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Ivory Tower Academics, Inflation, and Kindness

MishTalk

From 2003-2006 the Fed ignored major bubbles in home prices, then commercial real estate. Inflation Benefit 3 (?): "Balance sheet recession" might go away! The housing bubble proves otherwise, so does the dotcom bubble, so does common sense, and so does Hello Noah, Meet Stephanie. Balance sheet recession" might go away!?

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Shockingly Bad Fiscal Health of Chicago (and the Financial Engineering Chicago Uses to Hide that Fact)

MishTalk

There has been a structural gap in Chicago’s Corporate Fund budget since at least 2003. Although most governments are required to balance their budgets on a cash flow basis each fiscal year, a structural budget gap can arise when recurring expenditures are greater than recurring revenues. million to $102 million.