You've heard of biting off your nose to spite your face, but what about biting off taxpayers' noses because you don't like someone else?
Chicago City Treasurer Melissa Conyears-Ervin announced Wednesday that she will refuse to invest taxpayer money in the safest, most secure, most loss-proof investment in world history: U.S. Treasuries.
She told aldermen that it's a way to push back on “the authoritarian regime of Donald Trump.” I'm sure she'll push back on Trump just as soon as Chicago buys U.S. Treasuries. The city currently doesn't own any.
“I’m going to use that voice that our citizens gave me to say loud and clear to Donald Trump: Not one cent from Chicago will be invested in you,” said Conyears-Ervin, who is running in the Democratic primary to replace U.S. Rep. Danny Davis in the 7th Congressional District.
You read right. Conyears-Ervin equates investing tax dollars in the people of the United States via their treasury instruments with investing in Donald Trump. It's almost as moronic as Georgia Rep. Hank Johnson wondering in a House committee hearing whether the addition of a few hundred U.S. Marines to Guam would lead to the island becoming so "overly populated that it will tip over and capsize."
Holy Moly. And this person is running for Congress? Not only that, if she didn't know that U.S. Treasuries have no connection to Donald Trump the person, I shudder to think what happened to Chicagoans' tax dollars while she's been the Chicago City Treasurer.
"There is over $1.5 trillion invested in treasury securities by states and local municipalities across the country," reports the Chicago Tribune. Only Melissa Conyears-Ervin is dumb enough to think she was hurting Donald Trump by not investing in U.S. Treasuries instead of the people she claims to represent.
“We will not allow them to wage war on our residents. We will not allow them to pepper spray one-year-olds in the street. We will not allow them to put guns to the heads of everyday citizens,” she said.
But some in council members decried the move as a potential financial risk and even an offensive attack on the country.
Ald. Bill Conway, vice chair of the Finance Committee, cautioned Conyears-Ervin that the treasuries are “by far the most liquid and secure debt instrument in the history of the world.” He went on to criticize the 3.6% return on the $11 billion portfolio the treasurer manages, calling it “very low.”
Conyears-Ervin defended the portfolio’s performance. The city does not have the flexibility of other funds, and her returns have outpaced past treasurers, she said. She also argued that the city has other comparable options in lieu of the securities.
Ald. Raymond Lopez, 15th ward, asked Conyears-Ervin if she took an oath to the Constitution when she was sworn in.
“I think it’s a very dangerous and reckless statement,” Lopez said. “Does the Treasury investment produce money?”
“The same as corporate bonds, the same as money market accounts, the same as asset-backed securities,” she said. “We will continue to invest in securities that offer a competitive return, and we will not compromise the safety of the assets, the liquidity of the assets or the rate of return.”
That's an outright lie. She is compromising the "safety of the assets" by not investing in the safest financial instruments on Earth.
The Tribune reports that one alderman, Anthony Napolitano, 41st ward, was “appalled” by the treasurer’s boycott announcement. He said he had to walk out of the City Council’s meeting because the idiotic move upset him so much.
“I feel like you came in here on a campaign instead of a budget report, and I don’t think that this is the forum for that,” he said. “I don’t think your statement should come in here and make a judgment for the entire city of Chicago based on your political views. And I think that what you did was completely wrong.”
Give that alderman a cigar, preferably Cuban.
Pressed by Ald. Scott Waguespack, 32nd, to explain whether the treasury securities were no longer generating sufficient returns, Conyears-Ervin did not answer the financial question and reiterated the political goal of her move. Waguespack followed up to ask her if Trump personally profits from the now-boycotted city investments.
“This is the moment we are in right now,” she said. “Extraordinary moments call for extraordinary action. Our taxpayers are asking us to do something now. “
Conyears-Ervin added during the hearing that she hopes the boycott “will not be the case” when another president is elected. A treasurer’s office spokesperson said they were unaware of any other municipality that has done something similar.
No other municipality is stupid enough to shoot itself in the foot.
After more than 40 days of screwing Americans, a few Dems have finally caved. The Schumer Shutdown was never about principle—just inflicting pain for political points.
Help us continue to report the truth about the Schumer Shutdown. Use promo code POTUS47 to get 74% off your VIP membership.
Join the conversation as a VIP Member