Professor Elam

Monday Jan 18 2009

This looks to be a great year to read and study accounting, because it is going to be in the news. 

Now Illinois careens towards bankruptcy.  This is even more of a problem because there is no provision for a state to enter bankruptcy court, California already figured that out. As Mish noted, eventually someone will have to toss the unfunded pension costs into a courtroom as there is simply no money to pay them.

Dems running for governor are proposing huge tax increases, which will drive more business out of the state.