S&P, Moody's Downgrade Illinois to Near Junk, Lowest Ever for a U.S. State

PeteEU · Jun 26, 2017

Fletch said:
:lamo Unbelievable. It cant possibly be true that left wing governments ever do anything wrong. A liberal state cant possibly be bankrupt. No. It must be those dastardly ratings agencies out to get them.

Yes it was "liberal governments" that made the banks/financial companies on Wall Street and the ratings agencies collude in rating various financial products as AAA when they in fact were junk.. The ratings agencies were considerably involved in the financial crash of 2006-8 and were never punished.

Neomalthusian · Jun 26, 2017

AliHajiSheik said:
Constitutional amendment? What a quaint 20th century notion.

State constitutional amendments are not rare. Don't be naive. https://ballotpedia.org/Number_of_state_constitutional_amendments_in_each_state

PeteEU said:
And who paid the ratings agencies to do the downgrade? Follow the money... Ratings agencies are utterly corrupt and their ratings are devoid of reality.

You appear to think Illinois pensions are in good financial standing. Don't be naive.

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AliHajiSheik · Jun 26, 2017

Neomalthusian said:
State constitutional amendments are not rare. Don't be naive. https://ballotpedia.org/Number_of_state_constitutional_amendments_in_each_state

You appear to think Illinois pensions are in good financial standing. Don't be naive.

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A state struggling to pass a budget for years isn't going to be quick to remove this constitutional provision by any of these methods: https://ballotpedia.org/Illinois_Constitution#Amending_the_constitution

Your link is a simplistic count of amendments without regard to the topic at hand. My link is how Illinois is able to amend its own Constitution--all of which is more difficult than a Federal Judge making a ruling.

Neomalthusian · Jun 26, 2017

AliHajiSheik said:
A state struggling to pass a budget for years isn't going to be quick to remove this constitutional provision by any of these methods: https://ballotpedia.org/Illinois_Constitution#Amending_the_constitution

Your link is a simplistic count of amendments without regard to the topic at hand. My link is how Illinois is able to amend its own Constitution--all of which is more difficult than a Federal Judge making a ruling.

I see, but this makes state constitutional amendments a "quaint 20th century concept?" How's that?

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AliHajiSheik · Jun 27, 2017

Neomalthusian said:
I see, but this makes state constitutional amendments a "quaint 20th century concept?" How's that?

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Because no one wants to go through an amendment process, they want a judge to just change all the rules the way they want it to be. People love judges when they save all that time and effort to re-interpret any Constitution and they hate them when they disagree with their decisions.

I thought I was pretty clear, but perhaps it became unclear when you started segmenting my post.

Neomalthusian · Jul 4, 2017

AliHajiSheik said:
Because no one wants to go through an amendment process, they want a judge to just change all the rules the way they want it to be. People love judges when they save all that time and effort to re-interpret any Constitution and they hate them when they disagree with their decisions.

I thought I was pretty clear, but perhaps it became unclear when you started segmenting my post.

Ok, well, screw amendments then. The situation in Illinois remains as it is.