Posted byMessage
Strannix
Navy Fan
Member since Dec 2012
743 posts

Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

Mayor Rahm Emanuel closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers, year-end audits show.

Last week, Moody’s Investors ordered an unprecedented triple-drop in the city’s bond rating, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service payments, “unrelenting public safety demands” and historic reluctance to raise local taxes that has continued under Emanuel.


LINK



This post was edited on 7/30 at 11:46 am



Back to top
Share:
skinny domino
LSU Fan
sebr
Member since Feb 2007
5701 posts
 Online 

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

Last week, Moody’s Investors ordered an unprecedented triple-drop in the city’s bond rating, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service payments, “unrelenting public safety demands” and historic reluctance to raise local taxes that has continued under Emanuel.
Yep, I was reading about that Friday morning on my flight from Frankfurt to Atlanta in financial section of the Mainz Daily Courier.






Back to top
Lsut81
USA Fan
Member since Jun 2005
61464 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


Detroit2.0

But don't worry, we're all excited those public teachers averaging 75k a year, even though 80% of their 8th graders can't read at level, got those 15% pay increases






Back to top
Strannix
Navy Fan
Member since Dec 2012
743 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

Detroit2.0


So it's Republican policies right?






Back to top
Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13843 posts
 Online 

re: Moody orders unprecedented triple digit drop in Chicago bond rating


Just another shining example of a Democratic stronghold prospering from decades of their sound policies.





Back to top
SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
286850 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

So it's Republican policies right?

aren't the demo changes in chicago nothing like the ones in detroit? i mean, there are suburbs, but the city still has a vast population center that has not been as affected by white flight






Back to top
deltaland
Mississippi St. Fan
Member since Mar 2011
21484 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


Detroit started it...now the dominoes will fall.





Back to top
TigerFanatic99
LSU Fan
Elkhart, IN
Member since Jan 2007
1929 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


The sad thing is when all the cockroaches start abandoning Chicago they will likely just head to Gary and push that low level trash closer my way.

I only pray having Notre Dame in between helps insulate us :(






Back to top
Asgard Device
The Daedalus
Member since Apr 2011
2789 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


Im sure a lot of municipal bond insurers are uneasy these days.

The rates should increase accordingly.






Back to top
aaronb023
LSU Fan
Boxtard Baseball Club
Member since Feb 2005
9341 posts
 Online 

re: Moody orders unprecedented triple digit drop in Chicago bond rating


How long before a Dem says the rate drop is political?





Back to top
Erin Go Bragh
Notre Dame Fan
Beyond the Pale
Member since Dec 2007
1663 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

very large and growing” pension liabilities

Expect the healthcare portion to be transferred to obamacare so we can all contribute to Chicago retirees.






Back to top
davesdawgs
Georgia Fan
Georgia
Member since Oct 2008
15568 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


Forward





Back to top
GeauxxxTigers23
USA Fan
TeamBunt General Manager
Member since Apr 2013
16285 posts
 Online 

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

even though 80% of their 8th graders can't read at level


But according to that dude in the Common Core education thread they can all do Algebra and Calculus by the 8th grade.

So they've got that going for them.






Back to top
Taxing Authority
LSU Fan
Houston
Member since Feb 2010
21165 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

Detroit started it...now the dominoes will fall.
This. People are (finally) starting to look at municipal bonds with an eye toward risk. They aren't as safe as many have assumed. When this bubble bursts it will be u-g-l-y. A lot of retirees will get decimated.






Back to top
SmackoverHawg
Arkansas Fan
Member since Oct 2011
12017 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

Moody orders unprecedented triple digit drop in Chicago bond rating.

This is what happens under a liberal/progressive government. Next step is to blame someone else.


F$%k Chicago, Detroit etc.

ETA-My ire is directed toward fiscal liberals/progressives not social. I don't care who's holes you poke or what you smoke as long as you work and pay your own damn way.



This post was edited on 7/29 at 10:14 am


Back to top
davesdawgs
Georgia Fan
Georgia
Member since Oct 2008
15568 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

This is what happens under a liberal/progressive government. Next step is to blame someone else.


This. These morons never make any bad decisions from their perspective and of course the mentality is reinforced by the liberal media.






Back to top
Patrick_Bateman
USA Fan
Member since Jan 2012
6868 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


Chicago is going the way of Detroit.





Back to top
vodkacop
LSU Fan
GOM
Member since Nov 2008
1895 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


I don't know. I ain't fan of Chicago or rahim but I think he will see the light. I seen more then one news article about the teachers union hating rahim. Plus Obama ain't gonna let chi-town fail.





Back to top
Lsut81
USA Fan
Member since Jun 2005
61464 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating


quote:

I seen more then one news article about the teachers union hating rahim.


You mean the greedy fricking teachers hate him after he just gave into their demands last year? Nah, couldn't be....






Back to top
CajunAngele
LSU Fan
Member since Oct 2012
11168 posts

re: Moody orders unprecedented triple digit drop in Chicago bond rating



Democrats tax and bankrupt cities and pubs do absolutely nothing.






Back to top



Back to top