constitutional liberty coalition

Chicago Public Schools’ pain is these financial firms’ gain

"Struggling to make payments for pensions and pay down billions of dollars in debt, the Chicago Public Schools last week announced 1,050 layoffs and $200 million in spending cuts to keep the school system afloat. Dozens of financial and legal firms have been paid $18.1 million in fees from CPS borrowing and debt-refinancing deals since 2011, according to records obtained by the Chicago Sun-Times. CPS still owes billions on borrowing deals dating to the mid-1990s, when then-Mayor Richard M. Daley took formal control of the school system, which then began renovating and building schools using borrowed money." Continue reading →

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Puerto Rico’s Crisis Deals a Blow to Municipal-Bond Funds

"In a low-interest rate world, Puerto Rico’s bonds have offered investors juicy yields over the past several years. Puerto Rico’s $3.5 billion in general-obligation bonds issued in 2014 initially had a yield of 8.7%. The yield on 10-year U.S. Treasury notes, by contrast, hovered between 2% and 3% last year. But now investors are getting a fast lesson on the risk that comes with those sorts of high yields. More than half of all U.S. municipal-bond funds, or 298 of 565, have invested in Puerto Rico’s debt, according to the most recent fund holdings compiled by Morningstar." Continue reading →

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Greeks awake to shuttered banks on day after voters reject austerity

"Greeks awoke Monday to the stark reality of the country's accelerating crisis — shuttered banks and ATMs with little cash — hours after they voted resoundingly to reject more austerity measures in exchange for another bailout. The results — 61% voted 'no,' compared with 39% for 'yes' — left the bankrupt country's future in the European Union and its euro currency uncertain. Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired." Continue reading →

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Greece defaults on $1.7 billion IMF payment

"Greece became the first developed country to default to the IMF, an organization of 188 nations that tries to keep the world economy stable. Greece will now be cut off from access to IMF resources until the payment is made. The move came hours after the country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout. Greece asked for a two-year bailout from Europe, its third in six years. Greek banks remained shut Tuesday and limits on cash withdrawals were in place as the country tried to stave off financial collapse before the vote. Daily withdrawals are limited to 60 euros, or about $67." Continue reading →

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Independence from What?

As we celebrate Independence Day, we should probably pause and ask ourselves an important question. Independence from what? On July 4, 1776, the Continental Congress adopted the Declaration of Independence, declaring the 13 American colonies free and independent states. It was an act of secession. And in the eyes of the British and many loyal…

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Arizona Takes on Obamacare: New State Law to Help Nullify Goes into Effect on July 3

This week, a new law takes effect in Arizona that serves as a model to help bring down Obamacare in the states. WATCH THE FULL REPORT: TAC Members get access to the entire transcript, and can comment as well. CLICK HERE

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Signed by the Governor: Oregon Law Takes on Warrantless Collection of Cellphone Data

SALEM, Ore. (July 2, 2015) On Tuesday, Oregon Governor Kate Brown signed a bill into law that prohibits law enforcement from obtaining information from electronic devices without a warrant in most cases. The new law will not only protect privacy in Oregon, but will also address a practical effect of federal spying. Sen. Chip Shields (D-Portland), Rep.…

Continue ReadingSigned by the Governor: Oregon Law Takes on Warrantless Collection of Cellphone Data