Illinois credit rating lowered by Moody's

[sth]

http://www.huffingtonpost.com/2012/01/09/illinois-credit-rating-do_n_1193899.html



Moody's lowered the state of Illinois credit rating to 2A lowest in the nation. They cited the lack of bipartisan cooperation and deferred payments. They praised the increase in income taxes as a good first step. But called for more tax increases and spending cuts for a balanced approach.

 

[IceHogsFan]

Yeah

 

[Tater]

Yet Quinn will announce Wed. that he plans to borrow another several hundred million.

What comes after "lowest in the nation"?

 

[IceHogsFan]

Yet Quinn will announce Wed. that he plans to borrow another several hundred million.

What comes after "lowest in the nation"?

A new regime at election time?





Doh, sorry I get carried away at times. I forget what state I live in.

 

[IceHogsFan]

Illinois’ borrowing to bolster its unemployment fund isn’t over yet, even as the state eyes the bond market for the right time to raise $2.4 billion to pay off its federal loan.



The state’s Department of Employment Security has continued to borrow to pay for jobless benefits and likely will continue until the bond sale, spokesman Greg Rivara said. After unemployment tax payments start flowing in from businesses this spring, the department doesn’t anticipate more borrowing.



The state is selling bonds to pay the debt because it’s expected to be cheaper than borrowing from the federal government at 4 percent interest. But Illinois’ recent credit rating downgrade could make the borrowing trickier, even though the debt is backed by a secure revenue stream.

 

[BiscuitintheBasket]

Yet Quinn will announce Wed. that he plans to borrow another several hundred million.

What comes after "lowest in the nation"?

Splitting the state....something that has been proposed on an off since the late 1800's.

 

[Maiden]

A new regime at election time?





Doh, sorry I get carried away at times. I forget what state I live in.

Keep voting the donkey's into the general assembly; the true definition of insanity.

 

[MassHavoc]

So... no the creditors get to tell us how the state should be run too? Great....

 

[Spunky Porkstacker]

Madigan and Cullerton have to go! Until they get the boot IL will continue to be more of the same.

 

[BigPete]

http://www.chicagotribune.com/news/sns-rt-us-mcgrawhill-sandp-lawsuittre80o21y-20120125,0,1292273.story



Illinois sues S&P over ratings, alleges fraud





(Reuters) - Standard & Poor's has been sued by Illinois' attorney general, who accused it of fueling the nation's housing and financial crises by assigning inflated credit ratings to risky mortgage-backed securities.



Attorney General Lisa Madigan said the McGraw-Hill Cos Inc unit, in a drive to boost market share, committed fraud and compromised its independence by issuing tainted, often "AAA" ratings to curry favor with Wall Street banks that created the securities.



"S&P was making hundreds of millions of dollars a year rating these deals," Madigan said in a telephone interview. "Without the rating agencies as enablers, none of these securities would have been able to be purchased by many investors."

 

[MassHavoc]

In theory yes, we all now they suck and should pay just as much, but what actual hard proof is there? And do you have it?



And most importantly, at the end of the day where was all this outrage before they lowered the state's credit rating... Welcome back to two years ago Madigan.

 

[Bringmepie]

In theory yes, we all now they suck and should pay just as much, but what actual hard proof is there? And do you have it?



And most importantly, at the end of the day where was all this outrage before they lowered the state's credit rating... Welcome back to two years ago Madigan.

The poster child for Illinois nepotism (Lisa) probably needed to give her staff some time to do their legal legwork before swooping in and taking credit like she usually does (heck, like most politicians do).

 

[IceHogsFan]

There is hope....



All you have to do is look at the state's around Illinois to see that fiscal responsibility can be accomplished thru regime change.



Just look at Wisconsin, Indiana and Ohio.

 

[Pez68]

There is always hope. I just don't have much for the people in this state. So many idiots.

 

[BigPete]

There is hope....



All you have to do is look at the state's around Illinois to see that fiscal responsibility can be accomplished thru regime change.



Just look at Wisconsin, Indiana and Ohio.

Yes there is hope in Wisconsin, they are about to recall their Tea Party nutbag governor.

 

[Maiden]

Yes there is hope in Wisconsin, they are about to recall their Tea Party nutbag governor.

Why is he a nutbag governor Pete?

 

[IceHogsFan]

Why is he a nutbag governor Pete?

He really said that? I know there are many people who feel that way in WI but they are still the minority. The majority are going to shoot down all of this recall crap especially with the fiscal turnaround of the state and the school systems. It is quite pathetic that the unions exert that much influence in the state so much so they have many people hoodwinked into thinking they are going to be thrown back to the dark ages just because of collective bargaining rights.



Walker ran on a platform of fiscal responsibility and taking power away from the unions. He did both and now look at the financial benefit to the state and the taxpayers. Ohhhhhh, how I long for the day that the Democratic, Union and Welfare society that controls Illinois is gone. Wishful thinking, eh?

 

[Tater]

Unemployment now at 9.8% in IL.

 

[Spunky Porkstacker]

He really said that? I know there are many people who feel that way in WI but they are still the minority. The majority are going to shoot down all of this recall crap especially with the fiscal turnaround of the state and the school systems. It is quite pathetic that the unions exert that much influence in the state so much so they have many people hoodwinked into thinking they are going to be thrown back to the dark ages just because of collective bargaining rights.



Walker ran on a platform of fiscal responsibility and taking power away from the unions. He did both and now look at the financial benefit to the state and the taxpayers. Ohhhhhh, how I long for the day that the Democratic, Union and Welfare society that controls Illinois is gone. Wishful thinking, eh?

Kind of like what Gov. Chris Christie did in New Jersey.



Some of the gov workers are now having to contribute to their pensions and possibly help pay for their health insurance. Something the majority of people in the private sector who are fortunate enough to have those benefits have to do.

 

[BigPete]

The Republican party has a very obvious anti-union platform. Many of their governors around the country are working very hard to negate or tear away at the power the unions have. Daniels, Walker, Christie, and others are certainly working very hard to come up with ways to limit union influence.



While I don't disagree that many unions in many states have achieved a great deal for their members, they are absolutely vital to the existence of the 'working class'. Without unions people would still be working in sweat shops and living on poverty level wages. There is no sound reason or empirical evidence to indicate otherwise.



Back to the topic of this thread (since it was somehow hijacked to talk about anti-working class movements in neighboring states) - I hope it is not lost on anyone that Moody's or Standard and Poor's or any other rating agency are working hand in hand with uber rich investors to pick and choose what investment packages are good deals, thereby 'fixing the bet'. The existing system is corrupt.