Blaggy's Refusal To Quit Ruins Entire State's Fiscal Health

Blaggy's Refusal To Quit Ruins Entire State's Fiscal Health

No one is investing in anything now -- even in newspapers or crappy cars! -- so it'll be hard forevery state in the country to lure short-term debt investors, since they're all expected to become insolvent at some point(s) within the next few years. (Ha ha, sucks not being able to print money, doesn't it STATES?) The state of Illinois, meanwhile, is having an especially tough time selling off its debt, because who wants to buy debt from a state that's governed by an actual adult retard?

(Crain’s) — The corruption scandal surrounding Gov. Rod Blagojevich is already affecting the state’s precarious finances.

Illinois has postponed a $1.4-billion short-term debt offering scheduled for Thursday. And late Wednesday, credit-rating agency Standard & Poor’s Ratings Services said it may downgrade the state’s AA general obligation bond rating, citing a growing deficit and concern over “the legal charges now facing the governor and his chief of staff.”

The debt offering, which would have helped close Illinois’ $4-billion operating deficit, fell through because the state was unable to complete required paperwork and didn’t obtain the credit ratings it needed.

“From my standpoint, it’s just an example of the disruption and damage being caused financially to the state because of the tenuous nature of the governor’s position,” Illinois Comptroller Daniel W. Hynes said.

Don't worry, Illinois, we're sure Gov. Blagodicks has a plan. Maybe Warren Buffett or someone -- Obama knows him, right? -- could give the state $4 billion or whatever, in exchange for Ms. Blaggy landing herself some corporate board seats (she has a background in real estate, after all). MMHMM? Exactly, you fucking fucks.

State delays $1.4B debt offering [Chicago Business]


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