Illinois Bonds Are Worth Less Than Even Portugal

Illinois Capitol Fax Blog Reported on 2/11/11:

Illinois Bonds Are Worth Less Than Even Portugal!!
Illinois Is Now For Sale!

"Bonds from Illinois, the second lowest-rated U.S. state, are yielding less than issues from comparably rated Portugal as the state prepares to market the largest taxable municipal debt sale on record.

Next week Illinois is selling $3.7 billion of taxable debt to investors around the world after the end of the Build America Bonds program left the municipal market with pent-up demand for such securities. The offering will likely see increased interest from international and crossover buyers, said Richard Ciccarone, managing director of McDonnell Investment Management LLC in Oak Brook, which holds more than $7 billion of muni debt. […]

Its four-year bonds traded yesterday at a 4.40 percent yield. Comparable bonds from Portugal were yielding 6.15 percent, Bloomberg data show. The country, which has the euro- region’s fourth-largest budget deficit, has raised more than 4 billion euros ($5.5 billion) this year selling securities through auctions and private placements as the nation seeks to avoid resorting to international aid. […]

Illinois last month boosted income taxes 67 percent to help close its budget deficit, an act that has “resonated” with international investors, said John Sinsheimer, the state’s director of capital markets. The state has marketed the bonds in eight cities across Europe and Asia in the last two weeks, he said. […]

“They’re going to pay a penalty for their slow movement in addressing some of their basic weaknesses,” Ciccarone said. Still, “a lot of investors will be attracted since yields on investment-grade corporates are relatively low compared to what they can get on Illinois.”"

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Do you think Jack McGuire is directly to blame for this? Maybe not... But how about this... Jack has been in Power for over 10 years!!!! His "progressive" policies, "redistribution of wealth", "socialist principles", "high tax support" and "large government spending" has helped to fuel this "DEVALUATION" of the "Illinois Dollar"!!!

High government debt, high taxes, record unemployment, poor business environment... Is it any surprise that Illinois Bonds are practically worthless and barely even higher than a regular bank CD.

And did you know... How about... did you approve any politician in Illinois to sell our DEBT TO EUROPE AND ASIA!!! THIS IS MADNESS! QUINN, MADIGAN AND MCGUIRE HAVE PUT THIS STATE "UP FOR SALE"!!!!!

For these reasons and many more... We need to Vote Jack McGuire Out in 2012!