitting the federal fisc for its problems. This is completely unacceptable to Madigan and his cronies in the State, so I see anarchy occurring. Court mandated payments (e.g., pensions) take up a huge majority of funds, so Illinois will not be able to pay bondholders, and that will create a death spiral (as will being downgraded to junk status, because only vultures will buy their paper). This all means that very basic services, including police, fire, and even schools will be neglected or largely sacrificed. Knowing Illinois as I do, things will get far worse before they get better.

Illinois will be the looming story of the 2018 election cycle. There is no more shining example of blue state excess than Illinois (think Greece). I hear all of the time from progressives that taxes are not high enough in Illinois. While this may be true (I doubt it, as the tax overall footprint is large in Illinois), it doesn't hold water. This is a government which has been expending capital funds raised through bond sales on operating expenses. Yikes! What a way to go out of business, and fast. It is also a government which has been expending 116% of revenue for nearly 20 years. They spend too much, no matter what taxes are in place. This will not be lost on the electorate as 2018 approaches.

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Re: Illinois is about to seize all state pension funds,
Posted by: Not going to be pretty ()
Date: June 28, 2017 11:12AM

look to the law Wrote:
-------------------------------------------------------
> Puerto Rico is now in an insolvency proceeding.
> This is authorized by a statute passed last year.
> The insolvency proceeding, initiated by creditors,
> occurred after the lapse of a one year workout
> period called for by the statute. No work-out
> occurred. The proceeding is authorized to
> proceedin an Article III court, as opposed to an
> Article 1 court (Bankruptcy Court).
>
> Illinois must go to Congress to obtain similar
> recourse. The quickerit can get to a universal
> resolution, the better (a familiar refrain of
> bankruptcy experts). The problem is that the
> Democrats who run the State really counted on a
> Hillary Clinton Presidency, and a much friendlier
> Congress. As it stands, Illinois won't get any
> statutory relief unless it: 1) agrees to the
> appointment of a control board, which divests as
> lot of control from the entrenched Machine
> politicians; 2) it agrees to set aside the public
> union contracts (the source of the Machine's
> political power), and 3) Illinois commits to avoid
> hitting the federal fisc for its problems. This
> is completely unacceptable to Madigan and his
> cronies in the State, so I see anarchy occurring.
> Court mandated payments (e.g., pensions) take up a
> huge majority of funds, so Illinois will not be
> able to pay bondholders, and that will create a
> death spiral (as will being downgraded to junk
> status, because only vultures will buy their
> paper). This all means that very basic services,
> including police, fire, and even schools will be
> neglected or largely sacrificed. Knowing Illinois
> as I do, things will get far worse before they get
> better.
>
> Illinois will be the looming story of the 2018
> election cycle. There is no more shining example
> of blue state excess than Illinois (think Greece).
> I hear all of the time from progressives that
> taxes are not high enough in Illinois. While this
> may be true (I doubt it, as the tax overall
> footprint is large in Illinois), it doesn't hold
> water. This is a government which has been
> expending capital funds raised through bond sales
> on operating expenses. Yikes! What a way to go
> out of business, and fast. It is also a
> government which has been expending 116% of
> revenue for nearly 20 years. They spend too much,
> no matter what taxes are in place. This will not
> be lost on the electorate as 2018 approaches.


I would expect Illinois to try and court-shop and find a friendly judge who will agree to hear their case. At a minimum, suspend some payments until all this can be sorted out in the courts. In the meantime, they'll try and get some recourse from Congress, but that will take too long and neither the WH or Congress is under a favorable party to the state. This is going to get messy if they pull that trigger.

Options: ReplyQuote
Re: Illinois is about to seize all state pension funds,
Posted by: look to the law ()
Date: June 28, 2017 12:12PM

Illinois can't waltz into federal court, either to prosecute a claim or defend it, to do a workout with creditors without jurisdiction. Even a friendly judge will not take it knowing that upon appeal there will be no jurisdiction.

What Illinois can do is default on their bond obligations to pay other, preferred classes of people, including government workers. . Good luck with that. Not only will Illinois be rated a junk or if possible, worse, they will simply lose all access to the credit markets, period. And for a state now addicted to spending capital funds for operating expenses (absolutely insane, and why no matter how Illinois taxes, it has a spending problem), I can't imagine any how much trouble they will be in. Unions can bring a claim based on the fact the Illinois Constitution guarantees them payments, but no one ever has answered the question as to what happens if there is truly no money?

The problem in predicting Black Swan events is that there is not history to draw on. But I think it safe to say that anarchy will arrive, and that productive people will continue to leave the state, at of course, the very time the state needs to keep them. And I can't help but think Illinois will loom large in politics. It is akin to giving Trump a large gift.

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Re: Illinois is about to seize all state pension funds,
Posted by: embrace diversity ()
Date: June 28, 2017 12:23PM

Mendoza_0.jpg?itok=-NPdHe6M

"No kidding. Barron’s reports that Susana Mendoza, the Illinois State Comptroller has called this predicament a “state of crisis,” partly due to “spending obligations [that] have exceeded receipts by an average of $600 million per month” for at least twelve months. Right now, the state is in debt to a variety of transit companies, social service agencies and other providers to the tune of $15 billion. Some vendors have sued the state to get their money"


like bananna republic: like a Democrat Virginia (like fairfax county spending)

borrows to grow, uses illegals to keep vote democrat, without intention of payback


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Re: Illinois is about to seize all state pension funds,
Posted by: embrace diversity ()
Date: June 28, 2017 12:26PM


the only reality here is two things:

1) they wouldn't be doing it unless Congress indicated they would support the banks in the issue

2) they are likely still creating jobs for illegals and blacks

3) the pensions they will target are of "white people with money from the LAST GENERATION" that worked for it (not the generation that caused the debt)


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Re: Illinois is about to seize all state pension funds,
Posted by: K6W9B ()
Date: June 28, 2017 12:30PM

look to the law Wrote:
-------------------------------------------------------
> Illinois can't waltz into federal court, either to
> prosecute a claim or defend it, to do a workout
> with creditors without jurisdiction. Even a
> friendly judge will not take it knowing that upon
> appeal there will be no jurisdiction.
>
> What Illinois can do is default on their bond
> obligations to pay other, preferred classes of
> people, including government workers. . Good luck
> with that. Not only will Illinois be rated a junk
> or if possible, worse, they will simply lose all
> access to the credit markets, period. And for a
> state now addicted to spending capital funds for
> operating expenses (absolutely insane, and why no
> matter how Illinois taxes, it has a spending
> problem), I can't imagine any how much trouble
> they will be in. Unions can bring a claim based
> on the fact the Illinois Constitution guarantees
> them payments, but no one ever has answered the
> question as to what happens if there is truly no
> money?
>
>
That is all accurate. Illinois can only do what Arkansas did, a long time ago. Default, and then when the bondholders, pensioners, creditors, etc. sue, negotiate with them on a workout. It will be way, way bigger and way, way messier than what Arkansas went through, though.

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Re: Illinois is about to seize all state pension funds,
Posted by: Costs Money ()
Date: June 28, 2017 01:22PM

Many republican states are set to go bankrupt. It the spending on infrastructure that is putting them in debt. Virginia is in the same boat.

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Re: Illinois is about to seize all state pension funds,
Posted by: uh, no ()
Date: June 28, 2017 01:35PM

Costs Money Wrote:
-------------------------------------------------------
> Many republican states are set to go bankrupt. It
> the spending on infrastructure that is putting
> them in debt. Virginia is in the same boat.


ot surprisingly, California is ranked among the top nine in the states with the worst fiscal condition by the Mercatus Center, as of June 1. Here are each of the states that made the top nine in their rankings:

1. Connecticut:

$20.88 billion in total debt.
$102.84 billion in unfunded liabilities and other retirement benefits.
$505 in deficit per capita.

2. Massachusetts:

$26.73 billion in total debt.
$190.83 billion in in unfunded liabilities and other retirement benefits.
$342 in deficit per capita.

3. New Jersey:

$41.84 billion in total debt.
$255.2 billion in unfunded pension liabilities and other retirement benefits.
$396 in deficit per capita.

4. Illinois:

$35.5 billion in total debt.
$332.54 billion in unfunded pension liabilities and other retirement benefits.
$40 in deficit per capita.

5. Kentucky:

$8.23 billion in total debt.
$82.68 billion in unfunded liabilities and other retirement benefits.
$100 in deficit per capita.

6. Hawaii:

$7.78 billion in total debt.
$39.92 billion in unfunded liabilities and other retirement benefits.
$83 in deficit per capita.

7. California:

$118.7 billion in total debt.
$785.72 billion in unfunded liabilities and other retirement benefits.
$250 in surplus per capita.

8. Maine:

$1.2 billion in total debt.
$15.2 billion in unfunded liabilities and other retirement benefits.
$20 in deficit per capita.

9. New York:

$58.32 billion in total debt.
$349.81 billion in unfunded liabilities and other retirement benefits.
$125 in surplus per capita.

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Re: Illinois is about to seize all state pension funds,
Posted by: liberalism is a disease ()
Date: June 28, 2017 02:06PM

It destroys everything it touches and then moves on to find a new host to destroy.

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