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alstry (35.17)

What Fool Could Have Forecasted This?????

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January 18, 2010 – Comments (6)

Illinois Careens Towards Bankruptcy; Governmental Collapse Coming

Illinois: "state of insolvency"

While it appears unlikely or even impossible for a state to hide out from creditors in Bankruptcy Court, Illinois appears to meet classic definitions of insolvency: Its liabilities far exceed its assets, and it's not generating enough cash to pay its bills. ... "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."

1.01.10......IT HAPPENS...............

 

6 Comments – Post Your Own

#1) On January 18, 2010 at 6:21 PM, jesusfreakinco (28.80) wrote:

One of many states in piss-poor state (no pun intended). 

2010 should be an interesting year.  Yet... the Fed will probably bail out the states again.

JFC

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#2) On January 18, 2010 at 6:27 PM, alstry (35.17) wrote:

Strange Bailout If You Ask Me................ 

Unpaid bills to suppliers are piling up. State employees, even legislators, are forced to pay their medical bills upfront because some doctors are tired of waiting to be paid by the state. The University of Illinois, owed $400 million, recently instituted furloughs, and there are fears it may not make payroll in March if the shortfall continues.

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#3) On January 18, 2010 at 6:42 PM, ozzfan1317 (81.83) wrote:

Yay my State Is insolvent lets Blame Blagojevich..:P..lol

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#4) On January 18, 2010 at 7:05 PM, mawnck (< 20) wrote:

All glory to the glorious Hypno Toad.

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#5) On January 18, 2010 at 7:18 PM, blesto (32.40) wrote:

I guess those potholes aren't gonna get filled.

And I would be very uncomfortable crossing over any of their bridges and overpasses.

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#6) On January 18, 2010 at 10:23 PM, ozzfan1317 (81.83) wrote:

All Glory To The Hypno Toad

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