Chicago going down

CaptainObvious

CaptainObvious

Third credit down grade in as many month's. This leftist sewer is about done. Will limp along through 2014 and suffer a total collapse in 2015 when the piper demands his due.

SPRINGFIELD, Ill. (AP) -- Fitch Ratings has downgraded the credit worthiness of Chicago's bond debt because of its public pension problems.

Fitch dropped the rating from AA- to A- on $8 billion in general obligation bonds, backed by property taxes.

It also dropped the rating on $497 million in sales tax bonds — paid for by both the city's local sales tax and its share of the state sales tax. And the rating was downgraded on $200 million in commercial paper notes, financed by a general obligation pledge from any available city fund.

Friday's downgrade stems from "the lack of meaningful solutions" to the city's pension situation. City and fire pension programs have no more than 30 percent of the money needed to cover obligations.

The downgrade makes it more expensive to borrow money.
 
Broken Fence
Three contractors were bidding to fix a broken fence at the White House.One contractor is from Chicago, another is from Tennessee, and the third is from Montana.All three go with a White House official to examine the fence.The Montana contractor takes out a tape measure and does some measuring, then works some figures with a pencil.He says, "the job will run about $900". That's $400 for materials, $400 for my crew and $100 profit for me."The Tennessee contractor also does some measuring and figuring, then says, "I can do this job for $700. That's $300for materials, $300 for my crew and $100 profit for me."The Chicago contractor doesn't measure or figure, but leans over to the White House official and whispers, "$2,700."The official, incredulous, says, "You didn't even measure like the other guys. How did you come up with such a high figure?"The Chicago contractor whispers back, "$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence."
"Done!" replies the government official.
 
Quote from Banjo:

Broken Fence
Three contractors were bidding to fix a broken fence at the White House.One contractor is from Chicago, another is from Tennessee, and the third is from Montana.All three go with a White House official to examine the fence.The Montana contractor takes out a tape measure and does some measuring, then works some figures with a pencil.He says, "the job will run about $900". That's $400 for materials, $400 for my crew and $100 profit for me."The Tennessee contractor also does some measuring and figuring, then says, "I can do this job for $700. That's $300for materials, $300 for my crew and $100 profit for me."The Chicago contractor doesn't measure or figure, but leans over to the White House official and whispers, "$2,700."The official, incredulous, says, "You didn't even measure like the other guys. How did you come up with such a high figure?"The Chicago contractor whispers back, "$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence."
"Done!" replies the government official.
More...

LOL!
 
Quote from Banjo:

Broken Fence
Three contractors were bidding to fix a broken fence at the White House.One contractor is from Chicago, another is from Tennessee, and the third is from Montana.All three go with a White House official to examine the fence.The Montana contractor takes out a tape measure and does some measuring, then works some figures with a pencil.He says, "the job will run about $900". That's $400 for materials, $400 for my crew and $100 profit for me."The Tennessee contractor also does some measuring and figuring, then says, "I can do this job for $700. That's $300for materials, $300 for my crew and $100 profit for me."The Chicago contractor doesn't measure or figure, but leans over to the White House official and whispers, "$2,700."The official, incredulous, says, "You didn't even measure like the other guys. How did you come up with such a high figure?"The Chicago contractor whispers back, "$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence."
"Done!" replies the government official.
More...

I've seen this one before. Unfortunately it's true.
 
Quote from Lucrum:

I've seen this one before. Unfortunately it's true.
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Thats right. . . its true.



From the Post:

When most people think about farm subsidies, chances are they do not immediately think "massive taxpayer money boondoggle that should be cut from the federal budget immediately." They've probably heard about how hard it is out there for small family farmers, doing honest work in the world, keeping everyone fed and maintaining our institutional repository of agricultural practices. Surely, these subsidies are helping to keep an important way of life alive for the True Sons of Soil and Toil ... like, say, multi-billionaire Microsoft co-founder Paul Allen.

Wait. What? He's a farmer?

Ha ha, yes. As it turns out, your taxpayer dollars "subsidize" the "farming" that's being done by a host of mega-rich superstars from the Forbes 400 list, none of whom you'd immediately associate with the sort of hardscrabble agri-artisan who's in need of a leg up from the federal government. But their numbers are legion. According to the Environmental Working Group, "at least 50 billionaires or farm businesses in which they had a financial interest benefited from $11.3 million in traditional farm subsidies between 1995 and 2012." And the farm bill currently being considered contains changes that will likely increase the subsidies these billionaires take away.

It would also affect several members of Congress. As we reported back in June, there's a $237,921 kitty of farm subsidies currently going to fifteen lawmakers or their spouses. That includes people like Reps. Stephen Fincher (R-Tenn.) and Doug LaMalfa (R-Calif.), who are apparently budding ironists in the world of government handouts:
 
Quote from Spike Trader:

Thats right. . . its true.
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Some boys don't have a clue about how real life in business works. I've bid a hundred government jobs from city to state and a few federal jobs and guess what.. low bid wins the job. There is a public bid opening where all the contractors sit around a large table and the bids are opened and read aloud and the bid and performance bonds verified. The big fish like Halliburton get some sweetheart deals on the billion dollar contracts but that doesn't apply to the vast majority of contract work.

I'll tell you what's scary when there's about 20 bids opened and you get the low bid. I'm thinking oh shit I hope I didn't leave something out when figuring my bid.
 
I remember a bid we made years ago. We forget to figure in crane rental since one of the partners owned a crane. Our bid was rejected as being too low. So low bid doesn't always win. The last thing they want is someone winning a bid they know you can't complete.
 
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