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Old 01-20-2010, 09:43 PM   #1
RASKAR AS AR
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Default Illinois enters a state of insolvency

As Illinois' fiscal crisis deepens, the word "bankruptcy" is creeping more and more into the public discourse.
"We would like all the stakeholders of Illinois to recognize how close the state is to bankruptcy or insolvency," says Laurence Msall, president of the Civic Federation, a fiscal watchdog in Chicago.
"I would describe bankruptcy as the inability to pay one's bills," says Jim Nowlan, senior fellow at the University of Illinois' Institute of Government and Public Affairs. "We're close to de facto bankruptcy, if not de jure bankruptcy."
Legal experts say the protections of the federal bankruptcy code are available to cities and counties but not states...
"The crisis will come when you see state institutions shutting down because they can't pay their employees," says David Merriman, head of the economics department at the University of Illinois at Chicago.
A record $5.1 billion in state bills was past due at yearend, almost doubling to 92 days from 48 days a year earlier the average amount of time it takes the state to pay vendors such as doctors, hospitals, non-profit service providers and other contractors.
"I don't see any light at the end of the tunnel," says Dan Strick, CEO of SouthStar Services, a Chicago Heights non-profit that helps people with developmental disabilities. "It seems to be getting worse and worse, and the delays longer and longer." SouthStar hasn't been paid since July, forcing him to borrow to keep afloat.
More>http://www.chicagobusiness.com/cgi-b...32910&seenIt=1
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Old 01-20-2010, 10:05 PM   #2
Gnosis5
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Default Re: Illinois enters a state of insolvency

You mean some of those nice friendly helpful people at the Department of Motor Vehicles might have to shape up or ship out?
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Old 01-20-2010, 10:18 PM   #3
Christo888
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Default Re: Illinois enters a state of insolvency

May the people of Illinois now get to create their own system that works just perfectly for each individual that lives there. And may it be for the highest and best good of the individual people. It is only the people of Illinois who can grow their community back, no one else can do it for them.... rise up in wisdom and knowledge of who you are!

Last edited by Christo888; 01-20-2010 at 10:23 PM.
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Old 01-20-2010, 10:40 PM   #4
pyrangello
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Default Re: Illinois enters a state of insolvency

Hey here in michigan , our illustrious leaders who have brought you 8 years of steady declines in jobs, est 700,000 to 1 mil gone, people leaving the state 85k last year and yet they still want to raise taxes. Everything is coming to the brick wall , they used the stimulas money to balance the budget this year but expect a 2-6 billion shortfall next year.Here's the really insane part the teachers union in michigan had a philanthropist offer the city of detroit 240 million of his own cash to build charter schools in detroit. Yep his own money and what did the teachers union do, they turned it down.

I'm an independent voter but when Hillary was running she never even stopped by here to campaign mainly because it would have been a carbon copy of what she would have had in DC . 8 years of dem governor, house and senate and what do we have to show for it. A business unfairly taxed agenda and the highest unemployment in the country and people who want to leave but can't sell their house.

There are some proposals as our governor is finally gone this year(term limits) as I'm hereing proposing 20% accross the board cuts to all state employees pay and a bunch of others. If they do that we can balance the budget. Gee living within your means, what a concept !! he days for many states of larger gov't and entitlements are nearing the cliff.
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Old 01-21-2010, 03:57 PM   #5
jimmer
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Default Re: Illinois enters a state of insolvency

after years of one particular political party's malfeasance, maybe this is a good time for Illinois, California, et al, to do a major political reset.

never let a disaster go to waste...
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Old 01-21-2010, 04:27 PM   #6
Roman195
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Default Re: Illinois enters a state of insolvency

Here in Indiana we have a bunch of liars controlling the state so we're in the green according Mitch Danials. He also mentioned that we need to tighten our belts, so he announced cuts to education. 200 teachers jobs are affected in Fort Wayne alone. Now how's this going to Help??????You want to save your state money? Get rid of all the carpet baggers (my term for lawyers) in government. They, in my opinion are not working for us. They work to keep the Globalist agenda deaply rooted in our system. Find me one that works for the Constitution of the state and not the unconstitutional laws, regulations, and even guidelines, and I'll hire that man on the spot (if I had the money to do it).

In Peace and Unity,
Roman
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Old 03-12-2010, 02:32 PM   #7
RASKAR AS AR
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Default Re: Illinois enters a state of insolvency

Update:http://www.telegraph.co.uk/finance/c...-Bernanke.html
Barack Obama's home state of Illinois is near the point of fiscal disintegration. "The state is in utter crisis," said Representative Suzie Bassi. "We are next to bankruptcy. We have a $13bn hole in a $28bn budget."
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Old 03-12-2010, 07:38 PM   #8
DoctorWho
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Default Re: Illinois enters a state of insolvency

Is there any state that is financially stable?
Bill "the Doctor"
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Old 03-12-2010, 10:15 PM   #9
GenerationIke
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Default Re: Illinois enters a state of insolvency

New York is in deep doo doo, too. Not only do we have a governor swimming in scandal, our former governer was knee deep in scandal, and we now have one of our congressional leaders resigning over scandal. What else? We have a busted budget and our state leaders are calling for more taxes--on all things soda pop! And I am living between an ecological nightmare with triple trash mountains to my northeast and twin peaks turning into triple trash mountains to my southwest and it's not going to stop anytime soon either. I'm beginning to think we should abandon all hope and move off this planet.

It really bothers me these days, knowing all this stuff has been going on for a very long time now and that many people are reported to be angry over what's been going on, I'm asking myself: is this really true? And if so, WHY did people in the last election put the same politicians BACK INTO OFFICE? Why have they NOT CALLED FOR A REFERENDUM on many of them? Why have they not picketed Washington and their state capitals MORE? Is this happening and it is just not getting reported or what? I have been since the second term of W telling people wherever and whenever I can to vote EVERYONE OUT OF OFFICE AND START FRESH. I don't care who your political leaders are or how much they have done for your district, vote them all out, EVERY ONE OF THEM, EVERY ELECTION, UNTIL they get the message: THEY WORK FOR US AND THEY HAD BETTER START WORKING FOR US A WHOLE LOT BETTER OR THIS IS GOING TO KEEP ON GOING UNTIL THE MESSAGE DOES SINK IN!!!

Now, can I get everyone's attention here on this board and advise the very same thing for those of us who are at least looking like we care? That in our next elections that we do this? Get them all out until we finally have the leaders we need to do the job we pay them for?

I heard Bob Chapman advocate this on one of his youtube videos I just watched the other night. I think it's time we heeded at least his advice, if not mine. Thank you.
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Old 03-15-2010, 06:55 PM   #10
peaceandlove
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Default Re: Illinois enters a state of insolvency

Quote:
Originally Posted by GenerationIke View Post
It really bothers me these days, knowing all this stuff has been going on for a very long time now and that many people are reported to be angry over what's been going on, I'm asking myself: is this really true? And if so, WHY did people in the last election put the same politicians BACK INTO OFFICE? Why have they NOT CALLED FOR A REFERENDUM on many of them? Why have they not picketed Washington and their state capitals MORE? Is this happening and it is just not getting reported or what? I have been since the second term of W telling people wherever and whenever I can to vote EVERYONE OUT OF OFFICE AND START FRESH. I don't care who your political leaders are or how much they have done for your district, vote them all out, EVERY ONE OF THEM, EVERY ELECTION, UNTIL they get the message: THEY WORK FOR US AND THEY HAD BETTER START WORKING FOR US A WHOLE LOT BETTER OR THIS IS GOING TO KEEP ON GOING UNTIL THE MESSAGE DOES SINK IN!!!

Now, can I get everyone's attention here on this board and advise the very same thing for those of us who are at least looking like we care? That in our next elections that we do this? Get them all out until we finally have the leaders we need to do the job we pay them for?

I heard Bob Chapman advocate this on one of his youtube videos I just watched the other night. I think it's time we heeded at least his advice, if not mine. Thank you.
Right on GenerationIke,

Did you hear Bob Chapman say they MAY use the financial conundrum to cancel the November elections????

Some of them are already resigning or stating they will not run for a further term. Saving face I guess.

I believe there are plenty of Tea Parties and Protests going on, we just don't see them in the news. Of course, the government has people running scared thinking they will be put on a terrorist watch list for political dissent.

In the video I posted today at the following thread, Rep. Patrick Kennedy states how despicable the US Press is! KUDOS to Kennedy!

POST #6: http://projectavalon.net/forum/showt...198#post257198

PaL

Last edited by peaceandlove; 03-15-2010 at 07:09 PM.
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