Ilinois Credit Downgrade
The state of Illinois owes $271B (See here). That they acknowledge. This is owed to someone.
Now their credit rating is downgraded again.
People should be thinking about the creditors. Who are they? I don’t mean vendors of supplies purchased by the state. I mean the bondholders, not just who own state debt but who own the debt of the landlords from whom IL rents property, and the debt of the banks who bought IL bonds.
When this unwinds, it will be devastating.