Market Talk – April 23, 2024
ASIA: The major Asian stock markets had a mixed day today: NIKKEI 225 increased 113.55 points or 0.30% to 37,552.16 Shanghai decreased 22.62 points or -0.74% to 3,021.98 Hang [...]
Illinois on the Brink of Bankruptcy
The pension crisis is brewing and the one state that appears to be heading toward a complete bankruptcy is Illinois. Clients should not own ANY debt from Illinois, be it city, municipal, or state. Just get out before the curtain falls. The Illinois Constitution plainly states that pension benefits, once granted, “shall not be diminished or impaired.” Thus, taxpayers are absolutely screwed and this is not a place you want to own property. Governments cannot negotiate to reduce pensions so state workers will be pitted against taxpayers. The Supreme Court has struck down any attempt to reduce liabilities based upon this clause in the Illinois Constitution.
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