The meltdown cometh
Wednesday, Nov 19, 2008 - Posted by Rich Miller
* I have vivid memories of stories like this from the early 1980s recession. We’re in for it now…
Inside Talecris Plasma Resources in Waukegan, business is good. Past the overflowing waiting room, 30 people recently reclined on comfortable red leather chairs, each one making $20 to $45 as they watched TV, listened to music or chatted with neighbors.
The source of the cash is blood plasma, precious to pharmaceutical companies as the raw material needed to make a wide variety of medicines. Thin tubes carried blood from each person’s arm to a piece of whirring machinery that gradually filled a container with the valuable yellow fluid. […]
An industry group said total donations may hit 16 million this year, up from 10 million donations just three years earlier. At the Waukegan center, manager Rhonda Johnson said this fall was among the busiest seasons she’s observed, with more first-time donors joining the twice-a-week regulars.
* Oy…
The Sun-Times Media Group has moved to lighten its load—in the board room and on its ledgers—in the face of pressure from top shareholders agitating for change as their investments dwindled to pennies per share.
The parent of the Chicago Sun-Times and dozens of other Chicago-area publications announced Tuesday that Chairman Raymond Seitz and board members Gordon Paris and Graham Savage plan to resign by the end of the year.
Sun-Times Media also plans to de-register itself as a Class A stock in early 2009, a maneuver Chief Executive and Chicago Sun-Times Publisher Cyrus Freidheim Jr. said this summer would save about $10 million annually in lawyering, accounting and paperwork.
Every penny counts, particularly when shares closed Tuesday at 8 cents apiece, putting the company’s market value at less than $7 million. The company this month announced a $168.8 million loss in the third quarter.
* Chicago’s budget is melting down…
* Budget Cuts in the Police Department
* City Council Set To Vote On 2009 Budget
* City Council to vote on Daley budget today
* And the state’s budget is crashing…
Against the backdrop of the national economic crisis, Gov. Rod Blagojevich said Tuesday he wants more power to use his budget ax to close a growing budget deficit.
The governor offered no specific programs that are on the chopping block, but noted his moves could affect public schools and universities, state pension funds and grants to local governments. […]
State Sen. Donne Trotter, D-Chicago, a key Senate budget negotiator, said the plan will give the governor options if the sluggish economy continues to drive down state revenues.
“We’re in a state of emergency,” Trotter said. “The way things are going, it could get worse.”
* More gloomy news…
Cash from income, corporate and sales taxes is expected to fall more than $800 million short by June, the end of the state’s fiscal year, Blagojevich budget director Ginger Ostro said Tuesday. Investment losses, a pre-existing budget deficit and a decline in casino revenues brings the total shortfall to at least $2 billion.
But it could get worse, predicts Dan Long, director of the Legislature’s bipartisan budget forecasting commission.
“We think it could be larger,” Long said. “We are entering the worst period right now.”
Long said the gap could widen to $2.8 billion or more.
* The Rockford Register Star runs an incomprehensible editorial that bashes the governor’s plan, but calls for unspecified legislative action…
We haven’t seen anything lately that would make us think the governor has earned lawmakers’ trust back.
Other parts of Blagojevich’s plan are troubling as well. He proposed a short-term borrowing program to help reduce the state’s pile of unpaid bills. The bills need to be paid, but borrowing more money seems risky. We wouldn’t advocate a homeowner making a mortgage payment with a credit card. It not only delays the problem, but would add to overall debt as well.
The governor also wants to ask the federal government for $1 billion over three years. With bailouts and requests for bailouts, we don’t see where the feds have any money to throw around.
Lawmakers avoided making tough decisions while they campaigned for re-election. The election’s over and campaigning is done (for now.)
Inaction has made Illinois’ problems worse. It sends a chill up our spines to think how bad things will get unless the General Assembly acts this week.
Acts on what? They never say. That’s the trouble with crises like this. We all scream and shout, but nobody offers a realistic alternative. And it doesn’t look like the governor is gonna get much cooperation from the GA, either…
[House Majority Leader Barbara Flynn Currie] said much of the belt tightening can be done without lawmaker approval and that they will be hesitant to grant additional authority “without a lot of specificity on where those cuts are going to go.”
State Sen. Jeff Schoenberg, an Evanston Democrat and co-chair of the Legislature’s budget forecasting arm, said he doesn’t foresee lawmakers giving up oversight on cuts.
Next year may make the past two years look pleasant.
- Bill Baar - Wednesday, Nov 19, 08 @ 9:54 am:
We all scream and shout, but nobody offers a realistic alternative.
Not much anyone can do with a Gov with an indictment hanging over his head.
How does anyone make a deal with a guy who could be in court next week?
Same goes with the Senate appointment. So what happens if the Gov’s indicted before an appointment made? How could anyone accept the Senate job after that.
We’re paralyzed in Illinois.
- Secret Square - Wednesday, Nov 19, 08 @ 9:58 am:
Bill Baar, like I said yesterday, nothing can be done on a Wednesday because who knows what’s gonna come down on Thursday… although, legally, he doesn’t have to (and probably won’t) resign upon indictment, only upon conviction or pleading guilty.
- Bill - Wednesday, Nov 19, 08 @ 9:59 am:
==Not much anyone can do with a Gov with an indictment hanging over his head.==
This imaginary indictment has absolutely nothing to do with the state’s fiscal crisis.There is enough to criticize the Governor for without making stuff up.
- Greg - Wednesday, Nov 19, 08 @ 10:02 am:
Rich, I don’t think you’re being gloomy enough. We have serious concerns about the federal govt’s ability to continue its debt service payments in the next decade should treasury rates rise significantly from their present levels (and I’m not talking like 10%…it wouldn’t take too extreme a move).
It’s not like it’s the most likely scenario, but the very fact that I can paint you a quite conceivable scenario of federal default in 5 years is not good at all.
- Six Degrees of Separation - Wednesday, Nov 19, 08 @ 10:04 am:
Greg-
Don’t throw cold water on the Feds just yet. There’s plenty more folks to bail out and get stimulated before the $ runs out.
- Bill Baar - Wednesday, Nov 19, 08 @ 10:06 am:
This imaginary indictment…
Bill… imagination, and especially imaginary fear, drives a lot of behaviors… or paralysis.
- Pat collins - Wednesday, Nov 19, 08 @ 10:08 am:
If Uncle Sam goes bankrupt, these will be the “good old days”.
offer an alternative
That is what LEADERS should do. Take the chance. Yes, it might crash and burn. But it might not.
Time for the new Senate leader to GRAB the job by LEADING. Lead first, win the election later, to paraphrase Dame Thatcher.
- He Makes Ryan Look Like a Saint - Wednesday, Nov 19, 08 @ 10:09 am:
What is it costing the state for the Gov to take his group to California for this summit? I bet they are not staying at the Holiday Inn Express. Fuel cost alone have to be insane.
How many people went with him on this important trip?
- S. Illinois - Wednesday, Nov 19, 08 @ 10:11 am:
If each of Illinois’ residents would just donate 15 pints of blood each…at $20 a pop we would have the backlog of bills wiped out!
It’s time to really bleed for your state “leaders.”
- Phineas J. Whoopee - Wednesday, Nov 19, 08 @ 10:11 am:
I can’t imagine buying the Sun Times for 8 cents a share. I really wish I had some money right now because I would become a mogul. Maybe Capitol Fax could buy it?
- Princess - Wednesday, Nov 19, 08 @ 10:12 am:
–”The governor offered no specific programs that are on the chopping block”—
Okay, no spefics yet would likely mean 11 more state parks, this time in region 4 & 5 to share the pain statewide in DNR, prehaps Flood could loose the Springfield apartment as a measure of showing ‘we’re in this together’, and another 15 or so Historical Places. Top it off with another across the board 50 head count out of DNR and HPS and that should about cover any non-spefic yet plans in these two areas. Am I close, Rod?
- Rich Miller - Wednesday, Nov 19, 08 @ 10:14 am:
===Maybe Capitol Fax could buy it? ===
No. Debt load, receivables and structural deficits are way too scary for me.
- Rich Miller - Wednesday, Nov 19, 08 @ 10:14 am:
…Not to mention the economic climate.
- Greg - Wednesday, Nov 19, 08 @ 10:17 am:
Right, Pat. A quaint time when the federal government didn’t have to choose between eliminating non-discretionary payments (let alone bailouts) and implementing a massively dollar-devaluating print-off of its debt.
I wish the media would discuss this scenario more. It’s certainly a bigger threat to each of us than most crime.
- wordslinger - Wednesday, Nov 19, 08 @ 10:24 am:
Geez, Greg, lighten up. The country’s been through a few tighter spots than this one, don’t you think?
What’s going to happen — are the Chinese going to repossess? You know, they have a vested interest in keeping their best customer going to the mall, too.
I think you’re right, though, other shoes are going to drop. Unsecured credit card debt I think is the 800 pound gorilla in the room. How much of that principle do you think will ever get paid? How do you get it off the books without causing another crisis?
It’s tough all over because the books are screwed up from overvaluing, easy credit, etc. Once it shakes out, you start all over again. Although he got torched for it in the election, McCain was right in that the real components of a healthy economy are still here; namely, labor, infrastructure and natural resources. It’s just the capital that’s screwed up, and that’s all imaginary anyway: If you believe that paper’s worth something, it is.
- Cheswick - Wednesday, Nov 19, 08 @ 10:30 am:
Also remember from about January of 1980, walking past the First National Bank and seeing one of those signs with the letters that stick in the little grooves saying something like, “Money Market 18.5% Come In Now!”
- Cassandra - Wednesday, Nov 19, 08 @ 10:32 am:
Bill is right. A potential indictment is irrelevant to the financial crisis.
It is possible, however, that our Blago is asking for too small a bailout. From what I am reading, influential Obama advisors are leaning strongly in the direction of increasing the deficit substantially in order to deal with the current financial crisis, presumably hoping that a later recovery will allow substantial reductions or elimination of the deficit.
In that context, one billion over three years looks pretty puny. One hopes that noisier and more
profligate states like New York and New Jersey won’t end up with massive federal bailouts under Obama while Illinois gets higher taxes.
- Truth - Wednesday, Nov 19, 08 @ 10:33 am:
I wonder if the money the rrstar saved by dumping Aaron Chambers was worth their complete loss of credibility on state government issues?
- Pat collins - Wednesday, Nov 19, 08 @ 10:49 am:
Chinese going to repossess? You know, they have a vested interest in keeping their best customer going
I was in China 2 weeks ago. Already people there are losing jobs, and worried that they are next. This is a HUGE crisis for the Gov, since it’s been good times since 1980 for them.
- Stop crying and get to work - Wednesday, Nov 19, 08 @ 10:51 am:
All this talk of the FED going bust is such gloom and doom. Go on spin your wheels on what ifs and worst cases. We are the only country that has an economic crisis and our cost of borrowing goes down. So shut up! The GA should do their job and address this serious problem this week. While we joke around providers who create jobs are going bust. Illinois needs to act like a mature state here. This childlike disfunction is not how a powerful state should act. Fix the problem. The stimulus is coming in the spring. Lead. If ever time we had a crisis we crawled up inot the fetal position we would not be America…we’d be Argentina. Let’s go.
- The Doc - Wednesday, Nov 19, 08 @ 11:00 am:
Can’t see why the GA would take any sort of action during the veto session, with the expectation that a massive stimulus package focusing on infrastructure and perhaps states’ debt is likely to manifest in the coming months. This will likely mean that the GA and governor can delay making tough decisions in the short term.
I imagine a number of pols already are dreaming of dollar signs, anxious to award projects to their favored corporations.
- wordslinger - Wednesday, Nov 19, 08 @ 11:03 am:
Pat, that’s exactly what I’m talking about. The CCP is riding the tiger — and that tiger is hungry for more jobs and a wealthier lifestyle.
Unrest follows when rising aspirations are stalled.
It’s in their interest to help stimulate demand here. They’ll need to keep investing in the U.S. with all those dollars we send, not just in T-Bonds, but directly, like the Japanese did in the 80s (hope that goes better for them then it did the Japanese).
I know of some nice condos for sale in the Loop….
- Get over it - Wednesday, Nov 19, 08 @ 11:06 am:
That’s months away. Will those “favored corporations” still be around? The GA needs to act on a short term plan, until the stimulus comes next year. The stimulus is needed. The IMF and the G20 told us to expand our balance sheet to address this crisis. If you want to stare deflation in the face, fine…but during times of crisis there are no favored corporations, and no dreams of dollar signs, just very serious consquences. wake up. This is no time for business (or lack of it) as usual.
- Greg - Wednesday, Nov 19, 08 @ 11:09 am:
Worldslinger,
Absolutely. Clearly the Civil War, for example, was a greater threat. But all I said was that it’s a non-trivial possibility–and that alone should be frightening. It’s a risk most people don’t discuss (or maybe even know about?), so I’m doing my part.
Credit card debt principal is already being written off in large amounts by banks, and remember that even if banks haven’t written down many assets, those of us who invest in them already have. I see a lot written in blogs about it, but I’m not sure the bloggers understand that all debt has been discounted; we can argue about degree, but a lot is presumed gone. (If you think that even 60% of some banks’ clients are going to repay, you’d actually want to buy a number of small banks.)
We need constant buyers of treasuries–these auctions are always happening. So it’s not enough for owners to not want to sell, we need large, constant, incremental buyers of treasuries.
Finally, although derivatives are somewhat imaginary, capital is most certainly not. That needs to turn around quick.
In the words of SNL: “Fix it!”
- wordslinger - Wednesday, Nov 19, 08 @ 11:19 am:
Greg, not even the Civil War. How about 1980? High unemployment, high interest rates, high gas prices, hostages in Iran, Soviets in Afghanistan, Mutual Assured Destruction, Jimmy Carter, Jane Byrne, Billy Beer and Disco?
There is nothing to fear but fear itself, my friend.
- Get over it - Wednesday, Nov 19, 08 @ 11:25 am:
“There is nothing to fear but fear itself”
That took ten plus years, a lot of pain, and a world war to work out. I’d rather public officals A-Z get to work and fix this mess.
- The Doc - Wednesday, Nov 19, 08 @ 11:33 am:
===wake up. This is no time for business (or lack of it) as usual. ===
Take a breather, GOI. I’m stating my opinion on what is likely to occur, not endorsing it. No more triple foam lattes for you.
- The Doc - Wednesday, Nov 19, 08 @ 11:36 am:
===High unemployment, high interest rates, high gas prices, hostages in Iran, Soviets in Afghanistan, Mutual Assured Destruction, Jimmy Carter, Jane Byrne, Billy Beer and Disco?====
“We didn’t start the fire, it was always burning…”
- Get over it - Wednesday, Nov 19, 08 @ 11:37 am:
“This will likely mean that the GA and governor can delay making tough decisions in the short term”
Well doc, that’s their job and the stimulus takes time to get to the states…so no they really can’t delay making decisions. They have already done that and now is a time for action. Unless you want 14% unemployment in IL. Maybe you should get yourself a latte.
- wordslinger - Wednesday, Nov 19, 08 @ 11:37 am:
Doc, as far as I’m concerned, you can add Billy Joel to that list of horrors, too.
- Rich Miller - Wednesday, Nov 19, 08 @ 11:40 am:
OK, everybody breathe deeply, please.
- Rich Miller - Wednesday, Nov 19, 08 @ 11:40 am:
Now, exhale.
lol
- Get over it - Wednesday, Nov 19, 08 @ 11:48 am:
Is that you’re way of saying: “don’t hold you’re breath”?
- Six Degrees of Separation - Wednesday, Nov 19, 08 @ 12:01 pm:
Next year may make the past two years look pleasant
I think I’ll drown my sorrows by going to a disco and ordering one Billy Beer after another, while listening to Billy Joel’s “My Life” in between Donna Summer and Gloria Gaynor chestnuts as i contemplate my next zodiac-based pickup line. And it should be a disco in Rockford, where the unemployment rate often tickles or surpasses 10%.
- The Doc - Wednesday, Nov 19, 08 @ 12:03 pm:
Wordslinger, it’s stuck in your head now too, huh? My apologies.
- Cassandra - Wednesday, Nov 19, 08 @ 12:12 pm:
In the budget cuts department, the Daley admin claims to have achieved about $10 million in salary cuts in exchange for about $2 million in retirement incentives to non-union employees back in the summer. Presumably, many of those employees were already close to retirement.
Why haven’t we heard about similar initiatives in state government. The savings wouldn’t be huge, but if cuts in expenditures are needed, a variety of smaller cuts, rather than huge cuts in one or two line items or agencies, may be the least disruptive option. I am sure such options about if
Illinois state government leaders would tell the truth.
Alas, the Dem liberals and their union pals who carry influence would tell us the the layoff of one state employee, even with an incentive, is a major tragedy although they give the layoffs of tens of thousands of employees in one company short shrift.
- Oberon - Wednesday, Nov 19, 08 @ 12:26 pm:
If the Governor IS indicted but refuses to resign, his ability to govern will surely suffer. We will regret our failure to establish the mechanisms described in Article V, Section 6(d), which would allow someone other than the Governor to determine he is seriously impeded in the exercise of his powers to the degree that an Acting Governor is needed. If anyone knows how or whether either the GA or the Supreme Court has addressed this potential situation, please tell us, because I haven’t, so far, been able to find out. The Gubernatorial Succession Act doesn’t address it.
- customer - Wednesday, Nov 19, 08 @ 12:32 pm:
===If the Governor IS indicted but refuses to resign, his ability to govern will surely suffer.===
His ability to govern will suffer?? That’s the funniest thing I’ve read on this blog in a long time.
- Oberon - Wednesday, Nov 19, 08 @ 12:39 pm:
Cassandra, this Administration has beaten the early retirement drum several times already, which has reduced the potential pool of eligibles for a new offer. On top of that, the current AFSCME contract’s raises are back-loaded, with a really big boost in the third year, which will affect pension amounts (if you are still around to get it). So coaxing any significant number of eligibles to take an early package now will require a really sweet, therefore more expensive, deal.
Besides, somebody still has to provide the “core services,” and due to hiring freezes and attrition, fixtures since 2002, most agencies are already down to skeleton crews. You can’t force people to accept these packages, because most of them have the seniority to survive cutbacks. Eventually they will retire, and who will do the work then? There won’t be anyone left who was learning how to do it.
This Administration has already beaten that horse nearly to death, so I don’t think that an early retirement buyout will produce much in the way of savings.
By the way, those deals merely increase the unfunded liability of the pension systems, so you are still trying to borrow your way out of trouble. The expenses are just off one set of books and on to another.
- Oberon - Wednesday, Nov 19, 08 @ 12:42 pm:
Customer, I know it is hard to imagine, but his ability to serve will be less then than it is now!
- John Ghrist - Wednesday, Nov 19, 08 @ 12:46 pm:
I blame the present governor for the state’s problems. This includes everything from unemployment to its budget woes. When I worked at IDOT, there was so much waste going on there. There was never any supplies, just a bunch of well-paid new cronies running around who knew nothing about how things were supposed to operate.
The gov always thought that he was too smart for the system and kept wasting the state’s resources on new over paid employees, daily helicopter rides and dumb programs. Now all of this waste is all coming back to haunt us. Now we can’t even enjoy going to an area free park? We have already seen that the gov cannot work with the GA and would probably just abuse anymore budget power that is given to him. It will be a happy day in Illinois when he is finally indicted. After all when the team is losing, don’t they get rid the manager first?
- Leroy - Wednesday, Nov 19, 08 @ 12:55 pm:
Remember kids….if the governor is indicted, there will be two positions Illinois will need to fill: that of governor, and that of chief scapegoat.
If Rod is indicted and leaves office, who will we blame all our problems on? Quite the finger pointing industry has sprung up over the last 10 years.
(Unless, of course, you think removing Blago is going to resolve most of Illinois’ problems)
- Pointing fingers - Wednesday, Nov 19, 08 @ 1:00 pm:
My vote for the next in line chief scapegoat is Madigan.
- A Citizen - Wednesday, Nov 19, 08 @ 1:03 pm:
I had a dream last night that guv was convicted and sent to club fed. And Bill was posting about what a model prisoner he was and how he could serve as an inspiration to all of us!
- s. Illinois - Wednesday, Nov 19, 08 @ 2:49 pm:
Rich - I think at least a short term banishment is in order for Wordslinger for infecting us all with the Billy Joel earworm.
- Say WHAT? - Wednesday, Nov 19, 08 @ 4:54 pm:
I can confirm that people are getting more desperate. I have never had so many people come in and or call. They are without jobs, heat, electric, water. They are losing their homes. Whatever we do now, we already have folks who are in fetal position. They have already given up, and whats worse is they are waiting for the government to “save them”. They have bought into the repeat media coverage that beats them down constantly with how negative things are. The comment I keep hearing is “things are bad out there”. Yes, times are bad. I agree with Rich, its gonna get worse.
Meanwhile, back at the cozy capitol, we can’t even work together for these people without bickering. SAD!
- walkinmyshoes - Wednesday, Nov 19, 08 @ 6:15 pm:
I am not up on the regulations and rules that guide the pension of state workers or early retirement incentives; however, I understand during the Ryan regime a state employee was allowed to BUY time in order to retire early. Would it be feasible to offer the current state employees an option now to buy 5 years into their retirement to use at a later date? Would this help or hinder the current pension funding issues? I’m a novice here so be kind please.
- Captain America - Wednesday, Nov 19, 08 @ 6:15 pm:
I agree that a budgetary Armaggedon is at hand- funding reductions that never should happen under any circumstances are really going to hit the most vulnerable populations and the private not-for-profit agencies that serve them really hard next budget - collaeral damage to in the civil war among th corrupt Democratic triumvirate in Springfield.
- A Citizen - Wednesday, Nov 19, 08 @ 6:42 pm:
- walkinmyshoes -
I agree - I always thought of it as an injection of funding into the system that would be beneficial in the long term. It would also stagger out the early retirements so as to not have a time certain brain drain hit. Further it is also a fairness issue as employees within five years of normal retirement benefit while those further than five years lose out - as does the pension system. Those choosing to participate could “buy” their five years over time by payroll deduction. A good idea that for some reason has not been activated.
- walkinmyshoes - Wednesday, Nov 19, 08 @ 7:13 pm:
-A Citizen-
Thank you - that did not hurt at all!
- Six Degrees of Separation - Wednesday, Nov 19, 08 @ 7:19 pm:
Walkin and A Citizen…
You are talking about a drop in the bucket. Assuming you could get 5,000 state employees who actually have disposable income to part with, say, $100 a month, we’d infuse the state retirement system with about $5 million a year. Whoop-de-doo. A drop in the bucket to the several $$billions of unfunded liability. And as Oberon states, just signing the people up for the program will instantly create a whole lot more potential undfunded liability on paper, assuming the people who sign up for this “buy and bank” retirement credit program will indeed retire early. The employees do not have enough $$$ to make the system solvent.
The only way this works in the state’s financial favor is if you 1.) get rid of lots of large salaries NOW, 2.) replace a minimum of these positions, and the ones you do hire are at entry-level, and promote from within with small raises to cover the positions vacated by the retirees, and 3.) hope like heck that the state’s retirement investment boards get a good rate of return on their investments.
- A Citizen - Wednesday, Nov 19, 08 @ 7:25 pm:
- Six Degrees of Separation -
So the bottom line is that it would be net Positive, however it could be even further improved. A drop in the bucket is still better than a dry bucket - a penny saved . . . !
- A Citizen - Wednesday, Nov 19, 08 @ 7:32 pm:
There also would be the side benefit of having a positive impact on employee morale! Getting out from under guv’s manner of screwing employees would be “priceless”!
- Six Degrees of Separation - Wednesday, Nov 19, 08 @ 7:34 pm:
Ummm…the only positive is it puts a trickle of money in the state’s pocket now. The negative is that it creates more debt than the trickle will cover later. I’d say we have seen the results of that kind of thinking lately at the state and national level, and the results are not ideal.
- Six Degrees of Separation - Wednesday, Nov 19, 08 @ 7:43 pm:
Citizen-
Seriously, isn’t the door open at your place of employment? I don’t think the governor has anyone shackled to their desk if conditions are so bad. I appreciate the hard work state employees do, but an ill-conceived early retirement scheme in the name of “morale” is not in the long term interest of the state and most of its “citizens”. If an early retirement scheme is hatched, it should pay for itself. And most successful ones are associated with downsizing and replacing higher paid positions with lower ones. Most state employees who comment here say they are overworked with staff at bare-bones now and further downsizing would be bad.
- A Citizen - Wednesday, Nov 19, 08 @ 7:44 pm:
- Six Degrees of Separation -
Let’s let the acid test be the results of the savings to the State of the Early Retirement Program Fitz “offers” guv !!
- Anonymous - Thursday, Nov 20, 08 @ 1:22 am:
===============
We’re paralyzed in Illinois.
===============
Illinois needs to act like a mature state here. This childlike disfunction is not how a powerful state should act. Fix the problem.
===============
Oh, but expectations of the People of Illinois are so high right now. It’s not just a matter of fixing things, we’re expecting a windfall.