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Finance - Investments Sub-forum: Non-Actuarial Personal Finance/Investing

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  #1  
Old 08-30-2010, 10:18 AM
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Mary Pat Campbell
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Default Illinois debt watch

Illinois gets its own thread now. This is going to get really "interesting", and in the short term, too.

Don't they have a gubernatorial election on right now? I wouldn't want to be stuck with this problem.

http://www.suntimes.com/news/maxedou...ivic30.article

Quote:
Being broke costs state $550 million
BAD BOND RATING | Borrowing money has gotten a lot more expensive

August 30, 2010

BY DAVE McKINNEY Sun-Times Springfield bureau chief
SPRINGFIELD -- The state's miserable bond rating has driven up borrowing costs for state government by more than $500 million since last year, a government watchdog group says.

The nonpartisan, Chicago-based Civic Federation analyzed the near-record borrowing that the state has undertaken since last September and looked at similar borrowing during the same period in other states that have higher bond ratings than Illinois.

The result was a staggering $551.3 million extra that state taxpayers are having to devote to support the state's thirst for debt because of a series of rating downgrades, the group says in a report being released today.

....
Because of the way the $9.6 billion is spread over three decades, the state won't pay all $551.3 million in one year. But $72.9 million will have to be paid in 2011, while $301.2 million of the overall amount will have to be paid over the next five years, the group said.
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Old 08-30-2010, 12:24 PM
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good luck taxing visitors and convention attendees enough to pay for that...
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Old 08-30-2010, 01:56 PM
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good luck taxing visitors and convention attendees enough to pay for that...
I predict that the tolls are going to go up, and that the difference between Ipass and non-Ipass tolls will more than double.
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Old 09-07-2010, 07:34 AM
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Default

Now is the time in Sprockets where we do the cross-posting! I'm doing this post in the various related threads.

For those not aware, there are a bunch of related threads sprinkled about the AO:

This forum:

First public pensions in trouble thread

Second public pensions in trouble thread

Retirement age changes

Current round of Social Security discussion

Pension accounting thread

In the Finance/Investments forum:

Sovereign debt watch

Muni watch

Illinois debt watch
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Old 09-07-2010, 10:06 AM
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your story has grown tiresome (jk)
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Old 09-07-2010, 03:35 PM
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The one gubernatorial candidate (seated governor) has a proposed budget. The challenger has not posted one. I was watching the news this weekend and saw an interview with the lieutenant governor candidate running with the challenger, and he had no concrete answers how to fix the budget. Illinois is screwed beyond belief.
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Old 09-07-2010, 03:38 PM
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your story has grown tiresome (jk)
RN

I would not like to touch your monkey.
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Old 09-07-2010, 04:00 PM
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Originally Posted by glassjaws View Post
The one gubernatorial candidate (seated governor) has a proposed budget. The challenger has not posted one. I was watching the news this weekend and saw an interview with the lieutenant governor candidate running with the challenger, and he had no concrete answers how to fix the budget. Illinois is screwed beyond belief.
Oh, I believe it.

I'm waiting for the bond market to believe it a bit more.
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Old 09-07-2010, 04:00 PM
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RN

I would not like to touch your monkey.
You may not touch my monkey, in any event.
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Old 09-07-2010, 04:08 PM
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Oh, I believe it.

I'm waiting for the bond market to believe it a bit more.
Yeah, I wonder what's going to happen. I don't think they'll let us crumble like they should.
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