Moody's cuts liberal Chicago to might-as-well-be junk

Mish reports on the deteriorating state of finances of America's 3rd most populous city, Chicago, as Moody's downgrades a portion of its debt to within a stone's throw of junk.  As Mish says, it's already junk.  Gee, liberal Chicago, how do you think this is going to end?

There's not much need to speculate.  The city made unkeepable wimpy promises in the form of pensions to "Chicago's finest" (AKA its jackbooted police force) and it's fire department (all "heroes" of course...) as well as to its teachers (many of which are sell outs to the common core socialist eduction doctrine).  The labor unions are of course demanding that the bankrupt city pay up even though the money doesn't exist and raising taxes is likely to set off riots by the working class.

Hey Ralm "never let a serious crisis go to waste" Emanuel, you liberal piece of shit, I think there is a crisis headed your way.  Listen up, fool.  Until now the people have been putting up with your liberal shit and the liberal shit of those assholes that preceded you as Mayor.  Some of them put up with it because they believed the liberal lies of something-for-nothing-o-nomics that you preach.  But many of them put up with it because they feared your hired thug force commonly known as police.  Any little slight, real or imagined, ended up with someone's teeth hitting the pavement.

But now you are at the point where you either win your runoff election and side with those who voted you in (i.e. the people and not the unions who are now growing distrustful of you) or you are out.  If you were smart you would want to lose because whoever wins the election is going to have a huge mess to deal with.

At some point the police and fire are going to be told that their pensions must take a haircut, best case, and more likely, a series of fallback deals where the city convinced the unions to take a 10% pension hair cut and all will be OK, only to be told a few months later that the revenue assumptions were wrong so now another cut is needed.  Lather, rinse, repeat.  Sooner or later the cops and firemen will be defaulted on completely.  That is how bad the state of affairs is in the real world.  What cannot be paid will not be paid.  There are too damned many cops and firemen anyhow.

When the cops begin to understand that they have been demoted from special class/part of the elite club to being no better than any of the rest of us in the eyes of their elitist masters, they are going to be pissed.  This is the kind of thing that gets whistle blowers to begin coming forward.  At the very least the police will go on strike in order to show everyone what happens when you stop paying the police.  In fact, given the level of corruption in the Chicago police force, they will certainly become involved in acts of domestic terrorism designed to scare people into paying up.

But you can't squeeze blood out of a turnip and the people will not have the desired reaction this time.  Cops will instead get busted for domestic terrorism.  The sheeple are going to surprise them by not just rolling over like they always have before.  This should make for interesting theater.