Chicago economy – CDMUG http://cdmug.org/ Mon, 27 Jun 2022 17:13:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://cdmug.org/wp-content/uploads/2021/06/icon-67-150x150.png Chicago economy – CDMUG http://cdmug.org/ 32 32 Atlanta has more assets than any American metropolis https://cdmug.org/atlanta-has-more-assets-than-any-american-metropolis/ Mon, 27 Jun 2022 17:13:49 +0000 https://cdmug.org/atlanta-has-more-assets-than-any-american-metropolis/ Placeholder while loading article actions Atlanta emerges from Covid-19 with impeccable credit, the world’s busiest airport and an economy generating two-thirds of Georgia’s gross domestic product. It is home to 13 S&P 500 index companies, including Delta Airlines Inc. and Home Depot Inc., whose sales and market valuations make them the world’s No. 1 in […]]]>
Placeholder while loading article actions

Atlanta emerges from Covid-19 with impeccable credit, the world’s busiest airport and an economy generating two-thirds of Georgia’s gross domestic product. It is home to 13 S&P 500 index companies, including Delta Airlines Inc. and Home Depot Inc., whose sales and market valuations make them the world’s No. 1 in their respective sectors. At 2.4%, Atlanta’s unemployment rate is at an all-time high and below the national average of 3.6%, according to data compiled by Bloomberg.

“Wakanda” and “Silicon Peach” are the new nicknames for the city, because so much of the hit Black Panther film was made where so many “techstars” rise. Diversity highlights all businesses in the second-largest majority-black metropolitan area with one of the highest LGBTQ populations per capita in the United States. Unlike its economic peers, Atlanta has been led by a black Democrat since 1974 and is the main reason the state in 2020 backed the first Democrat in nearly 30 years for president.

When Maynard Jackson became the first black mayor of a major Southern city in 1974, garnering 60% of the vote, his two greatest initiatives would stand the test of time: making Atlanta’s black citizens essential players in the economy, which required massive changes. in corporate culture and public works, including upgrading what was then William B. Hartsfield Atlanta International Airport and expanding the Metropolitan Atlanta Rapid Transit Authority rail system ( MARTA). Jackson was so effective in transforming Atlanta into a global transportation hub that as the city’s longest-serving mayor after William B. Hartsfield, his legacy is the renowned Hartsfield-Jackson Atlanta International Airport.

Andre Dickens, the 47-year-old former city councilman who was elected Atlanta’s 61st mayor by winning 64% of the vote in November, inherits all the problems of big-city mayors, especially the shortage of affordable housing and the rise in homicides. He is familiar with the Jackson program and is determined to see increased bank lending to marginalized borrowers and to persuade businesses to ensure that at least 30% of their workforce is made up of local residents.

When Microsoft Corp. recently opened new offices in Midtown for 2,500 employees and purchased land for another 10,000, Dickens said he told the software company’s president, Brad Smith, that “if you import all that talent from Redmond (Washington) or San Francisco or the coast because they can live on $150,000 and you drop them in Atlanta, where you have people making less than $15 an hour, you’re going to disrupt our ecosystem.

Housing is his biggest challenge. “We’ve raised $65 million in this year’s budget just for affordable housing,” Dickens said in an interview with reporters and editors from Bloomberg News’ Atlanta bureau earlier this month. “Part of that is rent stabilization, to help people who raise their hands and say, ‘My rent went up $250 and I just don’t have it. We will therefore help these people to stay directly at home. The federal Community Reinvestment Act “was there to protect existing homeowners,” Dickens said, “by making sure we got reinvestment.” “It could be a 2.0 or higher version of ‘ARC’ just to keep communities out of being invaded by bank investors,” he said.

Luckily for Dickens, the city of 510,000 outshines big cities with larger urban populations, such as Los Angeles, Houston and New York, as well as similarly sized Miami, Milwaukee and Sacramento, with a coveted superlative: exceptional creditworthiness. . As municipal finances have deteriorated nationwide during the pandemic, data compiled by Bloomberg shows Atlanta earned the best measure of credit quality based on 10 economic criteria: total assets, building permits , total liabilities, house price index, excess of income over expenditure, other funds , property tax revenue, median income, non-farm employment and unemployment.

The combination of falling liabilities, rising tax revenue and median income prove unbeatable, giving Atlanta Bloomberg the highest IGI 1 investment rating, higher than struggling Chicago (DS1), Philadelphia (IG4), New York, Milwaukee, Miami (IG3), Houston, Kansas City, Los Angeles and Sacramento (IG2). Only Phoenix, with a population nearly three and a half times that of Atlanta, can match its creditworthiness, according to data compiled by Bloomberg.

No American city comes close to the success of Hartfield-Jackson Atlanta International Airport, perennial No. 1 in the world and whose passenger traffic has increased 76.4% from the depths of the pandemic in 2020 to 75, 7 million in 2021, according to Airports Council International. In the United States, Dallas/Fort Worth, Texas is also ranked No. 2, with 62.5 million. “Our airport is extremely useful” because people want the ability to fly anywhere in the United States, which Atlanta makes easier than its competitors, Dickens said.

The other ingredient of Atlanta’s exceptionalism is the city’s diverse business community, Dickens said, pointing to the Women’s Entrepreneurship Initiative, which bills itself as the only city-funded program of its kind in the country. . “Does no place in the country have this depth and breadth of black talent, let alone black female talent,” he said. “If you’re supporting black women business owners, you’re basically supporting family in the community, and I love that logic model.”

This is another reason why Atlanta has more assets than any American metropolis.

More other writers at Bloomberg Opinion:

California drought won’t be an economic disaster: Francis WilkinsonLas Vegas hits the jackpot with the return of Formula 1: Trung PhanNo abortion means poor states will get poorer: Allison Schrager

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Matthew A. Winkler, Editor Emeritus of Bloomberg News, writes about the markets.

More stories like this are available at bloomberg.com/opinion

]]>
University of Chicago Economic – GuruFocus.com https://cdmug.org/university-of-chicago-economic-gurufocus-com/ Sat, 25 Jun 2022 20:48:37 +0000 https://cdmug.org/university-of-chicago-economic-gurufocus-com/ CHICAGO, May 16, 2022 /PRNewswire/ — CME Group, the world’s leading derivatives market, and the Mathematical Sciences Research Institute (MSRI), announced today that Nancy StokeyFrederick Henry Prince Distinguished Service Professor of Economics, University of Chicagois the winner of the 2021 CME Group-MSRI Innovative Quantitative Applications Prize for her work in economics and mathematics. The CME […]]]>

CHICAGO, May 16, 2022 /PRNewswire/ — CME Group, the world’s leading derivatives market, and the Mathematical Sciences Research Institute (MSRI), announced today that Nancy StokeyFrederick Henry Prince Distinguished Service Professor of Economics, University of Chicagois the winner of the 2021 CME Group-MSRI Innovative Quantitative Applications Prize for her work in economics and mathematics.

The CME Group-MSRI award recognizes people who bring original concepts in mathematical, statistical or computational methods to the study of market behavior and the global economy. Stokey’s recent work has focused on economic growth and development, and the role of trade and technology transfer in accelerating growth in middle-income countries.

Previous winners of the CME Group-MSRI award are eminent figures in economics and mathematics. Seven of the 15 past recipients have been awarded the Nobel Prize in Economics. A full list of past recipients is available at msri.org.

“It’s a great honor to receive this award: past winners form a group any economist would be proud to join,” said Stokey. “The Prize’s emphasis on mathematical and quantitative methods makes it particularly significant. The rigor demanded by mathematical models has been a critical part of the development of economics. Without models and frameworks common to all applications and questions, economics would not be a science.”

Stokey is a Fellow of the National Academy of Sciences and the American Academy of Arts and Sciences, Fellow of the Econometric Society, Distinguished Fellow of the American Economic Association, and 2021 President of the Society for the Advancement of Economic Theory.

Stokey served as co-editor of “Econometrica” ​​and “The Journal of Political Economy” and vice president of the American Economic Association. She is the author of “The Economics of Inaction” (2009) and co-author of the influential monograph “Recursive Methods in Economic Dynamics” (1989).

Stokey received a bachelor’s degree in economics from the University of Pennsylvania and a Doctor of Philosophy from Harvard University. She also received an honorary doctorate in law from the University of Western Ontario.

“We are delighted to recognize Professor Stokey for her achievements in economics and mathematics,” said Leo Melamed, Chairman Emeritus of the CME Group. “During her career, Professor Stokey has led significant research efforts that have helped shape the dialogue on global economic growth, changing market dynamics, and fiscal and monetary policy.

“This year’s MSRI award coincides with the 50th anniversary of the international money market and the birth of Financial Futures,” he added. “Nobel Laureate Merton Miller named the IMM and its financial future, ‘the most significant innovation of the past two decades, the one that ushered in the modern age of finance.’ IMM has become a melting pot of new ideas and innovations, paving the way not only for other financial futures, but also helping to advance understanding of the futures industry by instituting educational programs across These efforts included a number of CME Group awards, such as the annual Melamed-Arditti Innovation Award and the MSRI Award for Innovative Quantitative Applications.”

“It gives me immense pleasure to announce that Professor Stokey will be the recipient of the CME Group-MSRI award this year,” said David Eisenbuddirector of the MSRI and professor of mathematics at the University of California, Berkeley. “His fundamental work on economic dynamics forms part of the mathematical backbone of modern macroeconomics, and his work on the role of trade in the growth of economies could not be more timely.”

The mission of the CME Center for Innovation is to identify, foster and showcase examples of meaningful innovation and creative thinking regarding markets, commerce or exchange in the public and private sectors. For more information on the CME Center for Innovation, visit http://www.cmegroup.com/company/center-for-innovation/.

About IRSM

The Mathematical Sciences Research Institute (MSRI) of Berkeley, California, is one of the world’s leading centers for collaborative research in the mathematical sciences. MSRI has been advancing mathematical research through workshops and conferences since its founding in 1982, and more than 1,700 mathematicians are hosted by MSRI each year. A rotating committee made up of renowned mathematicians directs the Institute’s scientific program with a constantly renewed vision of the field. A Board of Trustees, comprised of accomplished business leaders and academics, oversees the Institute’s strategy and ensures its operational and financial well-being. The Institute was funded primarily by the National Science Foundation with additional support from other government agencies, private foundations, corporations, individual donors, and more than 100 academic institutions.

MSRI also serves a broader community through the development of human scientific capital, providing postdoctoral training to outstanding young scientists, and increasing the diversity of the research workforce. The Institute advances youth education with lectures on critical issues in math education and the creation of a nationwide movement of math circles engaging children in math as a hobby. MSRI strives to make mathematics accessible and exciting to those outside the field through the National Math Festival, sponsorship of Numberphile, YouTube’s most popular informal math channel, production of films for the public television and the Mathical Book Prize for children’s literature. www.msri.org

About CME Group

As the world’s leading derivatives market, CME Group (www.cmegroup.com) enables its clients to trade futures, options, cash and over-the-counter markets, optimize portfolios and analyze data, which enables market players around the world to effectively manage risks and seize opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indices, currencies, energy, agricultural commodities and metals . The company offers futures and futures options through the CME Globex® platform, fixed income through BrokerTec, and foreign exchange trading through the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are services and/or registered trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P/Dow Jones Indices LLC, as applicable, and have been licensed licensed for use by Chicago Mercantile Exchange Inc. All other marks are the property of their respective owners.

CME-G

View original content: https://www.prnewswire.com/news-releases/university-of-chicago-economics-professor-nancy-stokey-receives-cme-group-msri-prize-in-innovative-quantitative-applications – 301548250.html

SOURCE CME Group

]]>
Ken Griffin, Illinois’ Richest Man, Moves Citadel Headquarters to Miami https://cdmug.org/ken-griffin-illinois-richest-man-moves-citadel-headquarters-to-miami/ Thu, 23 Jun 2022 22:45:00 +0000 https://cdmug.org/ken-griffin-illinois-richest-man-moves-citadel-headquarters-to-miami/ DOWNTOWN — Billionaire Ken Griffin is moving to Miami and taking his business with him, leaving Chicago after more than three decades. The head of Chicago-based hedge fund Citadel told staff in a recent memo that he was moving the company’s headquarters and its associated securities division to Miami. About 300 employees are expected to […]]]>

DOWNTOWN — Billionaire Ken Griffin is moving to Miami and taking his business with him, leaving Chicago after more than three decades.

The head of Chicago-based hedge fund Citadel told staff in a recent memo that he was moving the company’s headquarters and its associated securities division to Miami. About 300 employees are expected to occupy the new Miami office in that city’s financial district within about a year, according to a company spokesperson.

“Miami is a vibrant, growing metropolis that embodies the American Dream – embracing the possibilities of what can be achieved by a community working to build a future together,” Griffin wrote.

The company won’t completely lose its footprint in Chicago as it plans to maintain an office at 131 S. Dearborn St. The company employs 1,000 people in Illinois.

“Chicago will continue to be important to the future of Citadel, as many of our colleagues have deep ties to Illinois,” Griffin explained in his memo. “Over the past year, however, many of our Chicago teams have requested relocations to Miami, New York and our other offices around the world.”

Citadel has 16 offices around the world.

Credit: Joe Ward, DNAinfo
Ken Griffin.

Griffin didn’t share any negative comments about Chicago or Illinois in his announcement, but previously cited the rise in crime and violence in the city as one of the many reasons he was considering moving the company. One such instance occurred in October, at a talk at the Economic Club of Chicago, where he compared Chicago to Afghanistan “on a good day,” echoing a talking point from the former president. Donald Trump.

According to additional information provided by Citadel, other factors influencing Griffin’s decision include the stabbing of a Citadel employee a block from the office, an attempted carjacking of Griffin’s car, and “shootings by mass, riots and looting just blocks from Griffin’ in Gold Coast.

Griffin started Citadel in Chicago in 1990 after graduating from Harvard University.

The announcement comes as no surprise to Mayor Lori Lightfoot, whose spokesperson said Citadel management had “flagged for some time” a move to Florida.

“While this announcement comes as no surprise, it is still disappointing,” read a statement from the mayor’s office. “We thank the Citadelle team for their contributions to our city and their many philanthropic commitments, particularly around education, arts and culture and public safety. We know that Citadel will maintain a significant presence in Chicago and their story would not be possible without the great strengths of our city.

Miami Mayor Francis Suarez took to Twitter to celebrate the announcement of welcoming Griffin, whom he said he could “now officially call a Miamian.”

The relocation is the latest in a saga of companies leaving the Chicago area for other states.

Boeing announced in May that the company would move its headquarters to Arlington, Va., after 21 years in Chicago. Caterpillar, based in suburban Deerfield, announced earlier this month that it would be moving its headquarters to Irving, Texas.

The addition of two major corporations, Kellogg and Abbott, to the city’s economy could help offset Citadel’s absence. Kellogg announced earlier this week plans to split into three companies, including one based in Chicago. Abbott, a healthcare company, leases more than 100,000 square feet inside the Willis Tower, according to Crain’s.

Moving to Florida will be something of a homecoming for Griffin, who was born in Daytona Beach and spent most of his childhood in Boca Raton.

Over the past 30 years in Chicago, Griffin has donated more than $600 million to various educational, cultural, medical and civic organizations, his rep said. A Citadel spokesperson said it would donate an additional $100 million in the coming days, but it has not yet been announced who will receive the donations.

He has also made significant donations to local political causes and candidates. He has donated nearly $50 million to a group opposed to a progressive income tax in Illinois, fighting fellow billionaire — Governor JB Pritzker — on opposing sides of that issue. Illinois voters rejected the state’s move to a progressive income tax in the 2020 election.

More recently, Griffin also made a significant donation to Richard Irvin’s gubernatorial bid, contributing $50 million to a GOP slate of candidates led by Aurora’s mayor. Irvin is a six-man battle for the Republican nomination vying to unseat Pritzker. Illinois’ primary election is Tuesday.

Subscribe to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Every penny we earn funds neighborhoods across Chicago.

Click here to support Block Club with a tax-deductible donation.

Thank you for subscribing to Block Club Chicago, an independent, 501(c)(3), newsroom run by reporters. Every penny we make funds Chicago neighborhoods. Click here to support Block Club with a tax-deductible donation.

Listen to “It’s Alright: A Block Club Chicago Podcast”:

]]>
Chicago needs more transit-oriented developments on the south and west sides – Chicago Tribune https://cdmug.org/chicago-needs-more-transit-oriented-developments-on-the-south-and-west-sides-chicago-tribune/ Mon, 20 Jun 2022 21:26:00 +0000 https://cdmug.org/chicago-needs-more-transit-oriented-developments-on-the-south-and-west-sides-chicago-tribune/ With rising real estate prices, interest rates and inflation, it’s important to ensure that Chicagoans, regardless of income, can live and work near public transit. . The Connected Communities Ordinance would put Chicago on a par with other U.S. regions that promote commercial and affordable residential development near public transportation. It was developed based on […]]]>

With rising real estate prices, interest rates and inflation, it’s important to ensure that Chicagoans, regardless of income, can live and work near public transit. . The Connected Communities Ordinance would put Chicago on a par with other U.S. regions that promote commercial and affordable residential development near public transportation. It was developed based on recommendations from the city‘s Equitable Transit Development Task Force, made up of more than 70 advocates, community leaders, developers, and public and private partners.

Chicago has had incentives in place to encourage transit-oriented development for several years, but about 90% of those developments built in the city between 2009 and 2020 were in the predominantly white communities of the North Side and Loop. Recognizing this inequity, a grassroots-led effort has engaged Chicago communities to develop a plan to level the playing field. Access to transportation means access to more training, education and employment opportunities that help working families take full advantage of all that Chicago has to offer.

Every Chicagoan deserves the benefits of transit-oriented development. When people live near public transit, they have access to things like groceries and health care. Working families who live near public transportation can save 23% on combined housing and transportation costs. Development near public transit brings new jobs and local businesses to communities.

Transit-led development is a great way to grow our economy by creating good jobs as we rebuild out of the pandemic. These developments in Chicago generated 75,000 jobs between 2016 and 2019 alone.

The Connected Communities Ordinance would allow more people to live near public transit and enjoy new amenities through several measures: strengthening affordability incentives and requirements and protecting already affordable housing in high-cost and gentrifying neighborhoods; provide guidelines that make walking and cycling safer near stations; and reduce barriers to development such as costly one-size-fits-all parking requirements that may instead support needed housing or amenities.

Chicagoans on the South and West Sides need and want the jobs, cost-of-living savings, improved safety, and conveniences that development near public transit has already brought to the North Side. The City Council should review and approve this ordinance to make this type of development the norm rather than the exception across Chicago.

— Darelene O. Hightower, president and CEO, Metropolitan Planning Council, and Bob Reiter, president, Chicago Federation of Labor

Welcome Caterpillar employees moving to Texas! Here is some information about our state to ease your transition.

Our elected officials love guns. If you don’t have one, don’t worry. Texas not only has easy access to guns of all kinds, but you can also carry them out in the open without any training or licensing. This includes handguns, assault rifles, and believe it or not, swords and machetes.

Our elected officials do not like homosexuals. From same-sex marriage to gay and transgender people in schools, authorities have passed several bills to limit their rights as Texans. If you are gay or your friends or family members are gay, you may want to find another state to move to.

Our elected officials don’t value public education or teachers unless it’s about arming them with guns. Our schools are constantly improving since we go back up the bottom due to cuts in funding.

Unlike Illinois, our summers are brutal and our power grid is fragile. As part of your move here, you might want to cash in your kids’ college fund and buy a whole-house generator. Texas may be the “energy capital of the world,” but we struggle to keep the lights and air conditioners on. To compound this problem, our electricity rates skyrocketed to pay for an upgrade to our network.

Texas also has some of the lowest property taxes – for businesses but not for homeowners. Property taxes have skyrocketed, along with house prices, and home insurance and the cost of college education have also skyrocketed. Our air is not the cleanest. Neither does our water. We also have occasional explosions at fertilizer plants and oil refineries.

So, from someone who has lived here in Texas for over 60 years, welcome! And good luck. You will need it!

—John Cobarruvias, Houston

In a letter (“Biden Faults on Corporate Greed,” June 17), Harry Meier of Naperville compares President Joe Biden’s comments on US oil company corporate greed to Donald Trump’s claims about widespread voter fraud , saying he wants to see an administration that reports the facts. .

Meier should take a look at the profits reported by the oil companies, and he will see that Biden is actually reporting.

— Holger Meerbote, Arlington Heights

Join the conversation in our Letters to the editorial Facebook group.

Submit a letter of no more than 400 words to the editor here or email letters@chicagotribune.com.

]]>
Thin margins remain amid economic growth – AgriNews https://cdmug.org/thin-margins-remain-amid-economic-growth-agrinews/ Sat, 18 Jun 2022 23:50:00 +0000 https://cdmug.org/thin-margins-remain-amid-economic-growth-agrinews/ CHICAGO — The trend of mild to moderate economic growth continues in the Federal Reserve Districts. Current economic temperature survey results were reported in the Beige Book released on June 1, based on information collected by May 23. This document summarizes comments received from contacts outside the Federal Reserve system and does not constitute commentary […]]]>

CHICAGO — The trend of mild to moderate economic growth continues in the Federal Reserve Districts.

Current economic temperature survey results were reported in the Beige Book released on June 1, based on information collected by May 23.

This document summarizes comments received from contacts outside the Federal Reserve system and does not constitute commentary on the opinions of Federal Reserve officials.

Each Federal Reserve Bank collects information about current economic conditions in its district through reports from bank and branch managers, as well as interviews and online questionnaires completed by businesses, community organizations, economists, market experts and other sources.

Here are the agriculture-related comments from the corn belt districts.

Chicago

“Net farm income expectations for 2022 have changed little overall over the review period, with prices and costs increasing by similar amounts. Corn, soybean and wheat prices were all up, as were diesel and propane prices,” according to the Federal Reserve Bank of Chicago.

Cool, wet weather slowed spring planting of corn and soybeans. In addition, concerns remained about whether fertilizers would arrive on farms on time.

Strong exports of dairy products have helped push up milk prices. Bird flu continued to ravage poultry farms, driving up the price of eggs. Hog prices fell, while cattle prices fell.

As with farmers, herders have also faced higher input costs. Farmland prices continued to rise sharply.

The Chicago District includes the northern two-thirds of Illinois and Indiana, all of Iowa, the southern two-thirds of Wisconsin, and the lower peninsula of Michigan.

Saint Louis

Agricultural conditions in the 8th Federal Reserve District have improved slightly since the previous report.

Contacts reported low margins despite rising raw material prices due to rising input and labor costs, but remained optimistic due to continued strong demand.

The contacts noted that rising energy prices have created an unprecedented opportunity for alternative energy products and other new technologies in the sector.

The percentage of row crops planted has increased since the previous reporting period, but is down from this period in 2021.

Progress in planted acres is down this year for every crop and every state in the district, reflecting production issues due to personnel and supply chain issues.

The Federal Reserve District of St. Louis includes the southern parts of Illinois and Indiana and the eastern half of Missouri, as well as parts of Tennessee, Arkansas, Kentucky, and Mississippi.

Minneapolis

Agricultural conditions in the 9th Federal Reserve District remained strong. According to the first quarter survey of agricultural credit conditions, 87% of respondents said they had increased their agricultural income compared to the same period a year earlier.

Farmland values ​​rose rapidly. However, due to an unusually cold and wet spring, planting and crop progress have lagged far behind in much of the district, with the exception of Montana and western portions of the Dakotas, where drought conditions were endemic.

The Minneapolis-based district includes all of Minnesota, the Dakotas and Montana, the northern third of Wisconsin, and the Upper Peninsula of Michigan.

Kansas City

“Agricultural commodity prices remained at multi-year highs, providing continued tailwinds to the agricultural economy in the Federal Reserve’s 10th District. Market conditions remained favorable for prices of all major commodities in the region and prices for wheat, corn, soybeans, cotton and livestock increased slightly from the previous month,” reported the Beige Books.

Farm income and credit conditions also improved further during the last survey period. However, contacts expected conditions to soften slightly in the coming months and many raised concerns about rising input costs, widespread inflationary pressures and severe drought.

The western and southern parts of the region have been most exposed to drought, affecting wheat, hay and pasture conditions that could reduce profit opportunities for crop and livestock producers in these areas.

The Kansas City District includes the western portion of Missouri, Kansas, Nebraska, Oklahoma, Wyoming, Colorado, and northern New Mexico.

]]>
Roman Villarreal’s first-ever retrospective, ‘South Chicago Legacies,’ opens Friday at the Intuit Art Center https://cdmug.org/roman-villarreals-first-ever-retrospective-south-chicago-legacies-opens-friday-at-the-intuit-art-center/ Fri, 17 Jun 2022 13:51:00 +0000 https://cdmug.org/roman-villarreals-first-ever-retrospective-south-chicago-legacies-opens-friday-at-the-intuit-art-center/ WEST TOWN — A prolific urban artist from the Southeast will make his debut this weekend with his first retrospective — an exhibition that reflects the complexity of life in his native South Chicago community. Roman Villarreal is the self-taught creator behind a lakeside mermaid whose origins have remained a mystery for more than a […]]]>

WEST TOWN — A prolific urban artist from the Southeast will make his debut this weekend with his first retrospective — an exhibition that reflects the complexity of life in his native South Chicago community.

Roman Villarreal is the self-taught creator behind a lakeside mermaid whose origins have remained a mystery for more than a decade, a tribute to the Southeastern Park workers of the Steelworkers, a sculpture of wildlife native to the park Big Marsh and many other public works.

Villarreal will present its “South Chicago Legacies” retrospective on Friday at the Intuit Center for Intuitive and Outsider Art, 756 N. Milwaukee Ave. in West Town. The exhibition, which features more than 40 years of sculptures and paintings, runs until January 8.

“Intuit lets me share the Southeast side with the world, not just Chicago,” Villarreal said during the exhibit’s soft launch on Thursday.

“You could dwell on the ugliness of city life – which, no matter what, is [ugly],” he said. “But there are also good points. There is also beauty and there is pride. There are all these things that mix together.

The art center is offering free admission to the first weekend of “South Chicago Legacies”. It is open from 11 a.m. to 8 p.m. on Friday and from 11 a.m. to 6 p.m. on Saturday and Sunday.

Credit: Maxwell Evans/Block Club Chicago
The limestone and slate sculpture “Lost II”, created in the 1980s, depicts a woman with a parrot on her shoulder which symbolizes the impact of cocaine addiction. A companion piece on display, “Lost I”, depicts the effects of heroin addiction.

The artwork, curated by Alison Amick of Intuit, takes visitors on a tour of life in South Chicago amid the decline and eventual death of the steel industry that boosted its economy.

Some plays emphasize the numbness of substance use and the heartbreak caused by violence. Others lead the viewer into the communal joy of a neighborhood parade and into the brotherhood between young brown and black men serving in the Vietnam War. Others draw on centuries of Aztec and Mexican symbolism.

As well as Villarreal’s attention to detail and skillful technique, it’s his ability to combine varied perspectives into a singular vision that sets him apart, Amick said.

“He was really able to bring his subjects to life in a variety of media, from large poplar pieces to Carrara marble,” Amick said. “He is fearless in terms of what he tackles, the materials he chooses and his commitment to presenting his stories and the stories of those he sees and engages with.”

Credit: Maxwell Evans/Block Club Chicago
“The Nation,” an example of Villarreal’s “collage” carving style, features tattoos that read “mi vida loca” and a pachuco cross — two symbols of urban Chicano culture, Villarreal said.

With symbols like syringes, skeletons and saints, there are clear themes throughout the exhibit. But its beauty — and the beauty of urban art in general — is that the pieces are open to interpretation, Villarreal said.

The faces of the two boxers featured in the “In a Clinch” sculpture appear fused together, much like the faces of a couple kissing in a foam piece called “The Parade” on display throughout the exhibit.

A viewer of the play once asked Villarreal if the two boxers kissed. It was not his intention; “not even close,” he said.

But he was touched when the viewer – whose father was a boxer – said he saw the fighters in a moment of family or platonic intimacy, despite the violence of their sport.

“It was so cool for me to hear someone see my work in that way,” Villarreal said. “It was important to share that moment with someone else who saw it in a completely different light.”

Credit: Maxwell Evans/Block Club Chicago
“In a Clinch” depicts two boxers in a defensive maneuver, as “The Rainbow Lounge” looms in the background.

Villarreal lives the mixture of grace and toughness that is reflected in his works and in his community, he said.

The Bush native first grew his trademark mustache to hide a scar from a violent attack that left his lip split in two. He was a gang member in his youth and lived through the horrors of the Vietnam War.

He is also “a human being from planet Earth” who rejects all forms of discrimination; who regards Mother Nature as his collaborator in sculpture; who raves about the unique qualities of each stone he carves.

“I could live in peace with just about anyone,” Villarreal said. “Now don’t get me wrong, I’m not a pacifist. You hit me, I’m hitting you back. A city dweller will defend himself. … If we’re gonna be for real, we’re for real, but we don’t like to cross that path.

“Brothers” depicts Villarreal and fellow members of the Royal Knights, a former South Chicago gang.
The photo that inspired “Brothers”. A Villarreal youngster is in the center of the photo, wearing sunglasses.

Villarreal fits perfectly with Intuit’s mission to promote self-taught artists and those “who haven’t received the attention of the mainstream art world,” Amick said.

She discovered Villarreal’s work through William Swislow – an Intuit board member whose recent book “Lakefront Anonymous” documents stone carvings like those at Promontory Point – and spent the year last about interviewing and arranging Villarreal’s pieces for the exhibition.

“Roman’s work truly deserves such a wide audience,” Amick said. “He has so much to share and such amazing work. Much of it is in his studio or home, in addition to public artwork in the city of Chicago. We wanted to bring his work here.

Even after “South Chicago Legacies” wraps up early next year, Chicagoans should frequent Intuit and other spaces that concentrate non-traditional creations, Villarreal said.

“This museum is special,” he said. “They do something so important: they represent the outdoors with pride. It’s a big, big plus for us urban artists.

Subscribe to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Every penny we earn funds neighborhoods across Chicago.

Click here to support Block Club with a tax-deductible donation.

Thank you for subscribing to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Every penny we make funds Chicago neighborhoods. Click here to support Block Club with a tax-deductible donation.

Listen to “It’s Alright: A Block Club Chicago Podcast”:

]]>
Bernanke: Fed ‘credibility’ means we’re ‘almost certainly not at risk’ of repeating 1970s inflation https://cdmug.org/bernanke-fed-credibility-means-were-almost-certainly-not-at-risk-of-repeating-1970s-inflation/ Wed, 15 Jun 2022 03:38:55 +0000 https://cdmug.org/bernanke-fed-credibility-means-were-almost-certainly-not-at-risk-of-repeating-1970s-inflation/ NEWYou can now listen to Fox News articles! Ben Bernanke, who served as Federal Reserve Chairman from 2006 to 2016, published an op-ed in the New York Times on Tuesday saying the United States is “almost certainly not” threatened by the economic woes that have plagued the country in from 1966 until 1981. He based […]]]>

NEWYou can now listen to Fox News articles!

Ben Bernanke, who served as Federal Reserve Chairman from 2006 to 2016, published an op-ed in the New York Times on Tuesday saying the United States is “almost certainly not” threatened by the economic woes that have plagued the country in from 1966 until 1981. He based this assumption on “the credibility of the Fed”.

The article, titled “Inflation is not going to bring back the 1970s”, claimed that while it “is true that there are some similarities” between the 1970s and today, “there are also critical differences”. .

Regarding these differences, Bernanke argued that in the 1960s and 1970s the Federal Reserve encountered strong political resistance to raising interest rates.

“First, although inflation was very unpopular in the 1960s and 1970s, as it (rightly) is today, back then any inclination of the Federal Reserve to fight inflation by raising interest rates, which could also slow the economy and increase unemployment, has met strong political resistance,” he writes.

INFLATION ‘ECHO POLICY MISTAKES FROM THE 1970S TO OUR TIME’, FINANCIAL TIMES COLUMNIST WARNS

In this May 10, 2013 file photo, Federal Reserve Chairman Ben Bernanke bids farewell after speaking at a banking conference in Chicago. (AP Photo/Paul Beaty, File)

“In contrast, the efforts of current Fed Chairman Jerome Powell and his colleagues to bring down inflation enjoy considerable support from the White House and Congress, at least so far,” did he declare.

In June 2021, Powell argued that inflation would be transitory. At the time, the Fed held policy on hold and said the temporary period of above-trend inflation was unlikely to result in a Fed rate hike until 2023.

Bernanke also wrote that today Federal Reserve officials see themselves as having a greater role to play in reducing inflation than they did in the 1970s. of the Fed, a key difference from the 1960s and 1970s is that the Fed’s views on the sources of inflation and its own responsibility to control the pace of price increases have changed markedly,” he wrote. .

Today the Fed is raising interest rates and selling its balance sheet, which it added $120 billion per month at the height of the pandemic.

BIDEN’S RHETORIC GETTING MORE ‘DESPICABLE’, FORMER TRUMP ADVISOR WARNS

Federal Reserve Chairman Ben Bernanke's press conference appears on a television screen in a trading post on the floor of the New York Stock Exchange, Wednesday, Dec. 18, 2013. (AP Photo/Richard Drew)

Federal Reserve Chairman Ben Bernanke’s press conference appears on a television screen in a trading post on the floor of the New York Stock Exchange, Wednesday, Dec. 18, 2013. (AP Photo/Richard Drew)

Bernanke noted that inflation didn’t end until the early 1980s when Fed Chairman Paul Volcker raised interest rates to 20%. “Inflation rose through the decade, ending only with the shock treatment applied by the Fed under Paul Volcker in the early 1980s, which led to a deep recession,” he said. -he writes.

The former Fed Chairman asserted, without evidence, that “the lessons learned from the Great American Inflation, both by the Fed and the political leadership, make a repeat of this experiment highly unlikely”, then admitted that the The state of the economy had been misdiagnosed by the Fed in 2021.

“After a delay caused by a misdiagnosis of the economy in 2021, the Fed therefore turned to tightening monetary policy, ending its pandemic-era bond purchases, announcing plans to reduce its holdings of securities and raise short-term interest rates,” he said. .

Powell is encouraged by business leaders and some media to ‘go big’ on inflation.

Current and former Federal Reserve Chairs Jerome Powell (L) and Ben Bernanke, respectively

Current and former Federal Reserve Chairs Jerome Powell (L) and Ben Bernanke, respectively

Bernanke concluded that the credibility of the Fed will be what prevents a return to the 1970s.

CLICK HERE TO GET THE FOX NEWS APP

“The Fed’s greater policy independence, its willingness to take responsibility for inflation, and its record of keeping inflation low for nearly four decades after the Great Inflation, make it much more credible on inflation today than its counterpart in the 60s and 70s,” he said. “The credibility of the Fed will help ensure that the Great Inflation does not happen again, and Mr. Powell and his colleagues will place a high priority on keeping that credibility intact.”

Powell and Treasury Secretary Janet Yellen both erroneously declared inflation to be ‘transitional’ in 2021, a claim by the the latter recently admitted that it was a mistake.

]]>
Stocks slip back into bearish territory amid recession fears https://cdmug.org/stocks-slip-back-into-bearish-territory-amid-recession-fears/ Mon, 13 Jun 2022 13:39:00 +0000 https://cdmug.org/stocks-slip-back-into-bearish-territory-amid-recession-fears/ Shares pfell back into bearish territory on Monday amid growing fears that a recession or stagflation looms on the horizon. The S&P 500 fell 2.4% to enter a bear market. A bear market is when an index falls below 20% from a recent high. The S&P 500 has fallen 20.6% year-to-date, its most recent peak. […]]]>

Shares pfell back into bearish territory on Monday amid growing fears that a recession or stagflation looms on the horizon.

The S&P 500 fell 2.4% to enter a bear market. A bear market is when an index falls below 20% from a recent high. The S&P 500 has fallen 20.6% year-to-date, its most recent peak.

The Chicago Board Options Exchange Volatility Index is intended to measure fear in the markets. The index has risen more than 83% since the start of the year, a huge jump that shows the extreme concern among investors about the future of the economy.

Stocks had already entered a bear market last month, but managed to recoup some of those losses before falling back into the red on Monday.

NEW HOME SALES FALL TO PRE-PANDEMIC LEVELS

The last sustained bear market was a short period at the start of the coronavirus pandemic. Before the pandemic, the last time the economy experienced a bear market was during the financial crisis more than a decade ago, which lasted 517 days.

A key factor in the stock market rout is the Federal Reserve’s monetary tightening. After years of loose monetary policy, with interest rates close to zero, the Fed is now scrambling to raise rates quickly in an effort to crush the country’s runaway inflation.

Consumer prices rose 8.6% in May on an annual basis, the highest rate of inflation since the early 1980s. The Fed has indicated that it plans to raise interest rates to several times this year, which could mean that the bear market will have some resistance. The inflation report came in hotter than expected and caused heightened market anxiety on Friday and Monday.

The central bank raised its interest rate target by a quarter of a percentage point in March and then raised rates by half a percentage point earlier this month.

The half-point hike is analogous to two simultaneous rate hikes and shows that the central bank is increasingly concerned about inflation. The last time the Fed made such an aggressive move was more than two decades ago.

By raising interest rates, the Fed hopes to slow spending. Some market watchers worry that because the Fed is now acting so aggressively, it is slowing the economy too much and causing a recession.

Some investors expect that if the stock market drops too sharply the Fed will step in and suspend its rate hike cycle or even cut rates, although given historical levels of inflation it looks like the bank Central has no intention of doing so, even if it means stocks will continue to crater.

Federal Reserve Bank of Kansas City President Esther George recently signaled that the Fed’s leadership would not be deflected by falling stock markets.

“I think what we are looking for is the transmission of our policy through understanding the markets, and that tightening is to be expected,” she said. “This is one of the routes through which tighter financial conditions will emerge.”

Stagflation is also a concern. Stagflation, a portmanteau of stagnation and inflation, occurs when inflation rises at the same time that economic growth and the labor market are struggling.

The term is often used to describe the US economy of the 1970s, when inflation and unemployment were high. At the time, many top economists believed that such a situation was impossible because it was believed that high inflation could be traded for lower unemployment.

Bear markets and stock sell-offs don’t necessarily indicate a recession, but they often go together.

The National Bureau of Economic Research, a private academic group, defines a recession as “a significant decline in economic activity that spreads throughout the economy and lasts for more than a few months.”

With gross domestic product declining at an annual rate of 1.4% in the first quarter of this year, most forecasters expect positive growth in the second quarter, a reassuring prediction for those fearful of a recession.

Still, many economists think a recession could be imminent.

Goldman Sachs assigns a 35% chance of a recession in the next two years, while Wells Fargo’s economic model predicts a 30% chance of a recession occurring in the next six months alone.

CLICK HERE TO LEARN MORE ABOUT THE WASHINGTON EXAMINER

As the Fed continues to raise interest rates, all eyes will be on the stock market to see what happens next. Top Fed officials are due to meet in June and July, and many investors are anticipating more aggressive half-point hikes following those rallies.

]]>
New Indiana law undermines efforts to retain workers and ease student loan crisis – Chicago Tribune https://cdmug.org/new-indiana-law-undermines-efforts-to-retain-workers-and-ease-student-loan-crisis-chicago-tribune/ Sat, 11 Jun 2022 12:05:00 +0000 https://cdmug.org/new-indiana-law-undermines-efforts-to-retain-workers-and-ease-student-loan-crisis-chicago-tribune/ After Eli Lilly CEO David Ricks’ gloomy view of Indiana’s appeal to businesses and workers, it’s clear that the GOP tactic of cutting taxes and offering tax credits to business without bold investments in education, quality of life or public health has set us on a course for ruin if we do little to correct […]]]>

After Eli Lilly CEO David Ricks’ gloomy view of Indiana’s appeal to businesses and workers, it’s clear that the GOP tactic of cutting taxes and offering tax credits to business without bold investments in education, quality of life or public health has set us on a course for ruin if we do little to correct it. On the contrary, Republican politics has actively undermined smart ideas for solving problems through the free market.

Indiana college graduates who have student loan debt owe an average of $30,000. This significant burden effectively prevents millennials and now Gen Z from becoming homeowners, starting families, and pumping money back into their local economies. The federal government has thankfully helped those with student loans by suspending student loan payments during the COVID-19 pandemic.

Failure to act on this emerging crisis is wrong. But actively undermining companies’ efforts to offer relief to employees is even worse – and action the General Assembly took in the last legislative session in the form of a seemingly “unnoticed” provision in Bill 382 on membership in the Senate.

Suppose you have just been hired by an employer who offers to pay off the principal of your student loans as one of their benefits. Well, under the provisions of SEA 382, ​​this employer contribution is now considered income and therefore taxable in Indiana, even though the federal government does not tax such contributions. Many other states also do not mandate this employer-supported relief, which means Indiana once again stands out for its state-enforced insensitivity.

As a tax-compliant state, Indiana adopts all aspects of the federal tax code for our state taxes, unless lawmakers write legislation to remove or modify portions of the income tax code. of the state of Indiana. This is one of those provisions, which means Republican lawmakers have been actively pushing hard to prohibit student loan debt relief.

What about this slap in the face to those with student debt? Like clockwork, every few months we’re hit with comments from community leaders like Ricks or a new study showing that other states are outperforming Indiana on economic development or simple quality of life outcomes. . We are at a crossroads to determine the future success of our state: either we continue to do business as usual, or we decide to invest in the education, economic well-being and health of our residents. .

One of those avenues is to fix this provision in the next session and allow this employer incentive to be what it is: an employment benefit that should be used entirely to pay down debt. of an employee.

Another solution is inspired by the philosophy of the MakeMyMove program. The MakeMyMove Incentive Program offers incentives such as cash allowances, moving assistance, free park passes, vouchers for discounted meals, etc., to a few people (usually no more than ‘a dozen). As a result, recipients of this program are relocating to rural areas and a few small urban areas to help “jumpstart” the economy, increase the tax base, and infuse talent into those locations for people who can now work remotely. Even this initiative — which, with the current composition of the General Assembly, will certainly benefit GOP lawmakers’ districts more than Democrats — was not funded by the Republican supermajority in the 2021 legislative session. of this, local governments have led the lone charge for funding this program.

It is true that we must encourage young people to live in all parts of our state. But we also want young people to stay in our state, period. Indiana is to launch a “HelpMeStay” program providing relief and programmatic support to recent graduates so they are incentivized to put down permanent roots here. A first step in that direction would be the repeal of Indiana’s tax on student loan debt found in SEA 382. So let’s do just that – let’s help our young people stay here.

Gregory Taylor, D-Indianapolis, is an Indiana State Representative.

]]>
Illinois House District 66 Republican primary issues include taxes and government streamlining – Chicago Tribune https://cdmug.org/illinois-house-district-66-republican-primary-issues-include-taxes-and-government-streamlining-chicago-tribune/ Thu, 09 Jun 2022 13:55:00 +0000 https://cdmug.org/illinois-house-district-66-republican-primary-issues-include-taxes-and-government-streamlining-chicago-tribune/ Editor’s Note: This is part of a series of articles about races in the Aurora area during the June 28 primary election. The Republican primary race for Rep in Illinois House District 66 is between Arin Thrower and Connie Cain. Suzanne M. Ness is unopposed in the district’s Democratic primary. The primary election is set […]]]>

Editor’s Note: This is part of a series of articles about races in the Aurora area during the June 28 primary election.

The Republican primary race for Rep in Illinois House District 66 is between Arin Thrower and Connie Cain.

Suzanne M. Ness is unopposed in the district’s Democratic primary.

The primary election is set for June 28.

Cain, 61, of Gilberts, said the district’s issues include property taxes, parental rights and crime.

“The overall tax burden is high. I think property taxes are a big issue for two reasons – because they’re high, people pay a big bill, and the second is that it affects the appreciation of our home,” Cain said. “We have something like the fifth lowest home appreciation rate in the country and that’s because of our high property taxes.”

Parents’ rights, Cain said, “have been walked all over, including an end to parental notification of abortion.”

“The program in schools should also be transparent so that parents know what is going on and there should be a way to object to it if they think something is wrong,” she said. declared. “There should be feedback in the system.”

If elected, Cain said she wants to work on pension issues and streamlining government.

“We need constitutional pension reform because it’s at the heart of most of Illinois’ problems,” she said. “We have huge inherited retirement debt, low housing appreciation, property taxes, people being squeezed out of benefits, and high in-state tuition. Property taxes are causing out-migration and municipalities are struggling to pay their pension costs while paying benefits.

We have too many units of government, Cain argues, “and they must be integrated in order to make government more efficient.”

The number of school districts should be reduced, Cain said, while leaving schools open.

“We can integrate those costs – we don’t have to close schools,” she said. “The only concern is the high administrative costs.”

Thrower, 47, from West Dundee, said issues in the district include the economy, growing crime in the suburbs and the education system.

“First and foremost, the economy is on everyone’s mind and the rising costs of everything have really created a challenge for families,” Thrower said. “Right now it’s the gas pump, but for many years the problem has been property taxes. We know they raise enough money in Springfield, it’s just how it’s spent.

Crime is another issue, Thrower said, noting that there was “a shooting at a fitness center here in West Dundee a few blocks from our largest residential area.”

“People are worried about it,” she said.

School boards will come under scrutiny next spring, Thrower said, adding that area residents feel “their parental rights have been taken away from them.”

If elected, Thrower said she wants to eliminate wasteful state spending.

“We must restore the balance of our state. There are a lot of independent and moderate people who feel like they’re not represented,” she said. “We have to bring back common sense.”

Eliminating wasteful spending from government budgets — not just at the state level — and ensuring accountability and transparency at all levels of government is another goal, Thrower said, along with “looking at all the different levels of government and see if they are really necessary. .”

“I think there could be savings, even at a small level, if we were to reduce some of these levels of government,” she said.

David Sharos is a freelance journalist for The Beacon-News.

]]>