Michigan

Chicago ‘National Poster Child For Financial Distress’?

Whew. After spending a good deal of the day Saturday at a birthday party for one of my girlfriend’s sisters, I was pretty sore the next morning when I hobbled down my driveway to retrieve the Sunday paper. After a little breakfast, I busted out the “Business” section of the Chicago Tribune and read the following in the weekly finance/investing column by Gail MarksJarvis. She wrote:

Chicago is receiving the type of notoriety no city would want. And its reputation is undermining investments individuals have made in the city’s municipal bonds.

Chicago has become a national poster child for financial distress in the aftermath of the Detroit bankruptcy, as bond analysts have been warning investors about cities and states that could be financially risky in the future.

(Editor’s note: Italics added for emphasis)

Whoa! My reaction was similar to comedian Jeff Foxworthy’s when an audience member approached him and asked if he would be interested in hearing a story about a beaver biting off a man’s nipple:

“Okay, you’ve got my undivided attention.”

Now, it’s not like MarksJarvis is one of those financial “journalists” who see America- especially Obama’s America- through rose-colored glasses and dare not scratch the surface of an economic portrait constructed by a government which has a history of tinkering with the reporting that not surprisingly ends up looking more positive. Unlike these Pollyannas- I have no beef with MarksJarvis and read her column when I get the time (along with Tribune real estate reporter Mary Umberger).

MarksJarvis continued:

“Between Chicago’s appalling murder rate, blubbery unfunded pensions and ratings downgrades, don’t touch this credit with a 10 foot pole,” Marilyn Cohen, chief executive of Envision Capital, wrote in a report to clients this week.

The Los Angeles-based bond manager warned individuals not to be lured by the extra yield they can earn by taking chances on risky cities and states.

“Illinois, Chicago and Puerto Rico are on the bottom of the barrel,” she said. “The Chicago murder rate is a symptom of the city unable to grapple with its problems or its pension debacle. The unions have a stranglehold on the city and state and no one has been willing to raise revenue or do what needs to be done.”

Cohen is just one of many analysts waiving red flags over Chicago municipal bonds since Detroit filed for bankruptcy and made investors aware that large U.S. cities may become so troubled that individuals can lose money in general obligation bonds they assumed were rock solid.

(Editor’s note: Italics added for emphasis)

Funny. From what I’ve heard/read, Cohen might want to look at tossing her home state of California into that barrel as well.

Regardless, a no-holds-barred assessment of Chicago and Illinois as it relates to their bonds.

“Don’t touch this credit with a 10 foot pole.”

Ouch!

Oh well. It’s money we’re talking about here.

“No time for love, Dr. Jones.”

Now, after Detroit filed for bankruptcy last month, a number of people rushed to Chicago’s defense against claims the “Windy City” might be/is on the path of becoming the next “Motor City.” From my Sunday paper:

Bond analysts note that if the city can’t control crime and residents move out, Chicago eventually could face the urban flight issue that left Detroit with the need to spend more on safety while the number of homeowners paying taxes was in decline.

“Chicago eventually could face the urban flight issue.”

It’s an issue already on the table. Not only has it happened before (I once worked with a suburban firefighter whose family made the difficult choice of leaving Chicago’s deteriorating West Side in the late 60s-early 70s for the northwest suburban “boonies” at that time), but the argument can be made that’s it’s starting again, as I type away on my keyboard here in my new home office (in progress) in the northwest suburbs and knowing of other ex-city dwellers who’ve departed what they feel has become “Rahmabad” (as I just heard Chicago being referred to this weekend) while making their presence known on alternative media sites like Second City Cop and others.

While not a flood, there’s a trickle.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Source:

MarksJarvis, Gail. “MarksJarvis: Chicago gives investors another reason to rethink municipal bonds.” Chicago Tribune. 4 Aug. 2013. (http://articles.chicagotribune.com/2013-08-04/business/ct-biz-0804-gail-bonds–20130804_1_municipal-bonds-municipal-market-advisors-matt-fabian). 4 Aug. 2013.

Share

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Monday, August 5th, 2013 Bonds, Credit, Crime, Debt Crisis, Deficits, Demographics, Entitlements, Fiscal Policy, Government, Population, Public Safety, Taxes Comments Off on Chicago ‘National Poster Child For Financial Distress’?

Ron Paul: ‘There’s Pretty Good Evidence Right Now There’s A Shortage Of Physical Gold’

Because I’ve been so busy with the new pad in the Chicago suburbs, I haven’t paid as much attention to the financial markets recently as I would have liked to.

Before my late May move, a number of financial/investing “experts” were pretty adamant about gold rapidly crashing and burning. I remember reading a few predictions of the precious metal plummeting below the $1,000 per ounce level.

And now that I’m picking up steam again with my research and blogging? Gold must surely have tanked by now.

On the day my girlfriend and I closed on our house, the London P.M. gold spot price was $1,382.50. Today, almost two months later, gold stands at $1,326.00.

So much for the yellow metal’s rapid demise.

Catching up on gold’s recent activity, I noticed that retired U.S. Representative Ron Paul appeared on the CNBC show Futures Now this past Tuesday. The production is hosted by CNBC reporter Jackie DeAngelis.

Readers may remember Ms. DeAngelis from her recent attempt to call out Peter Schiff over his gold price forecasts.

The three-time U.S. presidential had a few choice words to say about gold:

Gold is a real good, long-term identifier on the value of a currency and the value of our dollar. I mean, if you look at 100 years it’s very easy. $20 up to $1,800 dollars. Now it’s $1,300 and we’re printing money faster than ever. And there’s pretty good evidence right now there’s a shortage of physical gold. The physical gold margin has always been strong. And that’s going to continue. This is going to be sorted out. And after these corrections sometimes you see an explosion. Even though I’m not a technician on gold, I suspect that could happen. I think long-term you can expect governments not to change. We’re going to see more Detroits. Eventually, the government of the United States will be somewhat similar to Detroit because people will give up their confidence in us, give up confidence in the dollar, and eventually they’ll give up confidence on our military. And then you are going to see some real, real changes in this system which has been built on a fiat dollar for the last 40 years.


“Ron Paul: Why Detroit bankruptcy is good for gold”
CNBC Video

On a side note, CNBC entitled this video “Ron Paul: Why Detroit bankruptcy is good for gold”

Is it me, or did I miss where Ron Paul suggested how the Detroit bankruptcy is good for gold?

Just thought I’d ask.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

Share

Tags: , , , , , , , , , , ,

Thursday, July 25th, 2013 Commodities, Currencies, Federal Reserve, Government, Inflation, Investing, Military, Monetary Policy, Money Supply, Precious Metals Comments Off on Ron Paul: ‘There’s Pretty Good Evidence Right Now There’s A Shortage Of Physical Gold’

Lloyd’s Of London Releases Chilling Report On Solar Storm Risk To North American Electric Grid

One global threat I blog about from time to time is a massive disruption in the power grids from a severe solar storm. While many Americans may dismiss such an event as something out of science fiction, other parties take it seriously.

Enter Lloyd’s of London.

This morning, I read a new report from the British insurance market entitled “Solar Storm Risk to the North American Electrical Grid.” Put together with scientists from the Lexington, Massachusetts-based Atmospheric and Environmental Research (AER), the findings are quite alarming. Those living and working along the I-95 corridor between Washington D.C. and New York City, the Gulf Coast, and the Midwest (Michigan, Wisconsin) might find it particularly concerning. From the “Executive Summary”:

A Carrington-level, extreme geomagnetic storm is almost inevitable in the future. While the probability of an extreme storm occurring is relatively low at any given time, it is almost inevitable that one will occur eventually. Historical auroral records suggest a return period of 50 years for Quebec-level storms and 150 years for very extreme storms, such as the Carrington Event that occurred 154 years ago.

The risk of intense geomagnetic storms is elevated as we approach the peak of the current solar cycle. Solar activity follows an 11-year cycle, with the most intense events occurring near the cycle peak. For the current Cycle 24, the geomagnetic storm risk is projected to peak in early 2015.

As the North American electric infrastructure ages and we become more and more dependent on electricity, the risk of a catastrophic outage increases with each peak of the solar cycle. Our society is becoming increasingly dependent on electricity. Because of the potential for long-term, widespread power outage, the hazard posed by geomagnetic storms is one of the most significant.

Weighted by population, the highest risk of storm-induced power outages in the US is along the Atlantic corridor between Washington D.C. and New York City. This takes into account risk factors such as magnetic latitude, distance to the coast, ground conductivity and transmission grid properties. Other high-risk regions are the Midwest states, such as Michigan and Wisconsin, and regions along the Gulf Coast.

The total U.S. population at risk of extended power outage from a Carrington-level storm is between 20-40 million, with durations of 16 days to 1-2 years. The duration of outages will depend largely on the availability of spare replacement transformers. If new transformers need to be ordered, the lead-time is likely to be a minimum of five months. The total economic cost for such a scenario is estimated at $0.6-2.6 trillion USD (see Appendix).

Storms weaker than Carrington-level could result in a small number of damaged transformers (around 10-20), but the potential damage to densely populated regions along the Atlantic coast is significant. The total number of damaged transformers is less relevant for prolonged power outage than their concentration. The failure of a small number of transformers serving a highly populated area is enough to create a situation of prolonged outage.

Creepy stuff, huh?

The existence of early-warning satellites is often pointed out in discussions about how serious a threat solar superstorms really are. However, keep in mind the following from the Lloyd’s report:

Currently, four space satellites (SOHO- Solar and Heliospheric Observatory, ACE- Advanced Composition Explorer, and STEREO A/B- Solar Terrestrial Relations Observatory) monitor the Sun. Situated between the Sun and Earth or along Earth’s orbit, these satellites can provide warnings of incoming CMEs on a timescale of a few days to hours. These warnings allow electric grid operators to take protective measures (i.e., decrease the electric load in the grid and increase reactive power production) before the storm hits. However these satellites are all several years past their planned mission lives and only one has a replacement scheduled to launch in 2014.

(Editor’s note: Italics added for emphasis)

You can read the entire Lloyd’s of London report (.pdf) on their website here.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Share

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Friday, June 14th, 2013 Emergencies, Infrastructure, Natural Disasters, North America, Space, Utilities, Wealth Comments Off on Lloyd’s Of London Releases Chilling Report On Solar Storm Risk To North American Electric Grid

AAA Predicts Falling Gas Prices, Except In Great Lakes Region

Usually around this time of year, I commute more often between my pad in Chicago and my family’s place in southeastern Wisconsin. While that won’t be happening as much in 2013 due to everything that’s going on around here, I still like to keep on top of gas prices to get an idea of how much I’ll be shelling out to enjoy the open road.

(Editor’s note: Open road my butt. This is the Chicago metropolitan area, where if bumper-to-bumper gridlock isn’t taking place, you’re dealing with drivers who are distracted, in a hurry to go nowhere, or who really just don’t care about the rules of the road. And a “good drive” is one where you don’t lose a hubcap/wheel cover from a pothole that goes all the way to China.)

Venting process complete.

Anyway, here’s some highlights from the “AAA Monthly Gas Price Report: April 2013 Trends and Summer Outlook” that’s just been released on the “NewsRoom” section of the AAA website:

• Gas prices nationally averaged $3.55 per gallon in April, which was the least expensive average for the month since 2010. Gas prices dropped about 13 cents per gallon in April (3.5 percent), which was the largest percentage decline for the month in ten years. In comparison, gas prices in 2012 averaged $3.89 for the month, while the average price in April 2011 was $3.79 per gallon.
• Gas prices should drop to $3.20 to $3.40 per gallon by mid-summer if current trends continue in regards to oil prices, motorist demand and refinery production. Gas prices in recent years have declined in early summer after reaching a springtime peak as refineries ramp up gasoline production in anticipation of the summer driving season.
• The cheapest gas prices are predominately in the Southeast where extensive refinery production and lower-than-average taxes have helped keep prices low in comparison to the rest of the country. Gas prices in the Great Lakes region have increased in recent weeks because of planned refinery maintenance and unscheduled outages following recent heavy storms.
• The five states with the highest averages today include: Hawaii ($4.34), Alaska ($3.97), Ill. ($3.91), Calif. ($3.90) and Mich. ($3.79). The five states with the cheapest gas price averages today include: S.C. ($3.23), Tenn. ($3.26), Ala. ($3.27), Ark. ($3.27) and Miss. ($3.28).

As for me in Chicago? Prices at the pump have not only been brutal this spring, but are expected to go higher. Samantha Bomkamp reported on the Chicago Tribune website last night:

AAA said Tuesday that motorists nationwide are paying the lowest springtime gas prices in three years, but don’t tell that to drivers in Illinois.

Despite a recent dip, drivers here are paying the highest average price in the lower 48 states. With a statewide average on Tuesday of $3.91 a gallon, Illinois drivers are paying more than every state except Alaska at $3.97 and Hawaii and $4.34.

Costs are even higher in Chicago where the average price was $4.32 per gallon Tuesday, according to AAA. Prices averaged $4.14 in the suburbs…

While AAA predicts that drivers nationally should see gas prices fall even lower, motorists in Illinois and other Great Lakes states should see even higher prices as maintenance continues on refineries that provide most of the region’s gas supplies.

It’s a good thing I fill up in Wisconsin, where the price of gas is routinely cheaper.

East bound and down, loaded up and truckin’…

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

“AAA Monthly Gas Price Report: April 2013 Trends and Summer Outlook.” AAA. 29 Apr. 2013. (http://newsroom.aaa.com/2013/04/aaa-monthly-gas-price-report-april-2013-trends-and-summer-outlook/). 1 May 2013.

Bomkamp, Samantha. “Gas prices ease nationwide while Ill. marches higher.” Chicago Tribune. 30 Apr. 2013. (http://www.chicagotribune.com/business/breaking/chi-gas-prices-ease-nationwide-while-ill-marches-higher-20130430,0,3861102.story). 1 May 2013.

Share

Tags: , , , , , , , , , , , , , , , , , , , ,

Wednesday, May 1st, 2013 Energy, Transportation, Travel, Vehicles Comments Off on AAA Predicts Falling Gas Prices, Except In Great Lakes Region

Chicago 4th On Latest Forbes ‘America’s Most Miserable Cities’ List

I really hate this time of year in Chicago. Yeah, the cold, wintry days here in the concrete jungle have a lot to do with it. But it’s also that part of the year when Forbes releases their “America’s Most Miserable Cities” list. And the recent trend has seen Chicago moving higher- i.e., more miserable- up that list. Forbes just released their latest installment.

And the trend remains intact.

Chicago climbs to number 4 on the 2013 list of “America’s Most Miserable Cities,” up from 6th last year and 7th in 2011.

From the Forbes website:

Chicago has passionate supporters, but residents must endure the misery of long commutes, plummeting home prices, brutal winters and high foreclosure rates. The migration rate out of Chicago is the sixth worst among the 200 largest metros.

Kurt Badenhausen added in the accompanying article:

Two cities on our list, Chicago (No. 4) and New York (No. 10) may surprise readers, though they’ve been here before. Both offer a myriad of opportunities and positives as the homes of financial centers, world-class culture, leading universities, sports teams galore and high-end restaurants. But it isn’t easy living in either city, particularly if you don’t earn a lot of money (even if you do it can be tough).

Chicago residents must endure long commutes (31 minutes on average), plummeting home prices (37% the past five years), brutal winters and high foreclosure rates (3.3% of homes in 2012 says RealtyTrac). Many residents are giving up on the Windy City with a net migration out of the city of 107,000 people the past five years, according to Moody’s Analytics.

Regrettably, another Illinois city- Rockford- accompanies Chicago in the “top 5,” which includes:

5. Modesto, CA
4. Chicago, IL
3. Rockford, IL

2. Flint, MI
1. Detroit, MI

To make matters worse, the county north of Cook- Lake County- was named to the number 9 spot this year.

Illinois residents couldn’t be more proud, I’m sure.

You can see the entire 2013 list of America’s “Most Miserable Cities” here.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Share

Tags: , , , , , , , , , , , , , , , , , ,

Thursday, February 21st, 2013 Housing, Population, Transportation, Weather Comments Off on Chicago 4th On Latest Forbes ‘America’s Most Miserable Cities’ List

Chicago Area Residents Moving Away

Last week, I spotted an article with an interesting headline on the Forbes website. It was “Where Americans Are Moving.” Considering the mainstream media has been trotting out stories of people moving back to the city recently, one might think that traditional urban centers like New York City, Los Angeles, and my hometown of Chicago might be big draws these days.

Nope.

Joel Kotkin wrote on November 27 about the results of a recent analysis of domestic migration for the nation’s 51 largest metropolitan statistical areas by demographer Wendell Cox. From the piece:

How about the biggest losers? From 2000-09, the metropolitan areas that suffered the biggest net domestic migration losses resemble something of an urbanist dream team: New York, which saw a net outflow of a whopping 1.9 million citizens, followed by the Los Angeles metro area (-1,337,522), Chicago, Detroit, and, despite recent improvements, San Francisco-Oakland. The raw numbers make it clear that California has lost its appeal for migrants from other parts of the U.S., and has become an exporter of people and talent (and income).

And despite the cheap money Bernanke-Geithner policies of the past few years that have benefited giant banks centered in the bluest big cities, people continue to leave these areas. The 2010-11 numbers show the deck chairs on the migratory titanic have stayed remarkably similar, with New York still ranking first among the 51 biggest metro areas for net migration losses, followed by Chicago, Los Angeles, Detroit and Philadelphia. In most of these cases only immigration from abroad, and children of immigrants, have prevented a wholesale demographic decline.

So where are Americans moving to these days? One state in particular is the big winner in this category. Let me give you a hint. Think of a yellow rose.

You can read the entire Forbes piece here on their website to see if the large metropolitan area near you is where Americans are calling home these days.

Or from where residents are moving away, like here in the Windy City.

Share

Tags: , , , , , , , , , , , , , , , , ,

Thursday, December 6th, 2012 Banking, Housing, Immigration, Income, Main Street, Population Comments Off on Chicago Area Residents Moving Away

Michigan Lawmaker: ‘We’re Going To Have To Seriously Consider Dissolving The City Of Detroit’

As I’ve said before, once in a while I hear chatter about Chicago being on the path to becoming the next Detroit. Not the hub of America’s auto industry that “old” Detroit once was, but rather “this” Detroit:


“Scary Movie 4 – Detroit: Before & After the Attack”
YouTube Video

I guess conditions in the “Motor City” are getting so bad one Michigan state senator has gone so far as to say the legislature is going to have to “seriously consider dissolving” the city. From The Detroit News website this morning:

State Sen. Rick Jones has a solution for fixing Detroit’s ongoing political and financial problems: Get rid of the city.

“At some point we’re going to have to seriously consider dissolving the City of Detroit,” Jones told Insider.

You read that right.

Jones, R-Grand Ledge, is proposing the Legislature, which has the power to establish municipalities, should make the city part of unincorporated Wayne County.

Jones was unclear about what good it would to do to turn the city and its services for 700,000 residents over to a county with it’s owns financial and political problems.

But he said outstate lawmakers like himself are growing tired of the City Council delaying implementation of the financial consent agreement state and city leaders signed in April, inching perilously closer to payless paydays and bankruptcy.

(Editor’s note: Italics added for emphasis)

Detroit’s finances appear pretty bleak. According to Reuters last night, not only did Moody’s Investors Service lower the city’s debt ratings deeper in the junk category Wednesday, but:

Moody’s also placed a negative outlook on the lowered ratings, citing in part “the rising possibility that the city could file for bankruptcy or default on an obligation over the next 12 to 24 months.”

(Editor’s note: Italics added for emphasis)

Here’s hoping Detroit can find a way out of their serious financial and political mess.

And that chatter about Chicago becoming the next Detroit doesn’t pan out.

Sources:

“Political insider: Senator says to dissolve Detroit if it can’t fix its problems.” The Detroit News. 29 Nov. 2012. (http://www.detroitnews.com/article/20121129/POLITICS02/211290357/Political-insider?odyssey=mod|newswell|text|FRONTPAGE|s). 29 Nov. 2012.

“Moody’s cuts Detroit debt ratings deeper into junk.” Reuters. 28 Nov. 2012. (http://www.reuters.com/article/2012/11/28/detroit-moodys-downgrade-idUSL1E8MSDCJ20121128). 29 Nov. 2012.

Share

Tags: , , , , , , , , , , , , ,

Thursday, November 29th, 2012 Bankruptcy, Bonds, Credit, Defaults, Fiscal Policy, Government Comments Off on Michigan Lawmaker: ‘We’re Going To Have To Seriously Consider Dissolving The City Of Detroit’

Illinois Named One Of ‘10 Worst States To Retire’ In

Illinois ranks near the top of yet another comparison among the 50 states.

“Worst States to Retire”

MoneyRates.com has been a leading source of financial information since 1999, and they recently released their 2012 list of the “10 Worst States to Retire” in. The measures that formed this year’s analysis included senior population growth, economic conditions, crime rate, climate, and life expectancy. Richard Barrington wrote on the MoneyRates.com website on October 22:

4. Illinois

Illinois ranked below-average in every category, with its chief problems being high property taxes and high unemployment.

Only Alaska and Pennsylvania (tied for 2nd), and 2012 winner Michigan, beat out the “Land of Lincoln” for this distinction.

You can view the entire “top 10” list of worst states for retirement on MoneyRates.com.

Share

Tags: , , , , , , , , , ,

Thursday, November 1st, 2012 Crime, Employment, Population, Retirement, Taxes Comments Off on Illinois Named One Of ‘10 Worst States To Retire’ In

Rapper Lupe Fiasco Afraid Chicago Is ‘Dying,’ ‘Becoming Next Detroit’

I hear it being mentioned more these days.

“Chicago is becoming the next Detroit.”

So I’m not surprised when local rap artist Lupe Fiasco (I love that name) appeared on the Chicago Tribune website yesterday and voiced his concerns about where the “Second City” could be heading. Fiasco was quoted to say in an article by music critic Greg Kot:

I’m afraid Chicago is becoming Detroit. I’m afraid Chicago is dying. There is some semblance that society is running as normal. But as soon as you go two blocks outside the downtown radius, it’s a wasteland.

Maybe not two blocks, but tack on several more in some directions and you’re in business.

Or out of out business, more than likely.

Fiasco grew up by me on Chicago’s infamous West Side, so that rapper knows what he’s talking about.


Lupe Fiasco, “Around My Way (Freedom Ain’t Free)” (2012)
YouTube Video

Source:

Kot, Greg. “Lupe Fiasco: “I’m afraid Chicago is dying.” Chicago Tribune. 3 Oct. 2012. (http://www.chicagotribune.com/entertainment/music/turnitup/chi-lupe-fiasco-interview-20121003,0,7517112.column). 4 Oct. 2012.

Share

Tags: , , , , ,

Thursday, October 4th, 2012 Crime, Poverty Comments Off on Rapper Lupe Fiasco Afraid Chicago Is ‘Dying,’ ‘Becoming Next Detroit’

Best And Worst Run U.S. States

That last post about Illinois being the second least favorite state in a recent nationwide poll wouldn’t bug me so much if I weren’t also aware of a study showing the “Land of Lincoln” being seriously mismanaged. Sure, the local media outlets seem to have an unending supply of negative stories associated with state government. However, the New York City-based financial news and opinion organization 24/7 Wall St. reviewed data on the financial health, standard of living, and government services of the 50 states to determine how well each is managed. They then proceeded to rank the 50 states from the best to the worst run. The results were posted in a November 28, 2011, article entitled “Best and Worst Run States in America- An Analysis Of All 50.” The best run states were found to be:

1. Wyoming
2. Nebraska
3. North Dakota
4. Minnesota
5. Iowa

The worst run?

1. California
2. Illinois
3. Michigan
4. Arizona
5. Nevada

Here’s what 24/7 Wall St. had to say about Illinois:

> State debt per capita: $4,424 (13th highest)
> Pct. without health insurance: 13.8% (23rd lowest)
> Pct. below poverty line: 13.1% (25th lowest)
> Unemployment: 10% (10th highest)

Illinois has fallen from 43rd last year to the overall second-worst run state in the country. The state performs poorly in most categories, but is worst when it comes to its credit rating. Illinois has a credit rating of A+, the second worst given to any state, behind only California. The state has been on credit watch since 2008 because of budget shortfalls and legal challenges against then-governor Rod Blagojevich.

Since that piece came out, while the official unemployment rate has improved somewhat to 9.8 percent, the credit worthiness of the state has deteriorated, with Moody’s Investors Service announcing on January 6 they were lowering the State of Illinois’ general obligation bond rating to A2 from A1, the lowest credit rating of any state in the country.

Getting back to that most/least favorite state poll, being a keen observer of management over the years I realize decision-making done for the good of the organization isn’t always popular. However, as Illinois is concerned, I wonder if being named America’s second least favorite state isn’t somehow related to it being the second worst run state in the country.

Time to get our act together, Illinois.

Source:

“Best and Worst Run States in America — An Analysis Of All 50.” 24/7 Wall St. 28 Nov. 2011. (http://247wallst.com/2011/11/28/best-and-worst-run-states-in-america-an-analysis-of-all-50/). 24 Feb. 2012.

Share

Tags: , , , , , , , , , , , , , , , , , , ,

Friday, February 24th, 2012 Credit, Employment, Fiscal Policy, Government, North America Comments Off on Best And Worst Run U.S. States
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

PLEASE RATE this blog HERE,
and PLEASE VOTE for the blog below:



Thank you very, very much!
Advertising Disclosure here. Ad captions last reviewed/updated 3/7/17.
ANY CHARACTER HERE
Freeze Dried Food FREE GIFT WITH PURCHASE; Free Shipping (domestic orders). Review coming soon.
ANY CHARACTER HERE
Family-Owned & Operated in Chicago Suburbs! SAVE 10% OFF ALL ITEMS (promo code- home page); Free Shipping (U.S. orders) & Returns. Review coming soon.
ANY CHARACTER HERE
Buy Gold And Silver Coins U.S. GOLD (BULLION) COIN/BAR SALE!; 90% Silver U.S. Dimes & Quarters Sale; Secondary Market Silver Sale (1 oz. coins, 10 oz., & 100 oz. bars); World Gold Bullion Coins/Bars also on sale; Free Shipping on U.S. orders $99 and up (only $5.95 below $99!). BGASC reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service taking care of $2 billion for over 65,000 users from 175 countries. BullionVault.com reviewed HERE.
ANY CHARACTER HERE
FLASH SALE! 2-WEEK EMERGENCY FOOD SUPPLY $67; SAVE 15% OFF ALL CASE PACKS; Big Savings on "Deal Of The Day" page; Free Shipping on orders over $79. MyPatriotSupply.com reviewed HERE.
ANY CHARACTER HERE
bullet proof vestsWorld's First Bulletproof Baseball Cap only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) only $169; Bulletproof Backpack/Messenger Bag Panel only $99. BulletSafe reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% SAVE 35% ON SELF-DEFENSE, COMBATIVES TITLES (promo code- home page); Discontinued Title Sale- Savings up to 75% Off Original Price. Paladin Press reviewed HERE.
ANY CHARACTER HERE
This project dedicated to St. Jude
Patron Saint of Desperate Situations



happyToSurvive

Categories

 

Archives

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • List Of Offshore Private Vaults Updated
    The list of private, non-bank vaults outside the United States (offering safe deposit boxes/lockers at a minimum) located on this blog’s sister site- Offshore Private Vaults- has just been updated. Safe deposit facilities now open for business have been added under the following countries: -Hong Kong (Smart Secured Storage) -Liechtenstein (Liemeta AG, Triesen) -United Kingdom […]
  • Related Reading: The Telegraph Looks At Latest Security Technology In Bank, Private Vaults
    I’m back after several days spent on matters related to the research business (focus: specialized asset protection) I’m in the process of rolling out. Despite the “spring break,” I compiled a good deal of material to blog about in the near future. Getting back into the saddle then… “How to rob a bank” This headline […]
  • Next Degussa Numis Day To Take Place March 30, 31
    Rare numismatic coins often find their way into safe deposit boxes. And Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich […]
  • Related Reading: Switzerland, Canada, United Kingdom Top U.S. News & World Report’s 2017 ‘Best Countries’ Rankings
    Here’s an annual survey one might consider when selecting an offshore safe deposit box location. U.S. News & World Report just released its “Best Countries” rankings for 2017. Kevin Drew reported Tuesday morning on the American media company’s website: Switzerland is viewed as the No. 1 overall country, according to a survey of more than […]
  • Related Reading: London’s Sharps Pixley Spotlighted By The Spectator Magazine
    Monday evening I read an interesting article about London, England-based precious metals showroom/safe deposit box service Sharps Pixley (first blogged about here). Margareta Pagano wrote on the website of The Spectator (UK) this past weekend: When the going gets tough, the tough go shopping. And when the going is seriously tough- as it may be […]