Chicago and the State of Illinois are lurching toward insolvency, burdened by enormous pension liabilities, political payoffs from past generations that kept the Democrat Machine in power for generations.  Rahm Emanuel knows this and is doing his best to come up with financial schemes to keep paying bills.  His latest effort at borrowing to keep the Chicago Public Schools (already almost a billion dollars behind in paying its expenses – particularly pension fund contributions) afloat is being called a "payday loan" even by Democrats, as the Dems scramble to blame Republican governor Bruce Rauner for the collapse of the Blue Model.   Fran Spielman reports for the Chicago Sun-Times: Under fire for authorizing a "payday loan," Mayor Rahm Emanuel on Friday defended his plan to let the Chicago Public Schools borrow $389 million secured by late block grants owed by the state. "You have a situation…created by the...(Read Full Post)