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Illinois ponders pension-fund moonshot: a $107B bond sale


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2018 Jan 30, 7:35am   17,109 views  63 comments

by WookieMan   ➕follow (1)   💰tip   ignore  

http://www.chicagobusiness.com/article/20180126/NEWS02/180129902/illinois-ponders-pension-fund-moonshot-a-107-billion-bond-sale
If this goes down, we might see our first bankrupt state in our country. I don't get how they expect to produce income on the spread of the borrowed money vs. what they invest. IL already basically borrows at some of the highest rates in the country for a government body.

This is literally the equivalent of taking a cash advance on your credit card at 20% interest and then expecting returns of 30%. There's almost no scenario where this works out of IL citizens or the bond holders.

This is another reason I hate the back and forth on Trump. In the next 3 or 7 years if Trump is elected again, he will not even remotely have as much impact on my finances as my state legislative branch does. Next stop on the IL tax train is double digit income taxes. That will literally cost me $10k+ if we go 10% plus on IL income taxes. This is a when not if conversation. Thank god if it gets bad enough I can easily leave.

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56   WookieMan   2018 Jan 31, 10:54am  

thenuttyneutron says
The only toll road that I am aware of is the Ohio Turnpike. It was cheap to use as well with an EZ pass. Chicago has toll roads all over the place. I commuted between Ohio and Chicago for a few years and there is only one complaint from me about Ohio. They enforce the speed limits so you had better not get caught speeding.


I was exaggerating a bit about OH. I just honestly don't get a good vibe when I'm there, which isn't that often. I was there last summer for a wedding just south of Cleveland. It was fine. It reminded me too much of IL though. Taxes and all that other BS aside, if I'm going to leave IL, I really don't want to move to a similar climate. OH is ultimately fine by me, just not my cup of tea with the 48 other options besides OH & IL (I'm not moving to any US territory, get that thought out of your head).

Plus every two years and especially every 4 years OH becomes a political shit hole. I can't even imagine the tv, radio, phone calls, etc. Whether I like it or not, IL is at least not a battle ground state so I don't have to deal with the nonsense that comes with that.

thenuttyneutron says
I just moved back to the DFW area and it reminds me of Shitcago. I think Dallas is just the "Chicago" of Texas. Dallas is also in trouble with pensions.


Texas has always intrigued me, but again, bad vibe. Haven't been to Dallas or Houston since I was a kid. Been to Austin in my 20's maybe 5-6 times and not a fan. Just don't think I could pull the trigger on that state and that's even with the no income tax.

I love the outdoors, including good cold weather activities, so pretty much any state with even somewhat mountainous geography is on my list. CA is too expensive. I love it there, not a fan of the people though, sorry guys. That includes everyone here at Patnet from CA, I don't like you ;)

I'm looking more at AZ, CO, WY, MT, UT, TN, SC, NC and maybe GA north of Atlanta closer to the Smokies. I like weed so CO would probably be number 1 on my list right now.

I'd very likely pick all those states before OH. If I'm going to be cold, I need fucking 11,000' of mountains I can snowboard on. After that I need larger rolling hills or small mountains. 34 years in IL and I'm done with flat land if I'm moving.
57   thenuttyneutron   2018 Jan 31, 11:56am  

WookieMan says
I can't even imagine the tv, radio, phone calls, etc


I don't mind these ads. I get bored with the drug commercials and the political attack ads are a welcome distraction from the usual shit on TV.
58   WookieMan   2018 Jan 31, 12:24pm  

thenuttyneutron says
WookieMan says
I can't even imagine the tv, radio, phone calls, etc


I don't mind these ads. I get bored with the drug commercials and the political attack ads are a welcome distraction from the usual shit on TV.

What? Who doesn't like a good drug commercial with all the side effect fast talk? This drug will help your pancreas, but it could also cause pancreatitis, which can kill you. Talk to your doctor if you have abdominal pain and your other internal organs are failing.
59   lostand confused   2018 Jan 31, 12:27pm  

WookieMan says
'm looking more at AZ, CO, WY, MT, UT, TN, SC, NC and maybe GA north of Atlanta closer to the Smokies. I like weed so CO would probably be number 1 on my list right now.

Yeah I miss the mountains. In CA if you bought a house for 300k you pay 1% of it for evah with very small increases. So it helps in planning. I don't mind income taxes-you only pay on what you make. But high property taxes-you get cancer and your family is out because you can't pay taxes. And for what-so some guy making 300k a year can live off his pension??

CO is very expensive now though-looked into it. I cna move to Salt lake city-I hear it is very polluted though? Phoenix sumers are brutal-but N AZ is a few hours away.

Geograpy wise CA is ideal for me-especially coastal CA. I loved it-beautiful weather, oceans, deserts, mountains and up north temperate rain forests, lava beds, active volcanoes, caves etc etc-just beautiful. But I just can't deal with the SJW types anymore-losing patience as I grow older. TX is nice, but I really don't like the weather-IL is better, winters you just hibernate.
Utah maybe my next move.
60   Booger   2018 Feb 1, 6:51pm  

https://www.zerohedge.com/news/2018-02-01/its-baaaaack-illinois-privilege-tax-bill

Illinois Democrats are pushing again for passage of the “privilege tax”
61   WookieMan   2018 Feb 1, 7:05pm  

lostand confused says
CO is very expensive now though-looked into it


I know. Weeeeeeeeeeeeeed! Humans dig it, can still function and will move to where it's available. CO wouldn't crash necessarily, but if ganja was legalized nationwide the growth would stop and maybe see a 10% decline in GDP, real estate, etc. in CO. I'm waiting for their mini crash and hope it aligns with the most definite IL crash.

Booger says
https://www.zerohedge.com/news/2018-02-01/its-baaaaack-illinois-privilege-tax-bill

Illinois Democrats are pushing again for passage of the “privilege tax”


This line caught my eye: "It was sponsored by Senator Dan Biss (D-Evanston), who is also a genuine contender for governor."

I don't recall if you've stated where you live in past postings, but if you live in IL as I do, this line is fucking comical from the article. Dan Biss has ZERO chance of getting the nod from the Dems to be their horse in the race. There's a fucking chapstick Kennedy in the race as well. No neck, JB Prickzer will be the Dem nominee. Fuck, this state is really doomed as I read what I'm typing.
62   Strategist   2018 Feb 1, 7:16pm  

Booger says
https://www.zerohedge.com/news/2018-02-01/its-baaaaack-illinois-privilege-tax-bill

Illinois Democrats are pushing again for passage of the “privilege tax”


Looks like the Illinois government spends most of it's time trying to figure out how to sneak in new taxes without anyone noticing.
That's OK, it's all for a good cause. $300K pensions at 55.

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