The death spiral continues.
One can looks on Google maps and find neighborhoods (parts of Pullman and Roseland come to mind) where empty lots multiply on formerly fully-occupied blocks, as the middle class leaves and what they’ve left starts to turn into Detroit.
Chicago is known for its L-train. But it's the gravy train that White House senior adviser Valerie Jarrett prefers to ride.
In addition to the $173,922 Jarrett earns per annum as President Obama's senior adviser, she is also paid an annual pension of $35,660 for the eight years she served as chairman of the Chicago Transit Authority, according to a Chicago Sun Times investigation.
Jarrett was appointed to chairman of the agency - a part-time position - in 1995 by then-mayor Richard Daley, whose brother, William Daley, served as Obama's chief of staff. Jarrett served as the former mayor's deputy chief of staff and was appointed to numerous other positions during his term. (Excerpt) Read more at dailycaller.com ...
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Wonder how many transportation bonds were issued while Jarrett was at Chicago Transit? Her pension payout would pale against her hidden income from lucrative Chicago bond deals. More on Chi/go's bonding scams.....cont.
PAUSE TO REFLECT First-term Obama had tight control of Treasury; Obama calculatedly placed his then-COS Rahm Emanuel in a dual role.......in the WH and at Treasury. Obama had a stranglehold on Treasury via COS Rahm Emanuel's dual role Read on.
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THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.
When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09
More here: http://online.wsj.com/article/SB124113406528875137.html
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EXCERPT---FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST
The price tag for the Wall Street bailout is popularly put at $700 billion—---the actual size of TARP--the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside untraceable money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see MJ chart at web site. A guide to the pieces of the puzzle includes massive untraceable Treasury Department bailout programs.
Money Market Mutual Fund: In September 2008, the Treasury controlled by Obama/Emanuel announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury controlled by Obama/Emanuel made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury controlled by Obama/Emanuel bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury controlled by Obama/Emanuel may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout
Yup. Chicago is Detroit 2.0
The same thing is happening in Philadelphia. Businesses and the middle class are moving to the surrounding counties leaving Philadelphia with a shrinking tax base, who they have to keep increasing taxes on, which in turn drives more of them out.
and Roseland come to mind
Spent many hours at the many theatres there as a kid. Sister got married at Bethany Church there..
Had a dozen ‘Wooden Shoe’ cuzzins in that town...
Up the road at little were the museums, Natural and Science, planetarium, art museum, aquarium..
All the stuff a kid could want to see and learn from/about the world ...
And I went there without ‘guards’...TRY THAT TODAY and see if U come out unscathed !!