In this episode of "The Ravages of Trump Derangement Syndrome..."
Before we get into the idiocy of the latest example of TDS in Democrat-run Chicago, let's first consider the following:
U.S. Treasury bonds are widely considered among the safest investments in the world, primarily due to their backing by the full faith and credit of the United States government.
Despite naysayers on the fringes of both major political parties, the federal government's guarantee instills a high level of confidence among investors about the timely repayment of principal and interest, making Treasury bonds an excellent low-risk option for capital preservation, along with relative liquidity.
As a former investment portfolio manager of nearly 30 years, during which time I worked primarily with wealthy retirees and investors close to retirement, I can attest to the above. Treasuries remain popular options for the fixed portion of both individual and corporate investors, as well as city and state portfolios.
That is, it appears, except for the city of Chicago.
Chicago's City Treasurer Melissa Conyears-Ervin generated a fiery debate at Wednesday's City Council budget hearing by revealing a "groundbreaking strategy" (sarcasm intended): the city will stop investing in U.S. Treasury bonds. Apparently, the safest, most traditional fixed investment available is no longer an option when President Donald Trump lives rent-free in your head, 24x7.
Here's more, as reported by CBS News:
Conyears-Ervin, who is running for Congress, said she made the decision to protest President Trump's "authoritarian regime."
The city's portfolio is worth about $10 to $11 billion. Conyears-Ervin said the city held $200 million in treasury securities within the past three years, and also said the city has other comparable options that could bring a similar rate of return, including corporate bonds and money market accounts.
Here's how the TDS-riddled Windy City treasurer put it:
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. We will invest in the value of the residents of Chicago, and Chicagoans do not want us to bankroll the regime, the authoritarian regime of Donald Trump, where he has waged a war on our city.
Conyears-Ervin said the city has held $200 million in Treasury securities over the past three years.
Setting aside Conyears-Ervin's Trump-related psychosis, I can say with confidence as a long-time CFP (Certified Financial Planner) that she is violating her fiduciary responsibility, which is to manage and safeguard public funds with the utmost care, and in the best interest of the relevant public. Simply put, politics has no place here.
ALSO CHECK OUT: Oops: Trump Administration Halts $2.1B for Chicago Infrastructure Projects Over 'Race-Based Contracting'
Police Group Slams Cities for Billions Spent on Illegal Aliens
Political commentator and author Jonathan Turley called Conyears-Ervin's announcement "more bonkers than bold," awesomely adding:
It makes about as much sense as President Trump saying that he will not eat deep-dish pizza to protest Chicago.
Incidentally, having grown up in Greater Chicagoland, Chicago-style pizza, in my not-so-humble opinion, is the best pizza in the known universe. That said, I'm not a fan of deep-dish pizza, which in my mind is tantamount to pizza casserole. Yep, Chicago-style, hand-tossed thin-crust is to die for, but I digress.
Needless to say, Conyears-Ervin's announcement was condemned by several sane aldermen. Here's just one example, which comes from Alderman Raymond Lopez (a Democrat) of the city's 15th ward:
I was upstairs, and I thought my ears deceived me. Did you just say you're going to disinvest from the United States? I'm trying to make sure I understand why an American city, which 53 members of its elected body take an oath to the United States Constitution to support, defend — that is our values. To say we're not going to invest in our values? Saying that we no longer as a city support the United States of America?
Conyears-Ervin shot back: "It's a bold statement, isn't it? And we need it to be."
Trump Derangement is one thing. But when you run an office that manages a $10-11 billion investment portfolio, and you make investment decisions — with taxpayer money, no less — based on your irrational hatred of Donald Trump, you need to be fired.
Note: Do you enjoy RedState’s conservative reporting that takes on the radical left and woke media? Support our work so that we can continue to bring you the truth.
Become a VIP member, and use the promo code FIGHT to get 60% off your VIP membership!
Join the conversation as a VIP Member