“The Gigantic Financial Tapeworm”

Warren Buffett:

“Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made…During the next decade, you will read a lot of news—bad news—about public pension plans…Local and state financial problems are accelerating, in large part because public entities promised pension they couldn’t afford.”

Fortunately for Illinois public employees, their tapeworms are protected by the state constitution.

Advertisements

Author: qcexaminer

None of your damned business.

4 thoughts on ““The Gigantic Financial Tapeworm””

  1. It would be tough for Chicago to go the bankruptcy route since that would wipe out all those juicy union pensions and well—I just don’t think that will happen in leftwing wacko Chicago.

    On the other hand there isn’t much more taxing they can do either—people have been fleeing to the suburbs—and even Rockford to escape the statist government and high taxes of Chicago.

    A rock and a hard place—fight Big Labor or drive taxpayers away. Either way—or both, it ain’t gonna be purdy.

  2. Possible, not possible – who knows. Who would have thought Detroit would be in the financial position it finds itself currently in. Nobody is too big to fail. In fact my belief has always been the bigger subject, the more opportunity for failure.

  3. Either way, agree with this: “the bigger the subject, the more opportunity for failure.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s