“Chicagoans Do Not Want Us to Bankroll the Regime”: Chicago Will No Longer Buy Treasury Bonds

“It’s a bold statement, isn’t it?” Those words of  Chicago City Treasurer Melissa Conyears-Ervin hardly capture the moment. Yesterday, Conyears-Ervin declared that her office would no longer invest in U.S. Treasury bonds to protest what she called the “authoritarian regime” of President Donald Trump. It is more bonkers than bold. It makes about as much sense as President Trump saying that he will not eat deep-dish pizza to protest Chicago.

My hometown of Chicago is facing an economic meltdown due to towering debt and massive spending. Mayor Ben Johnson and the unions have pushed self-destructive tax schemes and borrowing plans that would only accelerate the flight from the city and the collapse of the city’s finances.

Now, the person in charge of investing that money is declaring that politics rather than economics will guide investments.

It is the ultimate virtue signaling at the cost of others. She is given a fiduciary duty to properly maintain and protect the investments of the city, which is currently facing a rising debt crisis. She is saying that the city will not invest in what Ald. Bill Conway (34th), a former investment banker, correctly described as “by far the most liquid and secure debt instrument in the history of the world.”

Chicago has held almost a quarter of a billion dollars in Treasury bonds in the last three years due to its healthy return for citizens. To forego such investments is Kamikaze economics, destroying your own portfolio and investors as a demonstration of true faith.

The position hurts only Chicagoans.  However, the loss to the citizens could still provide gains to Conyears-Ervin, who is running to replace radical Chicago congressman, Danny Davis. Her announcement is meant to tap into the rage as she declared: “Chicagoans do not want us to bankroll the regime — the authoritarian regime — of Donald Trump where he has waged a war on our city. It’s a bold statement, isn’t it? And we need it to be.”

So, a city collapsing under debt will forego investing in one of the most secure debt instruments in the world.

Let’s recap. Mayor Johnson wants to float massive bonds to avoid cutting the budget while taxing large businesses for every new person that they employ. At the same time, the city will not invest in bonds that guarantee the most secure investment of money currently in city coffers.

This is coming in a week when many are questioning the logic of the government shutdown. After losing billions and putting many families and travelers into duress, the Democrats agreed to basically the identical clean CR that was offered over a month earlier. Yet, Conyears-Ervin makes that effort seem brilliant in comparison.

It is the same logic as burning money as a way to prevent its theft.

It is not clear where the money will go. Antifa does not currently offer an investment fund option that guarantees a total political return with no capital gains. On the other hand, over $200 billion is practically hard to stuff in the mattress of Conyears-Ervin.

This could work out in the end, resulting in practically no loss due to the new investment policies. As Johnson virtually chases businesses out of the city, there will be less money to invest. Problem solved.

 

 

345 thoughts on ““Chicagoans Do Not Want Us to Bankroll the Regime”: Chicago Will No Longer Buy Treasury Bonds”

  1. No problem Chicago will just raise taxes on the little guy. It’s a better investment because there are so many of them. They’re held hostage so they’ll just get screwed and told that they better like it.
    Please see my post at 9:56.

  2. At 9:17 Anonymous said that Chicago has not raised taxes since 2021. Please note the following.
    Major Chicago tax changes for 2025
    Personal property lease transaction tax: The tax on leasing personal property, including cloud computing and software services, will increase from 9% to 11%.
    Checkout bag tax: The tax per single-use paper or plastic bag will increase from 7 cents to 10 cents. Retailers can now only retain 1 cent per bag to cover costs.
    Amusement tax: The tax on streaming services and other electronic amusements will rise from 9% to 10.25%.
    Parking tax: The tax on parking garages and valet services will become 23.25% every day of the week, a rise from the previous 20% on weekends and 22% on weekdays.
    Rideshare surcharge: An additional surcharge has been added to weekend rideshare trips. Please note that these taxes are all on the regular Jane and Joe not the rich.
    Anonymous the know it all now is an expert on taxation in Chicago, medical mutilation of trans kids and of course the law. She thinks we are too stupid to look it up. The truth is that she’s just too lazy and stupid to look it up before she spouts off at the mouth. Same deal different day.

    1. TiT,
      Thank you for taking the time and effort to inform us. Yes, that would be motivation, along with all the crime, to leave.

    2. “Please note the following.”

      Add to those a massive, sneaky tax increase — property reassessments, in some cases 2X and 3X.

      Guess who suffers the most?

  3. OT,
    Looks like self-avowed socialist Kate Wilson appears to have won the Seattle mayoral race. We will get to see how her and Mamdani run their cities.

    OT,
    FETTERMAN: “The Right would say really rough things and names … but on the Left, it was like they want me to die or that ‘We’re cheering for your next stroke’ … they even have a gif where they have a stroke in your head.”

    BASH: “Oh my gosh!”

    https://x.com/JasonJournoDC/status/1988670736924336374

    1. Upstate.
      This is not a new thing in WA state. The mail in ballots have been a winning spree for the dems.
      It take us a week or more to count the ballots and usually the last second hundreds are found to push the lib over the top It’s been going on since 1995. After a GOP won, the the dems wanted a recount, so that was done 3 times before they winning amount of ballots were found in a room, so the dems won. We do not have a secure election system.

      1. “usually the last second hundreds are found to push the lib over the top”

        Kind of ironic, since the column was re Chicago, where a multitude of recently resurrected corpses staggered to the polls in 1960 to put John Kennedy over the top…

  4. So what’s new. The Dims have been members of a circular firing squad ever since Trump was elected.
    If you don’t do what I want I’ll just hit myself in the face until you do. All you can do is palm covers face.
    Thank you Professor Turley. The painting you displayed at the beginning of your post proves that a picture is worth a thousand words.

  5. I guarantee you that this delusional character is imagining that she is starting some sort of bold wave that will be replicated all across America and Donald Trump will be brought to his knees.

  6. While I agree the investment virtue signaling is silly, it is now a feature of state and local governments run by members of both parties. This is no different than a Texas law that requires public investment in companies that do not discriminate against the firearm industry. Chasing alpha should be the goal, not winning political points with the pro-gun crowd.

    Same thing with BDS laws and anti-BDS laws.

    Thus, nothing in the above article is new or surprising at all.

    1. There is a difference here. Regardless of what you think of BDS, it is about a separate country. Supporting BDS is declaring that you are an enemy of Israel. This is Chicago declaring that it is an enemy of America. A US city is declaring a boycott/divestment/sanction movement against our own country.

      I used to think it was absurd hyperbole when Republicans said “Democrats hate America”. When Democrats are doing things like this, it’s getting harder and harder to believe that.

      1. Except that is wholly inaccurate.

        BDS and anti-BDS laws apply to US companies/persons based on their political views about Israel.

        In your words, declaring Americans who support Israel or don’t support Israel are the “enemy of America.”

        Thus, there is no difference here. It is putting political views above investment returns. And the victim of the political ire in each of these cases is Americans.

        1. I think you are having a problem with reading comprehension:

          1. If you support boycotting and divestment of Israel, you are openly saying you are an enemy of Israel.
          2. If you support boycotting and divestment of the United States, you are openly saying you are an enemy of the United States.

          The same person can be either, both, or neither. Chicago is declaring #2 now.

  7. OK, the answer to Chicago’s problems may be within reach. The Trump administration has been trying to sell its safe streets program, but blue-city mayors are so beset with TDS that they would rather see their constituents die than acknowledge Trump is on the right track. The people most affected by the violence understand and have long since abandoned their TDS, if they ever had it, for protecting their self-interest and the interests of their families and communities.

    Yes, this is comical at times and would be enjoyable if real people and real people’s lives were not at stake. Corrupt, self-serving politicians are to blame and, once elected, appoint people worse than themselves so they will have little or no competition. Like so many other things, the Constitution provides some answers for this. The Appointments Clause of the Constitution, codified at 28 USC 541, states that the President shall appoint a United States Attorney for each of the nation’s 94 federal judicial districts. All major cities have one, and some, like NYC, have two (EDNY & SDNY).

    While penal laws are generally left up to the states, the federal government has statutes that can dovetail nicely with just about any state criminal statute. A murderer, for example, not only violates state homicide laws, but also deprives the victim of their civil rights guaranteed under the Constitution. Likewise, someone arrested on state charges for unlawful possession of a gun is also very likely violating federal gun laws.

    Consider Chicago’s most famous criminal, Al Capone. In the 1920s, during Prohibition, Capone was the boss of most of the criminals in Chicago and had a bigger police “payroll” than the city. Authorities were forced to stand back and watch the mayhem take over their city. What finally nailed Capone was not the city or state but, instead, the feds, who indicted him for tax evasion. In 1931, Capone was convicted in federal court in Chicago on just five counts of tax evasion and sentenced to eleven years in federal prison. Capone’s empire was finished.

    Every morning, the United States Attorney in Chicago should assign assistants to review the police blotters from the previous day and night and collect information on felony arrests of individuals who may be chargeable with federal crimes. The Supreme Court has determined that it is not double jeopardy for the state and federal governments to prosecute someone for essentially the same crime (Gamble v. U.S.). Repeat offenders and all gun cases should automatically trigger a federal arrest warrant. Yes, this means more work for the feds, but the object here is to demonstrate that this approach, which worked so well a century ago to rid Chicago of its worst crime wave, can work just as well today.

  8. Dateline line Chicago. The “ICE Invasion” is working. Crime is down. Chicago powers have become desperate. The solution? Cut off your nose to spite your face.

  9. Picking up more refugees from Illinois all the time. Business is booming in Indiana with some of the mid sized cities being among the fastest growing in the US.
    There are Republicans in Illinois but they are well outside of the Chicago perimeter.
    Very sad. Chicago, for so long, was a wonderful place to go. All the great hotels on the Magnificent Mile had wonderful weekend deals for people from Michigan, Indiana, Downstate Illinois, and Wisconsin, even Iowa. Lots of conversations about plans to go to Chicago or about recents trips to Chicago . Don’t hear those conversations now. Medical meetings grew less desirable. Boston actually became more fun and much better meetings. Indianapolis and others have replaced Chicago and far easier get to.
    We don’t even fly through Ohare or Midway anymore, but go elsewhere. Certainly don’t drive up there to start a flight.
    Truly sorry to see this happen, it was once a midwestern gem.

    1. “Picking up more refugees from Illinois all the time. Business is booming in Indiana”

      Maybe that should inspire more fear than celebration. The predominate mechanism in the US for large scale relocations is that the people fleeing particular cultural and societal developments on their home turf usually waste very little time in recreating those very same developments in the places they land. That seems counterintuitive to any rational person, but it’s also undeniable.

        1. Dustoff
          Where is the proof for this statement.
          If you don’t post a link to a legitimate news source , then we can simply assume it is fake news and you are lying

          1. You left Greenwich Village and Chelsea in Manhattan for Oklahoma City. Since you troll this forum 24/7, apparently OKC isn’t working for ewe either.

          2. Try Google you moron. It’s not that hard.
            _______________________
            New York City experienced a significant population loss in recent years, particularly between 2020 and 2023, with nearly half a million residents leaving
            . The outward migration has largely been driven by affordability concerns and the high cost of living.
            Key Migration Trends

            Overall Numbers: Between 2021 and 2022 alone, approximately 545,600 people left New York, while 301,500 moved in. From April 2020 to July 2023, the city’s population decreased by almost 550,000 residents.

            I love making you look like a fool Ano

    2. You’re full of shit old man. You spew stupid like dustoff. Whiney stupid about this and that. Who cares?

    3. Good comment GEB. I’m an American, have always been and ancestors too. Never in my life have I known violence from any quarter. I lived a life free of criminals of any kind and happily slept at night in innocence.

      Since Obama which should be given a date designation of CO current Obama Era instead of BC or AD I’ve been mugged and robbed, beaten and maimed and every other God-awful ill occurrence known to mankind.

      It’ll never be back, GEB. It’s crime and more crime and idiocy. Chicago can dry up and die but take out the trains, planes and automobiles so that infection can’t spread.

    4. GEB, I was censored in a response to your post. There was nothing untoward in my response except I may have spoken ill of SATAN.

      31 States now have castle laws. That’s a gauge.

      EVERYONE have a good day.

  10. Never have so many been governed by so many stupid people as has happened in the major American blue cities . Chicago votes in a moron and surprise , things have only gotten worse.

  11. Chicago is just another American city brought to its knees by Democrats.

    The Dem electorate thinking that there is Epstein data that will sink Trump is silly. If it existed it would have been used by now.

    So why is Trump trying to slow-play Epstein disclosures? Here’s my theory. Get ready for the incoming hate and shutdown.

    Epstein/Maxwell was, first and foremost, a Mossad honeypot used to ensure strong Israeli influence over US foreign policy in the Middle East. A sword over politicians’ heads.

    Trump is trying to protect Israel from a PR calamity. He may also have some desire to protect powerful, but weak-willed, people in influential positions, mostly in the US but also from other countries. Left/Right ratio TBD🤣

    The Dems, hoping for Trump’s destruction may fatally damage Israel. They seem to want that so it is a win either way for the extreme Left.

    Is Israel our “greatest” ally? Not hardly, but in a sea of Islam they are, loosely speaking, an ally of sorts.

    Just my theory.

    Oh, we don’t need undue foreign influence in our US government or a US base in Gaza. GTFOH.

    1. Oldfish

      Remember too. O-dumber judges keep putting the breaks on the release of this info.
      Makes you wonder why?

    2. It may just be me but I sense a bit of anti-Jew in your theory. Why did you come up with the Israel angle? Why the Gaza toss in? Why not possibly a Ukrainian honey pot, or a French honey pot, or a British honey pot? Why the item, (Israel is)”loosely speaking an ally of sorts.” If they are not an ally what would you call them?

      You try to sound like a reasonable conservative but I am guessing you watch a lot of Tucker, read a lot of Owens and maybe even have an admiration for Fuentes.

      So I would say that you are loosely speaking a conservative of sorts.

      1. HullBobby,

        You’re being obtuse.

        “Why did you come up with the Israel angle?”

        Look at Epstein and Maxwell’s history. Look at Epstein’s primary funders.

        To me it has Mossad written all over it. Now to be sure, other intel agency players had to be aware of the honeypot. In order to ensure continued operation US, UK at least, needed to be allowed to share in the spoils.

        How about a giant new FBI HQ, and budget bounty for all?

        Since when is support for any foreign nation a requirement for US patriotism?

        Why the Gaza comment? Because some numbnutz floated the idea of a new US base on the border of Gaza. What a stoopid idea.

        I’ve watched the Charlie Foxtrot of American politics longer than any of those kids you don’t like. I do my own thinking. I would say that you are, loosely speaking, a patriot, of sorts.

    3. This doesn’t read like an analysis, but more like a script for a far-right, antisemitic conspiracy film, where two criminals magically become Mossad agents running U.S. foreign policy. You might as well hire Fuentes to produce it. He’s already on record calling himself “a fan” of Stalin, so absurd plots are right up his alley.

      1. Meyer – the people who say stuff like this being a Mossad operation don’t really know that to be true, they just repeat what they’ve heard someone else say. BTW, there is apparently quite a bit of antisemitism on the Right these days. It’s not as harsh and poisonous as on the Left, but it’s a real phenomenon that is not going away anytime soon. I found this article by Rod Dreher to be kind of eye-opening in that regard. It’s based on first-hand observations of what is going on in DC, including at very high levels of the conservative power structure:

        https://roddreher.substack.com/p/what-i-saw-and-heard-in-washington

        Best wishes as always,
        Uncle Henry

        1. Llike I said , it’s a scenario that is not inconsistent with available data.

          Not sure how it is antisemitic. That sounds the same to me as the Lefties who call anyone who disagrees with them a racist bigot homotransiphobe. It’s a very weak talking point.

          1. One can choose two facts, a scenario to their liking, and put them together to get the desired results. It’s just that with some people, it’s always the Jew.

        2. Thanks for the Sustack article by Dreher. He brought up Victor Orban, who is hated by many in Europe. They think of themselves and where they live as a haven to those who are persecuted. However, Jews cannot walk down their streets wearing a Yarmulka, but on the streets of Budapest, they can. That is just one of the contradictions that smack us in the face.

          Fuentes and Tucker are just two of the prominent people on the right who seem to have lost consciousness of right and wrong. I understand Fuentes. He is following his followers to gain greater numbers of clicks, but I can’t understand Tucker.

      2. I think you mean “Two criminals are recruited by Mossad agents to provide leverage tools to the Israeli government so that Israel can exert stronger influence in US Middle East policy”

        Like I said, it’s a theory that doesn’t appear to conflict with reality.

        1. OldFish
          I watched ex CIA analyst John Kiriakou’s several podcasts breakdowns on the Middle East, Israel and Mossad. Very informative and I agree with your assessment 100%, Epstein was an obvious blackmail operation to ensnare politicians and big money people through sex and money laundering crimes. America needs to get AIPAC influence out of our government, we don’t need or want Israel owning our government officials. Our Congress can decide how America should help Israel free from coercion and that should be weighed by what serves America best.

        2. “it’s a theory that doesn’t appear to conflict with reality.”

          Old Fish, think of “conflict with reality” as a series of contradictions. Jonathan Sacks wrote about antisemitism, and your comment fits in with some of what he said. Here is a bit to chew on based on what you said. I don’t mind you being blunt and saying things I may not like, because, though you often rely on familiar tropes, you do so with a certain honesty that’s uniquely your own.

          “It seems to me that if you actually ask, “What is anti-Semitism? What do anti-Semites believe?” you will immediately see that the answer is a series of contradictions. Jews were hated in the 19th century because they were rich and because they were poor, because they were capitalists and because they were communists. Because they kept to themselves, and because they infiltrated everywhere.

          Voltaire hated Jews because of their superstitious faith. Stalin hated Jews because they were rootless cosmopolitans who believed nothing. So anti-Semitism is a series of internal contradictions, and it can be understood only on the model of epidemiology. Anti-Semitism is a virus that infects the body politic.”

          Here is his full speech. I am willing to discuss all issues. That is how to make decisions.

          https://rabbisacks.org/archive/what-is-anti-semitism-moment-magazine/?utm_source=chatgpt.com

    4. Soros, Epstein, Boarsek, Garland, Elias, Kane…are they all Bolshevik Communists that just happen to be Jews?

      It’s one thing to be of Jewish faith, it’s another to be a Zionist American Jew true to Israel first above America and yet another thing to be a Jewish Communist wreaking havoc in our government. I don’t think it anti-Jewish to call out a someone for being a dog that just happens to be a Jewish one.

      1. What does Jewishness have to do with communism?

        Milton Friedman, the free market economist, was a Jew.

        “yet another thing to be a Jewish Communist wreaking havoc in our government.”

        Are you saying it is OK for an atheist or Christian communist to wreak havoc in our government?

  12. The “regime” should announce that it plans to accommodate Chicago’s preferences by cutting any financial interchanges (grants, payments, purchases, et al) with the city that are arguable within its purview to end. Let us see this st’unt try to ride that wind on her “principles” and gauge the reaction of street Chicagoans when the blame for their pan is rightly directed at her.

  13. Its being reported Melania left Trump after MTG showed her photos. Don Jr. publicly distances himself from Don.

    1. That’s funny, Democrats just blocked Republican Tim Burchett’s release of the Epstein files.
      Geee….what does nothing burger taste like? Polly wanna cracker?

    2. Reported by who??? You didn’t say. It sure isn’t the NYT, who by the way HATES Prez Trump. So you’ve got zip

      1. DustOff,
        If it is the NYT reporting anything, the sensible thing to do is to wait and see how much was fabricated.

  14. Chicago has always had debt problems due to its pension obligations, which have been ongoing for decades. Statements claiming the city will not be buying Treasury bonds are more likely to be talk instead of real threats. Once Trump is out of office or he suffers some sort of health failure (which is more likely to happen) the city can always go back to buying T-bills again.

    The irony is that Trump’s handling of the economy is more threatening to the stability of treasury bills than anything else of late. China and Japan have floated the threat of selling their Treasury bonds in retaliation against Trump’s stupid tariffs.

    1. POTUS’ actions have no direct affect on T-Bills. Its the Feds game that moves the markets.
      Wanted to ask, you say handling, what exactly did he do? Garner trillions in tariffs, that had no affect on consumers and GNP.
      Out of office, then t-bills will recover? Not a serious scenario X. What happened when Biden left? Crickets.
      Do better.

      1. The tariffs are impacting consumers and U.S. companies alike. The economy has not shown signs of improvement under Trump. For a while, businesses absorbed the costs of the tariffs, but now they are beginning to pass those expenses on to consumers. As a result, inflation is picking up speed. We’ve seen significant increases in prices for beef and energy. Unemployment has risen, job opportunities are dwindling, and the GDP along with the stock market appear to be bolstered artificially by the AI bubble. Trump currently holds a mere 36% approval rating regarding his handling of the economy, which is troubling. Moreover, the renewed scrutiny from the Epstein files scandal is likely to follow Trump throughout the remainder of his term. Personally, I doubt he will serve a full term; his health seems to be in decline, and it’s clear the White House is trying to conceal that.

        With Trump’s mishandling of both the economy and immigration, it’s becoming more certain that Democrats will reclaim the House. The redistricting efforts may have backfired, potentially worsening the situation for Republicans.

        1. The tariffs are impacting consumers and U.S. companies alike. No they are not. Improvement Yes it has. Inflation is flat. Packaging disparate democratic sound bites doesn’t make for an reasoned argument. Seriously, at one time I thought you had a mind. You don’t. Just like that idiot dustoff.

          1. Inflation is not flat. It’s growing. It’s at 3.3% up from 2.9% in the beginning of Trump’s term.

            You have not shown any evidence to support your argument.

            The White House may never release the latest economic reports because the BLS did not gather important data during the shutdown. A convenient excuse to avoid further bad news that everyone knows is coming.

      2. “Garner trillions in tariffs, that had no affect on consumers . . .”

        That is patently false.

        As just *one* example: Trump is lowering the tariffs on coffee. Why? Because that tariff-tax dramatically *raised* the price of coffee.

  15. I get your sadness. I grew up just around the tip of the Lake in Indiana. Chicago was an easy go-to for all kinds of fun, from a day in the city instead of going to high school to recent visits with adult children and grandchildren to experience the wonder of Chicago! I’ve been discouraged to see the decline of the Magnificent Mile, the fear/uncertainty of visiting the parks, the adventure of discovering new neighborhoods on foodie trips…but, I’ve let go of my expectations based on wonderful memories. They elected dirt – let them eat dirt. The city by the Lake has gone the way of the city by the Bay and every other large city run by Blue. Let me know if there’s an exception – I’ll take my next family vacation there!

    1. This is a lie. I was litrerally just in Chicago for the last 4 days in the places you mention. Never felt unsafe nor did it appear to be degregated. If fact its one of the cleanest cities Ive ever been to.

      1. 4 dead 9 wounded, this weekends tally in the Chicago shooting gallery. Perhaps you should revisit, slow roll the miracle mile around 10:00pm. Don’t forget to hang a red or blue handkerchief on your antenna. Just so people will know it’s you…

        1. Are you referencing his “last 4 days” time frame? Or you just tossing out stupidities for the sake of being stupid?

  16. Prez Trump does it again….. Thanks
    _______________________________

    USDA says SNAP benefits will be paid to states within 24 hours of government shutdown ending

    The House is expected to pass a continuing resolution Wednesday evening that would restore federal funding through January, after the Senate passed the same legislation on Monday.

  17. Instead of investing in US Treasury bonds, they will “invest” in a new form of money laundering to funnel money into the pockets of elected officials and their families. That’s going to show Trump!

      1. Chicago’s last tax rate hike was in 2021. Johnson’s recent budget proposal to hike it, was rejected. Anything else dummy?

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