Brexit in pictures.
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Trump warns Modi India must reduce obstacles to U.S. exports
DPRK: too late for united Korean team at 2018 Winter Olympics.
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White House threatens to sabotage insurance of low-income people if Trumpcare isnt passed
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An empirical turn in economics research.
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Kushner hires lawyer who represented Dems during Clinton impeachment:
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Justice Thomas calls out his colleagues for not believing in the Second Amendment. #SCOTUS
The Feds Have Come to Chicago—With a Van That Tracks Guns
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Your Feedback Needed!
Climate change is making cities sick
Donald Trump’s presidency has had a major impact on how the world sees the United States
Happy birthday to Salvador Allende, friend to all dogs.
Rippling red brick facade shades house in Surat by Design Work Group:
North Koreas chemical weapon deterrent: #sarin #VX
Top CNN employees resign after network retracts Trump-Russia story
In Western Europe, Trump’s ratings are similar to what Bush got in 2008
Theresa May: EU citizens in UK must apply for settled status to keep rights post-Brexit
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New global poll: Trump gets low ratings, US image down significantly in many countries
California to list glyphosate as cancer-causing; Monsanto vows fight
Why astronauts needed liquid-cooled garments, even in the vacuum of space: @astVintageSpace
Trumps travel ban victory should force media to examine itself
Is Bill English a lawyer? A Spinoff investigation:
ah @CillizzaCNN looking out for the true victims the bill, the Republicans
The leading market indicator of economic distress is flashing orange again
UKs Theresa May faces backlash after DUP deal
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Spectacular artistic impression of the surface of TRAPPIST 1f
Your Voice Matters – Use It To Fight and Sign Our Petitions! #petition #takeaction #resist
D.C. councilmember condemns police who handcuffed black teens for selling water
NEW: U.S. Image Suffers as Publics Around World Question Trump’s Leadership
This is how Sears Canada told 300 Toronto employees theyre being cut via @YahooFinanceCA
Fox News reporter to Sean Spicer: The American people expect transparency
NEW: U.S. Image Suffers as Publics Around the World Question Trump’s Leadership
Tariffs on solar panels could slow industry growth by 66%
AU reform proposals in one graph.
Have no fear of perfection, youll never reach it. - Salvador Dalí
Anthem breaks with other insurers, endorses Senate GOP healthcare bill
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Body of #SalvadorAdame found in #Michoacan #Mexico #journalist #news
Senegal changes its energy minister as Total joins its upstream #OOTT
Physicists have made the brightest light ever—as bright as one billion suns
UK: May pens billion dollar deal to secure right-wing government coalition.
SCOTUS rejects appeal seeking gun-carrying rights
Tsubasa Ozora, the manga character earning comparison to Xi Jinping in Chinese state media
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Lawyer: Liu Xiaobos family can visit him
Mortgage REITs hit a 9-year high, up 18% year-to-date. $REM
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FBI questions Trump campaign adviser multiple times in Russia investigation: report
Maureen Dowd* vs. Reality
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Amazon robots are poised to revamp how Whole Foods runs its warehouses
Sanders ignores Fox News question about FBI probe of his wife
Suicide bombers kill nine in back-to-back blasts in Nigeria, @ariabendix reports
Thoughts on solitude from #PearlSBuck, the first American woman to win the @NobelPrize for Literature.
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That #Russia thing.
Heres our analysis of the CBO score.
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Are you a member of the aspirational class? Here’s a checklist:
US Supreme Court allows revised version of Trump Muslim travel ban.
Trump voters arent impressed with the presidents education agenda
Why Goldman Sachs pays such a high savings account rate @SallyPancakes
The I-95 corridor of the Northeast will experience a rise in temperatures on Thursday:
Iraqi Civilians Continue to Flee Fighting in Mosul
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Bill threatens to suspend nuclear treaty with Russia
Comment: Singapore is falling behind Hong Kong, just do the math
Chinas growth looks like it may already have hit its peak for 2017
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NEW: CBO score for GOP healthcare bill alarms Republicans
Lindau Nobel Laureate Meeting 2017: There is no alternative to science!
Japans casinos dont need high rollers via @gadfly
June 27 1981, Motorhead scored their only UK No.1 album with No Sleep Til Hammersmith.
Hope you like algae, because it’s going to be in everything you eat
WOW. CBO: Premiums for a 64-year old with middle income go from $6,800 under ACA to $20,500 under BCRA ⚠️
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Justice Kennedys long-term future on the court remains in question...
$EURUSD update and selling
just saw this in Central, two days before #China President Xi Jinpings #HongKong visit. #tuesday
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The Democratic Party would be lucky to find another Nancy Pelosi.
What do the prices of caffeine and education have in common? The FRED Blog has the answer
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A massive, dead galaxy puzzles astronomers:
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Excellent
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Anthony Sanders
Illinois: The Puerto Rico of the Plains (State Finances in “Crisis Mode” as PowerBall and MegaMillions Pull Out)
8 days ago




Ah, Illinois. Once known as “The Land of Lincoln,” it is now known as  “The Puerto Rico of the Plains.”

Illinois has the distinction of having the lowest municipal bond rating of any state. Only Puerto Rico, which is NOT a state, has a lower municipal bond rating (S&P rates them as ‘D’ since Puerto Rico has defaulted on the debt). S&P has downgraded Illinois to BBB-.

The yield on 10-year Illinois General Obligation bonds BBB-rated is almost 5% while the AAA-rate GO bond yields in Illinois is at 2.28%. BBB-rated Illinois GO bonds are yielding over 2x the AAA-rated yield. And remember, the Illinois GO bonds are tax-exempt. For comparison, the fully-taxed US Treasury yield is 2.15% at the 10-year maturity. So, tax-exempt Illinois bonds (both AAA and BBB-rated) have a higher yield that the fully taxed US Treasury 10 year note. 

In addition to credit ratings, another similarity between Illinois and Puerto Rico is that both have declining populations. But Illlinois has four times the population of Puerto Rico.

The Illinois state legislature has not passed a state budget in three years in what basically boils down to Chicago versus the rest of the state.

Rick Moran at PJMedia has cobbled together a few of the consequences of not having a state budget.

  • If there is no state budget by June 30, 2017, the Illinois Department of Transportation announced that they would be forced to halt all state projects that could cost 30,000 jobs.
  • The Illinois Lottery faces threats of removal from the Powerball and Mega Millions if there is no budget by June 30, 2017.
  • Illinois owes school districts more than $1.1 billion in categorical payments for special education, transportation, bilingual and early childhood services.
  • Illinois’ backlog of unpaid bills stood at record $14.5 billion as of May 31, according to Comptroller Susana Mendoza.
  • The state’s Medicaid managed care organizations are owed $2 billion.
  • Centerstone, a non-profit behavioral health organization that helps 16,000 clients in southern Illinois and the metro-east region, has shuttered offices and cut services amid the budget impasse, affecting 700 clients and 39 staff members throughout the state.
  • The Wells Center, a drug treatment facility in downstate Jacksonville that has been operating for 50 years, was forced to shut down operations because of the budget impasse.
  • Illinois’ unpaid bill backlog could hit $25 billion by FY 2019 if the state continues without a budget.
  • Students and parents are looking to out-of-state colleges due to the unstable climate within Illinois’ higher education system.
  • More than 1,500 employees have been laid off at public universities and community colleges throughout the state.
  • The two multi-state lotteries — Powerball and Mega Millions — announced that if there was no budget agreement by June 30, 2017, they would drop Illinois from the games.
  • Additionally, the state currently has $130 billion in unfunded pension obligations, annual payments of which could be cut if a deal isn’t struck; a scenario that Moody’s warned would be a negative credit event for bondholders.

Of course, unlike California where Governor Jerry “Moonbeam” Brown has a super-majority in the state legislature, Illinois is divided politically. The pressure of passing a budget (even a stopgap budget) is enormous, but which side will blink first?

It reminds me of “The Chicken Run” from the James Dean film “Rebel Without a Cause.”