May 20, 2017
Rahm’s latest plan to stave off Chicago financial collapse under fire – from Dems
Chicago and the State of Illinois are lurching toward insolvency, burdened by enormous pension liabilities, political payoffs from past generations that kept the Democrat Machine in power for generations. Rahm Emanuel knows this, and is doing his best to come up with financial schemes to keep paying bills. His latest effort at borrowing to keep the Chicago Public Schools (already almost a billion dollars behind in paying its expenses – particularly pension fund contributions) afloat is being called a “payday loan” even by Democrats, as the Dems scramble to blame Republican Governor Bruce Rauner for the collapse of the Blue Model. Fran Spielman reports for the Chicago Sun-Times:
Under fire for authorizing a “payday loan,” Mayor Rahm Emanuel on Friday defended his plan to let the Chicago Public Schools borrow $389 million secured by late block grants owed by the state.
“You have a situation…created by the state of Illinois to create a maximum amount of pressure on the public schools, specifically Chicago,” Emanuel said.“It’s a short-term solution to a short-term problem created consciously, woefully by the governor to create political pressure. That’s how we’re handling it. That’s the most appropriate way to deal with it.”Aldermen don’t see it that way. They likened it to the skipped pension payments that got CPS into this mess and Emanuel vowed to end.“Daley didn’t pay pensions. This is borrowing instead of not paying. You’re still robbing Peter to pay Paul and putting a Band-Aid on it,” said South Side Ald. Anthony Beale (9th).“We’re borrowing money hoping that, eventually, the state comes through. If the state doesn’t come through, we’re gonna be in worse shape tomorrow than we are today. It’s gonna cost to borrow money. Taxpayers are still losing.”
Illinois is as broke as Chicago. If this were a business, Rahm would be borrowing against his “accounts receivable” – also known as “factoring.” That is a common practice among financially-troubled businesses to keep the doors open. Rahm is trying to find a factor that will lend almost $400 mill against the promise of a broke state to come up with the cash.
The source of the borrowing has not yet been determined, nor has the interest rate. That must wait until the borrowing goes out to bid. The maximum interest rate allowed by state law is nine percent.
Chief Financial Officer Carole Brown said the short-term loan will be limited to $389 million because the school system’s “lending partners” were willing to finance only about “85 percent of the outstanding receivable” of state grants. The rest will come from savings generated by mid-year budget cuts, Brown said, with a hazy explanation that raised more questions than it answered.
Nine percent is a handsome return in a low interest environment. If Rahm is unable to borrow at that price, it would be a sign that the financial crisis is getting closer. But I suspect that he already has sources of funds, and that the bet would be that the feds would come up with a loan if the effort fails.
Chicago has already sold off major assets, including the right to collect money from parking meters. There are fewer and fewer sources of funds available.
The crash is coming. The Dems are just looking for opportunities to blame Republicans for the consequences of their bribes to unionized public employees.
BARACK OBAMA:
BUILDING HIS RETURN TO POWER PARTY WITH
ILLEGALS!
FUNDER AND LEADER OF THE MEXICAN FASCIST
PARTY of LA RAZA “The Race”
http://mexicanoccupation.blogspot.com/2016/10/the-racist-mexican-fascist-party-of-la.html
During Obama’s 8 year bankster
regime, he openly operated and funded the Mexican fascist racist party of LA
RAZA “The Race” from the White House under La Raza VP Cecilia Munoz…. Google
Obama and LA RAZA!
*
California: The sick man of the United States…. A
STATE UNDER MEX OCCUPATION!
PUS-SPEWING XAVIER BECERRA…. Is what happens when illegals
vote LA RAZA FASCISM.
“As one attorney general, Kamala
Harris, steps down to replace Barbara Boxer, another attorney general is
secreted out of the glands of selfsame power in the form of pus-spewing Xavier
Becerra.”
*
It
didn’t stop Becerra, a prominent Latino rights advocate who has served in
Congress since 1993, from pushing for the dealer’s release at the request of
his
father,
Horacio. The elder Vignali, a rich Los Angeles businessman, contributed
thousands of dollars to Becerra’s various campaigns and a favor was in
order.
CALIFORNIA UNDER LA RAZA SIEGE:
Mexico’s looting and ethnic cleansing of a once American state.
OPEN BORDERS: The Democrat Party’s Weapon of Mass Destruction on the
American Worker
http://mexicanoccupation.blogspot.com/2016/09/the-la-raza-mexican-crime-tidal-wave.html
"Los Angeles saw
all crime rise in 2015: violent crime up 19.9 percent, homicides up 10.2
percent, shooting victims up 12.6 percent, rapes up 8.6 percent, robberies up
12.3 percent, and aggravated assault up 27.5 percent," Landry said.”
IMAGES of LA RAZA CRIMINALS IN LOS
ANGELES ALONE:
200 MOST
WANTED (MURDER) CRIMINALS IN LA RAZA-OCCUPIED LOS ANGELES:
“Mexican drug cartels
are the “other” terrorist threat to America. Militant Islamists have the
goal of destroying the United States. Mexican
drug cartels are now
accomplishing that mission – from within, every day, in virtually every community
across this country.” JUDICIAL WATCH
ROBERT RECTOR:
Importing poverty….
WE ALSO IMPORT ALL THEIR CRIMINALS
“The lifetime costs of Social Security and Medicare
benefits of illegal immigrant beneficiaries of President Obama’s executive amnesty
would be well over a trillion dollars, according to Heritage Foundation expert Robert
Rector’s prepared testimony for a House panel obtained in advance by Breitbart
News.”
MEXICO’S BIGGEST EXPORTS TO U.S.: poverty, anchor
baby breeders for welfare, criminals, unregistered dems and HEROIN!
ILLEGALS VOTING …. (for more)!
ATTORNEY GENERAL JEFF SESSIONS ORDERS CALIFORNIA TERMINATED.
MEXICO IMMEDIATELY DENOUNCED THE DECREE AND FIRED SESSIONS.
Attorney
General Jeff Sessions: Emergency Intervention Needed in California NOW!
MEXICO’S BIGGEST EXPORTS TO U.S.: poverty, anchor
baby breeders for welfare, criminals, unregistered dems and HEROIN!
By Arthur Schaper
Townhall.com
In
California, illegals can vote: it’s possible and very likely. California’s
automatic motor-voter law all but assures that illegals seeking driver’s
licenses will get a ballot along with their license.
Miscreants
from any corner of the world can register to vote in California online, too. No
vetting, no assurance, no integrity.
Voter
fraud in broken inner city hellholes like Detroit and New York City cannot
compare with the ballot stuffing throughout the once Golden State.
MEXICO
ANNOUNCES CONTROL OF CALIFORNIA ACCOMPLISHED.
De Léon, who introduced the bill, made his remarks at a
hearing in Sacramento on SB54, the bill to make California a “Sanctuary State.”
California State Senate
President Pro Tem Kevin De Léon (D-Los Angeles) said last Tuesday
that “half his family” was in the country illegally, using false
documents, and eligible for deportation under President Trump’s new executive
order against
“sanctuary” jurisdictions.
*
"The American Southwest seems to be slowly
returning to the jurisdiction of Mexico without firing a single
shot." --- EXCELSIOR --- national
newspaper of Mexico
BELOW LINK IS TO THE LA RAZA “THE RACE” MEXICAN
FASCIST SEPARATIST MOVEMENT (WARNING! GRAPHIC!)
They claim all of North America for Mexico!
SENATOR DIANNE FEINSTEIN, HUBBY LOOTER
RICHARD BLUM AND LAP B ITCH, BARBARA “BRIBES” BOXER…. Along with Nancy Pelosi,
four of the most corrupt and self-serving plunderers of America… These Cretans
redefine the term CRONY CAPITALIST PIGS!
FOR YEARS THEY HAVE SUCKED THE
BLOOD OUT OF A DYING NATION!
BLOOD OUT OF A DYING NATION!
“Our entire crony capitalist system, Democrat and Republican alike, has become a kleptocracy approaching par with third-world hell-holes. This is the way a great country is raided by its elite.” ---- Karen McQuillan THEAMERICAN THINKER.com
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