Think back. Minutes before 2 a.m. on Sept. 15, 2008, a 158-year-old investment bank obscure to most Americans -- Lehman Brothers -- became the biggest company ever to file for bankruptcy. In succeeding days, then weeks, then months, the panic-inducing phrase “global financial crisis” lunged out of mothballs to frighten, and eventually debilitate, millions of households. Credit seized. Employers retrenched. Jobs vanished. Home values plummeted. Partisans scanned the horizon for culprits, but there was no one place to aim the blame gun;
Comments: Bankrupt (financially and intellectually) hometown paper endorses loser.
Point the smoking gun at Andrew Cuomo,Barney Frank, Cris Dodd and every politician who thought that supporting undocumented loans would help strengthen their ties to their constituents. There were Republicans there too by the way
Battling gang violence has been one of Chicago Mayor Rahm Emanuel’s top priorities. But one of Emanuel’s top appointees, CTA Chairman Terry Peterson, appears to have taken a different tack in the mid-1990s: Lobbying for the early release of the imprisoned leader of the Gangster Disciples — one of the largest and deadliest street gangs in Chicago, the Better Government Association has learned.
As if the city doesn´t have enough problems with crime, budget deficits, and school cuts and closings, Mayor Emanuel has decided to barrel headfirst into the South Loop real estate market—with at least $55 million of your property tax funds. The key moment came at the July 24 City Council meeting, when he hammered through an ordinance giving the city eminent domain authority to buy property at Indiana and Cermak. He plans to have a hotel built there. A couple days later, the Metropolitan Pier and Exposition Authority—the city-state agency that oversees Navy Pier and McCormick Place
Amid a spate of incursions by China in Ladakh, its troops are also resorting to tactics like preventing Indian Army from patrolling posts in this sector along the border which was well within India´s territory. In what is being described as an aggressive approach by China, the tactics have come to the fore in the wake of yet another incident last week when Indian troops launched its patrol "Tiranga" from Trade Junction area in north of Ladakh for two posts located 14 km up in the higher reaches along the line of actual control (LAC).
Using anti-science exuberance, for the last few days, the media have pom-pommed someone´s ethereal projection that the economy had created 200,000 or so jobs in July. The fact that our media would consider 200,000 jobs (which hardly keeps up with population growth) worthy of pom-poms is grotesque enough. Even more appalling is spinning manufactured positive news-cycles for President Obama based on proven nonsense like the ADP´s jobs projections.
A 6-year-old boy riding in a car with his mom was shot in the West Garfield Park neighborhood on the West Side overnight, according to police, the boy among at least 13 people shot since Friday afternoon across the city. Police aren’t certain of the boy’s condition but said he was taken to Mount Sinai Hospital. He was in a car in the 4200 block of West Wilcox Street about 11:30 p.m. when someone started shooting.
Mayor Rahm Emanuel will not raise sales or property taxes to close a $338.7 million gap in next year’s budget but all bets are off in 2015, when the shortfall balloons to $1 billion without pension reform, a top mayoral aide said Wednesday. In 2015, the city is required by state law to make a $600 million contribution to stabilize police and fire pension funds that now have assets to cover just 30.5 and 25 percent of their respective liabilities.
Hundreds of gang members will be invited to a summit in Chicago in an attempt to broker peace in the bloodiest neighborhoods — 20 years after “gang summits” here and in other states drew national attention, organizers said Wednesday. The Rev. Gregory Tatum, a California pastor with Chicago roots, said he hopes the Rev. Jesse Jackson and the Rev. Al Sharpton will attend the Sept. 27-28 summit. Jackson spoke at a gang summit two decades ago in Chicago, delivering a message to gang members that they were the “new frontier of the civil rights struggle.”
Four out of 5 U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream. Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor and loss of good-paying manufacturing jobs as reasons for the trend. The findings come as President Barack Obama tries to renew his administration´s emphasis on the economy,
Mayor Rahm Emanuel closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers, year-end audits show. Last week, Moody’s Investors ordered an unprecedented triple-drop in the city’s bond rating, citing Chicago’s “very large and growing” pension liabilities, “significant” debt service payments, “unrelenting public safety demands” and historic reluctance to raise local taxes that has continued under Emanuel.
State Rep. Monique Davis (D-Chicago) is defending comments she made about her constituents mistrusting Chicago Police. Davis, who represents a part of the city’s South Side, told a Detroit radio station some people in her district believe police are committing some of the murders in Chicago and that’s why they go unsolved. "We were talking about the deaths in the community,” Davis told the Sun-Times Saturday, adding she told the radio station that “some of my community people say they think the police are doing it.”
About 280 miles separate Chicago from Detroit, too long for a quick drive but too short for one city’s financial calamity to go unnoticed in the other. Many investors who buy municipal bonds for tax-free income have similar images of the two cities: upper Midwest, industrial jobs in decline, crime rampant in too many places. Both also put off the day of reckoning for their enormous pension debts to their work force. In asking for bankruptcy protection Thursday, Detroit listed debts of $18 billion, with pension systems among its largest creditors.
Manila: At least seven Filipino marines and five militants were killed in a clash on Saturday as the military launched an offensive against al-Qaida-linked gunmen who have been blamed for recent kidnappings and of trying to sabotage a road project in the southern Philippines. Nine other marines and about 10 Abu Sayyaf militants were wounded in the gunbattle that raged for an hour in a sparsely populated village on the fringes of the coastal town of Patikul in Sulu province, military spokesman Brig. Gen. Domingo Tutaan said.
On PBS’s “NewsHour” on Friday night, New York Times columnist David Brooks warned that Texas Republican Sen. Ted Cruz and similar legislators’ rise to prominence threatens the traditional Republican Party. (Snip) “What’s going on in the House, and a bit in the Senate, too, is what you might call the rise of Ted Cruz-ism,” Brooks said. “And Ted Cruz, the senator from Canada through Texas, is basically not a legislator in the normal sense, doesn’t have an idea that he’s going to Congress to create coalitions, make alliances, and he is going to pass a lot of legislation. He’s going in
Watching Hillary get a Liberty Medal on September 10, the day before the anniversary of the attack on the United States soil and the more recent murder of our ambassador and others in Benghazi, I think it´s time to review the record of a woman whose life is marked by deceit and professional failure and ask about the sanity and judgment of her ardent supporters.
The Obama administration is nearing completion of a proposal to require that movie theaters offer technology so blind and deaf people can go to the cinema. The draft rule, which is part of a decades-long effort by advocates for people with disabilities, would likely require thousands of movie theaters across the country to offer devices that display closed captioning and provide audio narration of what’s happening onscreen.(Snip) But theater owners worry that a federal mandate will force small, rural and struggling theaters to close given the costs associated with the rule.
This report is coming from The Hill and relies pretty much on “Republican lawmakers” and staffers “speaking on condition of anonymity” so factor that in. But given what we’ve heard from some other members over the last couple of months, I wouldn’t find it terribly surprising if this were true. Republican lawmakers are growing increasingly frustrated with what they say is a lack of communication from their leaders. Both centrist and conservative members in the House believe that Speaker John Boehner (R-Ohio) and his lieutenants could have done more earlier this year to counter the Tea Party’s effort to defund
WASHINGTON- The White House said Saturday U.S. President Barack Obama will speak next week about economic growth following the worst recession since the Great Depression. In a statement, the White House said the president will speak Monday in the Rose Garden to discuss "the progress we have made to grow the economy and create 7.5 million private sector jobs, and highlight the work we still need to do to strengthen the middle class and those fighting to get into it." The statement said Obama will "highlight his better bargain for the middle class, and warn against more self-inflicted wounds from
Cher has turned down the chance to open next year´s Winter Olympics in Russia as a protest to the country´s new anti-gay laws. (Snip) The 67-year-old, whose son Chaz underwent gender transition surgery in 2010, is the latest celebrity to react against the laws brought in by Vladimir Putin´s government in June. She said: ‘I can’t name names but my friend called who is a big oligarch over there and asked me if I’d like to be an ambassador for the Olympics and open the show. ‘I immediately said no. I want to know why all of this gay hate
My friend and colleague Steve Grammatico is out with his new book, “You Hear Me, Barack?” a collection of his mordant, satirical takes on President Obama and his extended family of zany, lovable characters, including the First Lady, the vice president and a host of other comic-opera Public Enemies currently adored by the collection of circus clowns known as the White House Press Corps. Please enjoy my introduction and the following excerpts and remember: this is no dream, this is really happening.When the late Andrew Breitbart asked me in the fall of 2009 to start a new website called Big
Syria has moved 20 trucks worth of equipment and material used for the manufacturing of chemical weapons into neighboring Iraq, the Lebanese daily Al-Mustaqbal reported on Sunday. The government in Baghdad has denied allegations that it is helping the Syrian government conceal chemical stockpiles. The report came just a day after the United States and Russia struck a deal stipulating that Syrian President Bashar Assad´s regime would destroy its chemical arsenal to avert an American military assault. The newspaper reported that the trucks crossed the boundary separating Syria with Iraq over the course of Thursday and Friday. Border guards did
During the 2008 presidential campaign, the New York Times ran an article on what psychologists call the "impostor phenomenon." To measure it, they ask test subjects questions like, "At times, I feel my success has been due to some kind of luck" or "I can give the impression that I´m more competent than I really am." Although the article had nothing to do with Barack Obama, he would surely have scored off the charts had he answered those questions honestly. He was a reasonably bright guy but not the "brilliant" author and savant white liberals thought him to be. His "luck"
On Sunday, President Obama joined ABC’s This Week to discuss the threat of Iranian nuclear development, and emphasized that he had not taken force off the table: “I think what the Iranians understand is that the nuclear issue is a far larger issue for us than the chemical weapons issue, that the threat…against Israel that a nuclear Iran poses is much closer to our core interests. My suspicion is that the Iranians recognize they shouldn’t draw a lesson that we haven’t struck [Syria] to think we won’t strike Iran.” Obama added that Iran should learn from Syria that diplomatic solutions
A video (from the Daily Caller) reveals the Republican Party´s real angst about the Tea Party. David Brooks (the Gray Lady´s idea of a housebroken conservative) laments, to PBS´s Judy Woodruff that Republican legislators like Ted Cruz aren´t "normal members. . . going to Congress to create coalitions, make alliances and . . . pass a lot of legislation" while interesting themselves in "the perks . . . the leadership has to offer." Indeed, Brooks asserts, "They´re not [real] legislators" at all -- just obstructionists "who want to stop things." All of which conversely implies Brooks believes real legislators are ones who
SEATTLE - A local man has died and a woman is in serious condition after they were stabbed repeatedly by a stranger who confronted them Friday night as they were walking in Pioneer Square after the Seattle Sounders game, police said. Friends identified the man who died as Troy Wolff, 46, who was chairman of the English Department at Shoreline Community College and had taught there for 17 years. He was walking with his girlfriend near 3rd Avenue South and South Jackson Street at about 10:30 p.m. Friday when she was suddenly confronted by a man who pulled out a small knife and