A leading bond-rating agency has downgraded the Chicago Board of Education's debt in the wake of the settlement of the Chicago Teacher's Union's recent strike. Moody's Investor Service had already downgraded the Chicago Public Schools' bond rating outlook to...
Finance
Aldermen Briefed on Pension Time-Bomb
[Chicago's] Chief Financial Officer Lois Scott reminded council members that absent significant changes to pension plans, the city will be forced to drastically cut services, raise taxes or do both to close a funding gap that could reach $700 million in just a few...
Federal Reserve Funding the Entire US Deficit
[Lawrence] Lindsey said that with the Fed purchasing at least $40 billion a month in mortgage debt through QE3, “they are buying the entire deficit.” ... The central bank's recently announced bid to stimulate the economy has also taken the pressure off politicians to...
Anti-Austerity Protests in Spain; U.S. Media Not Reporting
Police are trying to clear out the massive anti-austerity demonstration that engulfed Spain's federal district this evening. via Business Insider. Follow the link for photos. This is us in a few years. There's no other way.