What effect will the Mayoral race have on creditor confidence?

[michimoby]

We know that Orr is pulling out all the stops here, but I'm curious about whether or not the creditors that will take a haircut are keeping a close eye on the upcoming mayoral race.

As an example: would creditors see the election of a Tom Barrow [[I know I'm singling the guy out, but...look, his presence in the race scares the living shit out of me) as a signaling that the city's ability to maintain a path of proper fiscal restraint is in question once Orr leaves?

If so, then it puts Orr's entire plan in jeopardy.

[corktownyuppie]

I do think that there is going to be some unquantifiable impact. But my reaction in the Barrow hypothetical far more muted because I believe that the endgame of all of this will be a Financial Advisory Board [[a la NYC late 1970s) that will have oversight and will require final approval over city budgets. The NYC advisory board lasted until the mid-2000s, I believe, though by that point their confidence in city governance was high enough that they were effectively a rubber stamp.

So if Barrow wins, sure there will be some political fallout, but as far as the real financial issues, he's not going to be able to raise the corporate income tax to 25% in hopes of flooding the general fund.