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☆ Opinion | Tim Scott Faces Long Odds
  + stars: | 2023-04-22 | by ( Jamelle Bouie | ) www.nytimes.com   time to read: +2 min
Scott is obviously not the first Black person to vie for the Republican presidential nomination. That distinction goes to Frederick Douglass, who received one vote at the 1888 Republican convention. Alan Keyes ran for the Republican nomination in 1996, 2000 and 2008; Herman Cain ran and withdrew in 2011; and Ben Carson ran in 2016. Tim Scott, however, would be the first Black Republican officeholder to run for the party’s presidential nomination, should he move past the exploratory phase. Even then, there were few Black people elected to national office, with a total of eight serving between 1914 and 1965.
☆ Defeat for many culture war 'extremists' who tried to take control of school boards and lost to liberal, union-backed candidates
  + stars: | 2023-04-22 | by ( Bethany Dawson | ) www.businessinsider.com   time to read: +3 min
But many right-wing candidates lost their school board elections in Illinois and Wisconsin. A group of conservative candidates in Barrington, a northwest suburb of Chicago, endorsed by 1776 PAC, Moms For America Action, and Awake Illinois, also lost their race for the school board, Politico reports. JB Pritzker, the Democratic governor of Illinois, said, "Fortunately, the voters saw through the hidden extremists who were running for school board." In the Wisconsin school board elections, which took place earlier this month, Politico reports that GOP-backed candidates in the city of Wauwatosa largely lost to candidates backed by teaching unions. Kim Anderson, executive director of the National Education Association labor union, told Politico that, "Where culture war issues were being waged by some school board candidates, those issues fell flat with voters."
☆ Negative real wage growth likely to continue: University of Chicago's Tomas Philipson
  + stars: | 2023-04-21 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNegative real wage growth likely to continue: University of Chicago's Tomas PhilipsonTomas Philipson, professor at the University of Chicago, joins 'Closing Bell: Overtime' to discuss the debt ceiling, the Fed and inflation.
☆ California and other Western states lead in unhealthy levels of air pollution, report shows
  + stars: | 2023-04-19 | by ( Emma Newburger | ) www.cnbc.com   time to read: +4 min
The "State of the Air" report found that nearly 120 million people, more than a third of the population, lived in areas with unhealthy levels of air pollution between 2019 and 2021. The report assigned letter grades reflecting the number of days that air quality in a specific area reached unhealthy levels on the Air Quality Index. Exposure to unhealthy levels of ozone air pollution makes breathing difficult for more people across the U.S. than any other single pollutant, the report said. Wildfires in the region were a major factor in the increasing number of days and places with unhealthy levels of particle pollution, the report found. The report used data from air-quality monitors managed by state, local and tribal air pollution control authorities in counties across the country.
☆ Progressives to Challenge Adams Over Cuts to Schools and Libraries
  + stars: | 2023-04-18 | by ( Emma G. Fitzsimmons | ) www.nytimes.com   time to read: +1 min
The fight is similar to others being waged across the country, as cities weigh the best approach to address crime, homelessness and poverty. In Chicago, Brandon Johnson, the progressive Democratic candidate for mayor, won this month on a public safety message that went beyond policing, and focused on youth employment programs and mental health services. Mr. Adams and his top political adviser, Evan Thies, each discounted the notion that the mayoral election in Chicago was a sign that Democratic values had shifted to the left, and that New York may follow suit. When Lori Lightfoot, the outgoing mayor of Chicago, lost in the first round of voting last month, Mr. Adams said he did not view her loss as a warning sign for himself. “Both Mayor Adams and Mayor-elect Johnson ran campaigns that prioritized safety and justice, and were supported by large Black electorates,” Mr. Thies said in a statement.
☆ Upfront's Mark Suster has become the star of LA's booming startup scene. Not everyone is a fan.
  + stars: | 2023-04-18 | by ( Ben Bergman | ) www.businessinsider.com   time to read: +29 min
"I have worked with more than 50 VCs and nobody comes close to what it is like to work with Mark Suster," said a founder backed by Suster. "Mark and the Upfront Summit helped put LA tech and investing on the map," said Jeffrey Katzenberg, the cofounder of DreamWorks and WndrCo. Several years ago, a founder whose startup Suster invested in was in a conference room rehearsing their presentation for the Upfront Summit. If you're going to put him on your board, you're letting the fox guard the henhouse. "If you're going to put him on your board, you're letting the fox guard the henhouse."
☆ Analysis: Central banks have yet to script final act of inflation fight as risks rise
  + stars: | 2023-04-17 | by ( Howard Schneider Balazs Koranyi | Howard Schneider | Balazs Koranyi | ) www.reuters.com   time to read: +8 min
Her comments were echoed by others who feel the narrative shared by three top central banks of relatively cost-free disinflation rests on shaky ground. Among the Fed, ECB and BoE, only the British central bank projects a recession will be needed to slow inflation - only a mild one at that. U.S. central bank officials have split the difference, projecting a modest one-percentage-point rise in the unemployment rate this year from its near-historic low of 3.5%, and slow, but continued, economic growth. Martins Kazaks, Latvia's central bank chief, said the risk of a recession was still "non-trivial," with a host of factors still putting pressure on prices. For the Fed, different policymakers offer different ideas about the forces that will lower inflation as high interest rates slowly cool demand.
☆ Bosses hate work from home because 'home' is for women
  + stars: | 2023-04-17 | by ( Aki Ito | ) www.businessinsider.com   time to read: +10 min
And the old way was clear: The office is for work, and the home is for — well, for whatever unpaid stuff it is that women do while their men are at work. Skeptical that work — real work — could be done at home, bosses quietly penalized the women who opted for flexible schedules by sticking them with boring assignments and denying them promotions. Embracing remote work is a good start, but it comes with risks of its own. Since the pandemic hit, I've heard a few CEOs liken remote work to opening Pandora's box. Women working from home are no longer the aberration — tradition-bound executives are.
☆ Central banks have yet to script final act of inflation fight as risks rise
  + stars: | 2023-04-17 | by ( Howard Schneider Balazs Koranyi | Howard Schneider | Balazs Koranyi | ) www.reuters.com   time to read: +8 min
Her comments were echoed by others who feel the narrative shared by three top central banks of relatively cost-free disinflation rests on shaky ground. Among the Fed, ECB and BoE, only the British central bank projects a recession will be needed to slow inflation - only a mild one at that. U.S. central bank officials have split the difference, projecting a modest one-percentage-point rise in the unemployment rate this year from its near-historic low of 3.5%, and slow, but continued, economic growth. Martins Kazaks, Latvia's central bank chief, said the risk of a recession was still "non-trivial," with a host of factors still putting pressure on prices. For the Fed, different policymakers offer different ideas about the forces that will lower inflation as high interest rates slowly cool demand.
☆ As NYC's first-ever rat czar gets to work, cities like Boston and Chicago are looking for inspiration to fix their own rodent problems
  + stars: | 2023-04-16 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +4 min
New York City Mayor Eric Adams appointed a "rat czar" to help eliminate rodents in the city. One Boston city official says the Massachusetts city should follow suit and hire a rat slayer of their own. Days later, Boston City Council President Ed Flynn recommended the Massachusetts city hire someone in a similar position ""to hopefully one day eliminate rats in Boston," the Boston Herald reported. In 2022, Chicago was named the number one "rattiest" city in the US over both New York City and Boston. "You can hear them screaming — ee, ee, ee, ee!"
☆ What Walmart’s pullback from Chicago says about Corporate America’s limits
  + stars: | 2023-04-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +9 min
New York CNN —A line of Chicago mayors heavily courted Walmart over the last two decades, brushing aside community protests. Chains like Dollar General and Family Dollar are expanding in low-income areas, but they don’t sell fresh groceries. Walmart is closing neighborhood markets around the country, and three of the four stores closing in Chicago fall into that category. In Chicago, Walmart is closing in both low-income and high-income areas, a sign that it’s struggling across the city. But it’s the stores in low-income areas that will feel the loss most.
☆ I ditched a big city for a $5,000 fixer-upper with 8 bedrooms in a small town. It's nice to live in a place where people don't treat each other like strangers.
  + stars: | 2023-04-13 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
John Nichols moved to Huntington, West Virginia, in 2021 after growing tired of Chicago. Katie thought that living in West Virginia would be nice because the weather was much warmer than it was in Chicago. In West Virginia, there's no traffic and everyone is friendly — I haven't heard a horn honk since I moved to the state. The Nichols' house in Huntington, West Virginia. I think aspects like these are making West Virginia more popular, especially for people who have had enough of big city life.
☆ Several Fed officials considered rate pause in March, minutes show
  + stars: | 2023-04-12 | by ( Howard Schneider | Thomson Reuters | Covers The U.S. Federal Reserve | ) www.reuters.com   time to read: +4 min
REUTERS/Brendan McDermid/File PhotoWASHINGTON, April 12 (Reuters) - Several Federal Reserve policymakers last month considered pausing interest rate increases after the failure of two regional banks and a forecast from Fed staff that banking sector stress would tip the economy into recession. But even they concluded high inflation remained so paramount they pressed on with a rate hike despite the risk. Fed staff assessing the potential fallout of banking sector stress projected a "mild recession" starting later this year, with a recovery in 2024-2025, the minutes showed. "Some participants noted ...they would have considered a 50-basis-point increase ... in the absence of the recent developments in the banking sector," the minutes said. "Participants observed that inflation remained much too high and that the labor market remained too tight; as a result they anticipated that some additional policy firming may be appropriate," the minutes said.
☆ Premarket stocks: Main Street investors bet on comeback for regional banks
  + stars: | 2023-04-12 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
New York CNN —Forget the banking crisis — Main Street’s retail investors have barreled into embattled bank stocks. At the same time, he said, institutional investors, the so-called “smart money,” have been trading out of volatile regional bank stocks. That could mean bad news for those who are betting they’ll see big returns on regional bank stocks. This is a risky move for retail investors, said Iachini​, and a speculative play. We’re not seeing a meaningful recovery, at least yet, for regional bank stocks, he said.
☆ Walmart's plan to abruptly close 4 Chicago stores slammed as 'unethical' and 'unceremoniously abandoning these neighborhoods'
  + stars: | 2023-04-12 | by ( Ben Tobin | Dominick Reuter | ) www.businessinsider.com   time to read: +4 min
Walmart announced this week that it is closing four stores in Chicago in a matter of days. Elected officials said that the decision to close the stores "worsens food deserts" in the area. In a rare press release on April 11 announcing store closures, Walmart said bluntly that these stores "have not been profitable since we opened the first one nearly 17 years ago." "Walmart's decision to close four stores in predominantly Black and Brown communities not only worsens food deserts, but will also increase grocery costs for families." The four Walmart stores closing in Chicago
☆ The Fed is winning its war on inflation — and it means America could avoid a painful recession
  + stars: | 2023-04-12 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com   time to read: +5 min
It's a slowdown from the February's 6.0% reading, and it shows the Fed's war on inflation is working. That 5.0% inflation rate is the lowest since May 2021. While the Fed isn't planning on cutting interest rates this year, the latest economic data is a hint that a pause could be on the horizon. The bank's collapse amplified Powell critics' calls to pause interest rate hikes because of the economic uncertainty the debacle prompted. That along with too-high shelter and core inflation possibly keeping the Fed in a rate-hiking mindset means a recession isn't completely off the books.
☆ Walmart to close four underperforming Chicago stores
  + stars: | 2023-04-11 | by ( Noah Sheidlower | ) www.cnbc.com   time to read: +1 min
Walmart announced Tuesday it will abruptly close four underperforming Chicago stores, citing millions in annual losses. The company said its eight Chicago stores collectively have not been profitable since the first opened 17 years ago. Walmart said all employees at these four stores are eligible to transfer to other Walmart locations and will be paid through Aug. 11. The company will keep its other four Chicago stores open, it said. As of Jan. 31, the company operated more than 5,300 retail locations, including Supercenters, discount stores, Sam's Clubs and small-format stores.
☆ Nearly half of Americans say it's unlikely they'll buy an electric vehicle as their next car: Poll
  + stars: | 2023-04-11 | by ( Emma Newburger | ) www.cnbc.com   time to read: +3 min
Nearly half of Americans in a new poll say it's unlikely they would purchase an electric vehicle as their next car, citing the lack of charging options and the high costs as the main barriers to going electric. The findings come as the Biden administration pushes to aggressively boost EV sales and transition the country to clean energy. The White House has set a goal that up to half of all new vehicle sales be electric by 2030 in order to slash emissions and mitigate climate change. The poll found that just 35% of Americans support setting stricter auto emissions rules to encourage automakers to increase EV sales and only 27% support requiring that all new car sales be electric or hybrid vehicles by 2035. The survey also found that about half of Americans think climate policy is important, though this view is largely partisan.
☆ Democrats choose Chicago as the site of the 2024 convention
  + stars: | 2023-04-11 | by ( Natasha Korecki | ) www.cnbc.com   time to read: +4 min
The Democratic Party has chosen Chicago as the site of its 2024 convention. "Chicago is a great choice to host the 2024 Democratic National Convention," Biden said in a statement. "The last Chicago convention was a huge success. It makes sense to put the Democratic National Convention in Chicago in 2024. Republicans are holding their 2024 convention in Milwaukee.
☆ Fed official: Central bank should be ‘cautious’ in wake of banking turmoil
  + stars: | 2023-04-11 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
Minneapolis CNN —The banking crisis could help the Federal Reserve’s fight to bring down inflation, but the central bank needs to be “cautious” in its actions moving forward, Chicago Fed President Austan Goolsbee said Tuesday. “At moments of financial stress like this, the right monetary policy is really caution and watchfulness and prudence,” he said. Currently, he added, there’s not conflict between monetary policy and potentially tightening credit conditions. Still, Goolsbee added, the Fed needs to be “on watch” for the possibility of tighter credit conditions. “If the response to these banking problems leads the financial industry to tighten on its own, that monetary policy has to do less,” he said.
☆ Democrats choose Chicago, a target of years of GOP attacks about crime, for 2024 convention
  + stars: | 2023-04-11 | by ( Nicole Gaudiano | ) www.businessinsider.com   time to read: +5 min
With Chicago, Democrats chose a 2024 convention site that signals the significance of the Midwest. But the city has also been at the center of Democrats' weakest spot with voters: crime. Crime was a defining issue of the city's latest mayoral election that upended the city's Democratic leadership. And Republicans have long hammered the city's crime rates to put Democrats on the defensive. "Chicago is a vibrant, metropolitan city with neighborhoods that reflect the diversity of America," said Natalie Edelstein, a spokesperson for the city's convention bid.
☆ The Russian economy is much worse than it appears as Moscow's data is a 'collection of lies and distortions,' economist says
  + stars: | 2023-04-10 | by ( Filip De Mott | ) www.businessinsider.com   time to read: +4 min
Russia's economic data is full of 'lies and distortions,' economist Alexei Bayer wrote. "Russian economic statistics are a collection of lies and distortions," he wrote in the Jerusalem Post. But those estimates are based on official data from the Russian government, said Bayer, who pointed to consumer inflation numbers. "During the Cold War, the CIA concluded, using Soviet statistics, that the Soviet Union had the world's second-largest economy," he wrote. "When communism collapsed, Russia's economy turned out to be not much larger than Portugal's."
☆ Russia's economy is becoming more 'primitive' and war could push it to the same fate as the Soviet Union, says economist targeted by Moscow
  + stars: | 2023-04-10 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +3 min
Economist Konstantin Sonin said the Russian economy has become more primitive since the war began, Russian news outlet Novaya Gazeta reported. The economist, who Moscow placed on its wanted list, said Russia could follow the Soviet Union's path toward "complete economic implosion." "Everything that is happening makes the Russian economy more primitive, more backwards." "Everything that is happening makes the Russian economy more primitive, more backwards," Konstantin said. And I think we are seriously going to follow the Soviet Union's path from the 1970s to the complete economic implosion of the late 1980s."
☆ ‘Expect Big Changes Ahead’: The Fortune Cookie Industry Is In Upheaval
  + stars: | 2023-04-07 | by ( Angus Loten | ) www.wsj.com   time to read: 1 min
Over the past two decades, Charles Li, the owner and chief executive of Chicago-based fortune-cookie factory Winfar Foods Inc., has drawn on Chinese proverbs and popular sayings to write thousands of messages that go into the wafers. Mr. Li says he and his 80-year-old father-in-law spend long hours coming up with lines that are clever but still brief enough to fit on a ribbon of paper. Winfar now supplies fortune cookies to more than 11,000 restaurants nationwide, and Mr. Li says he has had to bring in outside copywriters. “Writing fortunes is both fun and hard work,” he says, which itself sounds like something out of a fortune cookie.
☆ ‘Expect Big Changes Ahead.’ AI Is Coming for Fortune Cookies.
  + stars: | 2023-04-07 | by ( Angus Loten | ) www.wsj.com   time to read: 1 min
Over the past two decades, Charles Li, the owner and chief executive of Chicago-based fortune-cookie factory Winfar Foods Inc., has drawn on Chinese proverbs and popular sayings to write thousands of messages that go into the wafers. Mr. Li says he and his 80-year-old father-in-law spend long hours coming up with lines that are clever but still brief enough to fit on a ribbon of paper. Winfar now supplies fortune cookies to more than 11,000 restaurants nationwide, and Mr. Li says he has had to bring in outside copywriters. “Writing fortunes is both fun and hard work,” he says, which itself sounds like something out of a fortune cookie.
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