CapitolFax.com - Latest Comments in All sorts of weirdness

Re: All sorts of weirdness

rtd — Tue, 04 Aug 2009 23:37:56 -0000

Wow-I hardly thought I was newsworthy-thanks.
http://rtamaradesilva.wordp...

Re: All sorts of weirdness

CATO — Tue, 04 Aug 2009 23:12:48 -0000

What about the fact that under IL statute the Commissioners cannot have any other employment than at the BOR? Does Larry Rogers have a law practice? Isnt another one a lobbyist? Do the other 2 Commissioners have outside jobs? Arenâ€™t the taxpayers subsidizing all this?

Re: All sorts of weirdness

CATO — Tue, 04 Aug 2009 23:09:44 -0000

Weirdness or ad hominem attacks aside what about the facts here? Isnâ€™t it a fact that all three Commissioners raise tens of thousands of dollars in donations from the lawyers who plead cases before the same Commissioners? Is there not a manifest conflict of interest, or even the appearance of a conflict, when Commissioners decide cases argued by their biggest donors? Or can we think that it is only legislators and aldermen who are influenced by large campaign contributions? It does not appear that the BOR takes any steps to ensure that the real estate tax attorneys that make campaigns donations to each of the Commissioners do not receive preferential treatment? Many politically influential law firms have huge real estate tax appeal practices? Many of them have made substantial contributions to one or other of the 3 Commissioners? Are we missing the point here or does no one care about the real issues?

Re: All sorts of weirdness

wordslinger — Fri, 31 Jul 2009 11:10:40 -0000

Ready, states cannot declare bankruptcy, unlike municipalities. It's not an option.

The state has any number of means to cure it's structural deficit, but the GA has chosen not to do so.

California is in a different category all together. It's so tied up in knots with citizen initiative mandates that its virtually paralyzed.

Fitch, in its Illinois downgrade, of course, did not mention bankruptcy. Read the report. Fitch would not have downgraded the state if Quinn's tax increase had passed.

Is that what you wanted?

Re: All sorts of weirdness

Rich Miller — Fri, 31 Jul 2009 11:07:48 -0000

R2R, you need to move beyond 101 classes.

Re: All sorts of weirdness

Ready to rumble — Fri, 31 Jul 2009 10:59:24 -0000

"Only one state has defaulted on its general obligation bonds"

Let's take this at their word. Why don't we increase the Illinois debt-load four or five or six times. According to David, it's impossible for a state to default, so why don't just pay all our vendors and all our bills by increasing the debt? Why don't we just build that high-speed, mono-rail right now? Why wouldn't that work?

Look at Orange county's history, or check out Detroit today, or California today. When the spending class outspends its tax base, it's very easy to default. Mike Madigan and his Democrat buddies are ignoring the balance budget requirement of the state constitution and bringing us nearer and nearer bankruptcy, which is why the ratings agencies have downgraded IL bonds.

David, that's finance 101.

Re: All sorts of weirdness

David Ormsby — Fri, 31 Jul 2009 01:46:57 -0000

Actually, one state has defaulted on its general obligation bonds - Mississippi - 1838. That's it.

Proft needs a tutorial from someone.

Re: All sorts of weirdness

IL observer — Fri, 31 Jul 2009 01:05:45 -0000

Take heart Rich, the Chicago GOP is already being sued for slander/libel because of that sewer they operate. It's a wonder they don't already have dozens of suits pending against them. It's a bunch of reckless nobodies who are embarrassing the GOP.

And there is a reason why the Illinois Review is known as the Crossroads of the Enabler Community. Any GOP incumbent gets cover, no matter how dishonest. Everyone knows for example there are GOP votes for another tax increase (in addition to the one they already passed this year). Jim Durkin for one said so on Chicago Tonight a few weeks ago.

Re: All sorts of weirdness

Lynn S — Thu, 30 Jul 2009 23:43:25 -0000

So I clicked around on Ms. de Silva's website, and now I have more questions. Is it really a good idea to post your attorney number on your website for the whole world to see? And your birth year?

With the background she alleges to have, why is she doing property tax appeals? Is it possible this is a case of stolen professional identity? In short, do the signatures on the bottom of the property tax forms match other known signatures of Ms. de Silva?

Re: All sorts of weirdness

wordslinger — Thu, 30 Jul 2009 22:59:53 -0000

No matter your politics, there's no reason to question whether a state will pay on its GO bond. Lot of history, and they always pay, come rain or come shine.

Here's the deal: bonds get paid first. Plenty of what they call "coverage" to take care of the juice and principle.

Everybody else? They get paid manana. Or whenever we have it. Or whenever.

Re: All sorts of weirdness

The Court Jester — Thu, 30 Jul 2009 22:44:27 -0000

Cross didn't put party over state... he stuck to his guns... Not many Republicans want more taxes

Re: All sorts of weirdness

P. — Thu, 30 Jul 2009 22:43:59 -0000

Did anyone else check out de Silva's law firm's "images" page? What the ... ? Weird.

http://www.desilvalaw.com/I...

Re: All sorts of weirdness

47th Ward — Thu, 30 Jul 2009 22:09:28 -0000

===Do the people who issue these bonds truly believe that they will be redeemed at full value?===

Why yes, yes they do. But more importantly, the bond buyers believe it too. Because never in the history of general obligation bond financing has a state NOT paid full value. Itâ€™s guaranteed in the bond agreements, which are enforced by our courts. And you'd think a candidate for governor would understand something so basic.

Ormsby and others have already pantsâ€™d Proft about this very basic finance 101 concept. Yet his â€œProfit from Governingâ„¢â€ campaign response repeats this already refuted, nonsensical point.

Speaking of weirdness, all of this new-found attention from the â€œProfit from Governingâ„¢â€ campaign must be kind of flattering Rich.

Re: All sorts of weirdness

Bookworm — Thu, 30 Jul 2009 21:48:22 -0000

Cap'n Fax in the back pocket of the Illinois Democratic Party? That's the best joke I've heard today!

Re: All sorts of weirdness

Patrick McDonough — Thu, 30 Jul 2009 21:12:32 -0000

Rich, please watch this video. The bricks may tumble on the good ole boy system yet. http://abclocal.go.com/wls/... It is part of an I team story.

Re: All sorts of weirdness

Arthur Andersen — Thu, 30 Jul 2009 21:10:53 -0000

CFS, not sure what a "Cicero PO" is, but I agree with George that your post about overpriced flacking is wildly ironic.

Cindy Lou, you are soooo right.

Re: All sorts of weirdness

Cindy Lou — Thu, 30 Jul 2009 19:16:09 -0000

It's going to be a loooong six months.

Re: All sorts of weirdness

Proft For Governor — Thu, 30 Jul 2009 18:59:14 -0000

David Ormsby offered Dan Proft a tutorial on financial matters in his blog post today. This is the same David Ormsby who used to work for Mike Madigan â€“ the man chiefly responsible for our stateâ€™s economic crisis today.

The Chicago 9 and their acolytes have two stock responses to those who threaten their power: â€œItâ€™s too complicated for a neophyte like you to understandâ€ or â€œShut up.â€ Dan got the daily double.

Mr. Ormsby suggests that the increased interest that Illinois bonds pay would be a financial boon to Illinois legislators. But he ignores the underlying reason for higher interest that any college freshman would understand: higher interest correlates with higher risk.

Does Mr. Ormsby think, in our current fiscal and economic climate, that a politician would accept as payment a bond that pays a high rate of interest, but also has a high probability of default? Do the people who issue these bonds truly believe that they will be redeemed at full value? If so, letâ€™s put it to the test.

The point is to tie legislators to the long-term financial stability of the state. While weâ€™re at it, letâ€™s pay their pensions in state bonds as well. Only when our political class understands that their own retirement depends on their stewardship of their constituentsâ€™ retirement will we begin to get meaningful reform.

Illinoisâ€™ credit degradation follows its political degradation. We are now positioned at the low end of investment quality. The recent actions of the General Assembly confirm that Illinoisâ€™ governing class suffers from this fiscal shortcoming, derived from their inherent disconnect with the consequences of their reckless actions. The downgrade essentially confirms this recklessness. Which is why we need a new turn-around team in place. Investors just might find our state bonds, and our state itself, a bargain with a high probability for appreciation.

Proft For Governor

Re: All sorts of weirdness

Rich Miller — Thu, 30 Jul 2009 18:30:07 -0000

FE and Candarella, you think my feelings are hurt? Really? lol

Re: All sorts of weirdness

Funny Ed — Thu, 30 Jul 2009 18:28:19 -0000

"A surprisingly unimpressive person"

Hurt your feelings or funny?

Re: All sorts of weirdness

Mike Ins — Thu, 30 Jul 2009 18:25:21 -0000

Cheswick -

Yes, busy day for the barrister... sun-times article today notes her questioning of Antoine Walker didnt get very far as she was defending, in criminal court, his alleged attacker...

From the sun-times...

"Cook County Judge Kenneth J. Wadas wouldn't let defendant Phillip Allison's attorney, R. Tamara De Silva grill Walker, sustaining most of the prosecutors' objections to De Silva's line of questioning."

... anyway, not to get too far afield, but lots of specialities and lots of newsworthy-ness for her today, apparently...

... as Rich said... "weirdness". ahem.

Re: All sorts of weirdness

Candellara — Thu, 30 Jul 2009 18:25:07 -0000

It looks like the Chicago GOP post bothers you, ahem, maybe a slight bit of truth?

Re: All sorts of weirdness

Cheswick — Thu, 30 Jul 2009 18:20:15 -0000

You'd think someone who graduated from college at age 16 could have at least graduated from law school by age 17. Maybe that's when she went to work on the floor of the NYSE or CBOT or wherever.

Seriously, I am sure Tamara is very smart and a very good lawyer. I can't imagine how she let her name get on those property tax cases.

Re: All sorts of weirdness

Mike Ins — Thu, 30 Jul 2009 18:13:55 -0000

ANITA -

Yes, very much the Doogie Howser of the legal world apparently, but it helps when you graduate U of C the same year you get your driver's license... What the hell?!

If you take a look at the profile, you will note that at some point between graduating U of C at age 16 and graduating law school at age 20 and practicing since age 21 she found time to work as a trader on the floor. Summer job? Or maybe that explains the year between graduation and when she actually was licensed as an attorney (1997 grad, 1998 license).

Cute dog though.

Re: All sorts of weirdness

Rich Miller — Thu, 30 Jul 2009 17:49:37 -0000

And they think I can control my father, which is the biggest hoot of all.