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☆ Chicago, the Second Tough-on-Crime City?
▼ + stars: | 2023-04-05 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

Democrats who still deny the political potency of crime should take a hard look at the race for mayor of Chicago. The incumbent, Lori Lightfoot , mishandled the issue so badly that her re-election bid collapsed in the first round of voting. Mr. Johnson, an unabashed progressive, is a former social-studies teacher and organizer for the Chicago Teachers Union. Mr. Vallas has made a crackdown on crime the centerpiece of his campaign; Mr. Johnson once appeared to support reduced funding for police but now denies he ever did. Mr. Vallas is white and Mr. Johnson is black, which matters in a city whose long history of racial divisions has shaped disputes about law enforcement.

☆ An ominous-looking shelf cloud descended over Chicago, EarthCam footage shows, bringing severe winds up to 60 mph
▼ + stars: | 2023-04-05 | by ( Chris Panella | Jessica Orwig | ) www.businessinsider.com time to read: +3 min

An imposing, ominous shelf cloud was spotted in the skies above Chicago. Video shows the cloud moving through the city, bringing strong winds up to 60 mph with it. If you see one of these apocalyptic-looking shelf clouds coming toward you, it's important to seek shelter, Wysocki said. The National Weather Service of Chicago said the area was experiencing severe weather threats throughout this morning, with strong winds and rains. Derek Van Dam, a CNN meteorologist, tweeted that the "powerful" shelf cloud brought wind gusts of up to 60 mph to Chicago.

☆ Hard work just doesn't pay like it used to
▼ + stars: | 2023-04-05 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Today's workers, especially gig workers, don't have the security that hard work once promised. Fueling the pessimism about hard work might be that Americans have "been doing nothing but hard work for the last two decades," Jennifer Klein, a Yale labor historian, told Insider. Blame the rise of gig work for hard work not paying offThough Americans work fewer hours now than they have in years past, they're working harder than ever. As a result, "people have experienced hard work and intensified work, but in very, very unpleasant and not particularly rewarding terms," she added. However, deregulation of employment and the dismantling of the New Deal structures of fair work have decoupled hard work and security, Klein said.

☆ An imposing shelf cloud descended over Chicago, EarthCam footage shows, but the ominous-looking weather isn't the end of the world
▼ + stars: | 2023-04-05 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

An imposing, ominous shelf cloud was spotted in the skies above Chicago. Video shows the cloud moving through the city, bring strong winds up to 60 mph with it. The National Weather Service of Chicago said the area was experiencing severe weather threats throughout this morning, with strong winds and rains. Derek Van Dam, a CNN meteorologist, tweeted that the "powerful" shelf cloud brought wind gusts of up to 60 mph to Chicago. As a shelf cloud passes over an area, there should be a drop in temperature, EarthSky reported.

☆ 'Black wealth matters': How a millennial is helping his community build wealth through education
▼ + stars: | 2023-04-05 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +7 min

Learning the tricks of the tradeMac's wake-up call to start investing came early in his undergraduate career. "That was the one thing that opened my eyes and my curiosity and made me say, 'OK, I want to start investing.'" His interest in investing and wealth management eventually led him to a career on Wall Street. Making music as the "Wall Street Rapper," Mac began fusing the worlds he'd come to know so well: Black and urban hip-hop culture with Wall Street financial know-how. Mac adopted the slogan "Black wealth matters" to bring attention to the idea that economic empowerment is a major step toward equality for Black Americans.

☆ Here's where to expect job growth in coming months: Univ. of Michigan professor
▼ + stars: | 2023-04-04 | 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 EmailHere's where to expect job growth in coming months: Univ. of Michigan professorBetsey Stevenson, former chief economist at the Labor Department, and Tomas Philipson, former CEA acting chair and Univ. of Chicago professor, joins 'Squawk Box' to discuss the interplay between sectors that overhired and those with labor shortages, why the labor market data is skewed and more.

☆ Ambitious parents are spending hundreds of thousands on consultants to help get their kids into Ivy League schools, report says
▼ + stars: | 2023-04-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Parents are paying consultants up to $750,000 to help get their kids into Ivy League colleges. The six-figure outlay to get their kids into college adds to the increasingly prohibitive cost of attending those institutions. Bloomberg reported that the cost of attending Ivy League schools — including tuition, accommodation, and fees — was pushing $90,000 a year, with four years of attendance potentially costing more than $300,000. Consultants told the outlet that the increasing exclusivity of Ivy League attendance may work as its own status symbol for some parents, encouraging a bigger outlay on preparation. While its generally accepted that Ivy League graduates have higher earning potential than their peers, it seems that Americans are increasingly discounting the value of having a college degree at all.

☆ A majority of Americans now think getting a college degree isn't worth it, a new WSJ poll says
▼ + stars: | 2023-03-31 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

A WSJ survey found that 56% of Americans now say a four-year college degree isn't worth the cost. The findings underscored a decade-long college enrollment decline, which the pandemic exacerbated. Dips in confidence in college degrees were especially stark among women and older Americans, the WSJ survey found. A similar decline was reflected in older Americans: 44% of older Americans thought college was worth it, compared to 56% in 2017. Between 2017 and 2019, 46% of middle-skill and 31% of high-skill jobs nixed college degree requirements, according to a 2022 report from Burning Glass Institute.

☆ Parenting expert shares her No. 1 rule for raising successful kids—78% of Americans aren't doing it
▼ + stars: | 2023-03-30 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

If you want to raise successful children, start showing optimism on a regular basis. "Our beliefs and attitudes spill over to our kids," educational psychologist and parenting expert Michele Borba tells CNBC Make It. "If pessimism always builds and it becomes personal, permanent, or pervasive, it robs our kids of hope." "I think it's one of the reasons why we're seeing such a huge mental health crisis in our children," Borba says. "It's not just the eavesdropping on what we say," Borba says, noting that older kids especially can pick up on physical cues that you're stressed or worried.

☆ It’s Northwestern vs. Evanston Neighbors Over a New $800 Million Stadium That Will Host Concerts and Serve Booze
▼ + stars: | 2023-03-29 | by ( Douglas Belkin | ) www.wsj.com time to read: 1 min

EVANSTON, Ill.—The most dramatic action in this suburb of Chicago has always played out in Northwestern University’s pancake-yellow stadium on football Saturdays. This spring, though, the hardest hits are coming from some of its neighbors. Residents in the tree-lined neighborhood are exercised about a plan to replace the 47,000-seat Ryan Field stadium, which opened in 1926.

☆ I was the CEO of Arby's. I'm auctioning off my Texas mansion with a lowly $2.5 million starting bid because my wife and I are getting older and neither of us wants to live here alone.
▼ + stars: | 2023-03-29 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Businessman Len Roberts, who served as CEO of Arby's and RadioShack, is auctioning his Texas estate. The 11,792-square-foot home in Fort Worth was built for hosting fundraisers and galas. Bidding starts on April 24 , with the starting bid at $2.5 million and a 10% buyer's premium. Even though the house is in Texas, it features traces of our early lives in ChicagoMy wife really built this home. Interluxe AuctionsWe orchestrated some of the biggest galas and charity events in Fort Worth, Texas, in this beautiful home.

☆ Teacher transitions from the classroom to a major accounting firm — and reminds others 'you haven't just taught'
▼ + stars: | 2023-03-25 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +5 min

Michael Sanders taught US history at two different charter schools around the start of the pandemic. He talked to Insider about how he transitioned out of teaching to working at a Big Four firm. In 2019, he started teaching tenth grade US history at a charter school in Barnstable, Mass., which he enjoyed. The next school year, he moved to a larger charter school network in Austin, Texas, and taught AP US history to eleventh-graders. He still talks to some of his former students and teacher colleagues too.

☆ Will the banking crisis cause a recession? It may depend on the 'wealth effect,' economist says
▼ + stars: | 2023-03-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowwatch nowThat leaves consumers with less access to cash to cover the rising cost of food, housing and other expenses. As households feel increasingly squeezed, that weighs on their confidence in the overall economic picture. What it takes to feel financially secureAmericans now say they would need an average net worth of $774,000 to feel "financially comfortable," but more than $2 million to feel "wealthy," according to Charles Schwab's annual Modern Wealth Survey. The University of Michigan's closely watched index of consumer sentiment recently fell for the first time in months. The Conference Board's consumer confidence index is also down, according to the latest data.

Economists who obsess about tightly calibrating the quantity of money in the system balk at QE as a tool. Two weeks of turmoil in mid-sized U.S. banks follow just nine months in which the Fed had been winding down its outsize balance sheet that peaked near $9 trillion during the pandemic. "Illiquidity episodes may force central banks to slow the process of reserve withdrawal. Reuters GraphicsILLIQUIDTY EPISODESThis could become a trap that prevents normalisation of the balance sheet longer term, they said. Better-measured and more forward-looking liquidity regulations, incentives for longer-duration deposits during QE bouts and rethinking stress tests were all options, they wrote.

☆ Op-ed: ESG investing and 2018 change in bank laws didn't cause Silicon Valley Bank to collapse, says former Sen. Heitkamp
▼ + stars: | 2023-03-21 | by ( Heidi Heitkamp | Former Democratic U.S. Senator North Dakota | ) www.cnbc.com time to read: +6 min

Within hours of the Silicon Valley Bank collapse, political spin machines on both the left and right got cranking. I was one of the Democrats on the Senate Banking Committee who negotiated that legislation, which granted regulatory relief to small community and mid-sized regional banks. Under the burden of increased regulation, smaller institutions and many regional banks were struggling to stay competitive. If all the bank depositors withdrew their deposits on the same day, any bank would fail regardless of liquidity or bank capitalization.) The Fed had the authority to enhance the current level of regional bank supervision, a step the central bank is considering in the wake of the SVB failure.

☆ Fed's best option is to hike rates by 25 basis points and watch for a month and a half: Professor
▼ + stars: | 2023-03-17 | 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 EmailFed's best option is to hike rates by 25 basis points and watch for a month and a half: ProfessorRaghuram G Rajan of The University of Chicago Booth School, formerly governor of the Reserve Bank of India, says "doing zero would convey inappropriate signals at this point."

☆ European markets expected to open higher after bank lifelines eased crisis fears
▼ + stars: | 2023-03-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Former Reserve Bank of India Governor Raghuram Rajan thinks it's still too early to tell whether the U.S. rescue plan to stem bank contagion risks has worked. "I think what's happened so far, in terms of the rescues, is sort of done the first aid. The question is — is there a slow bleed that is still going on," he told CNBC's "Street Signs Asia." Rajan, now a professor of finance at The University of Chicago Booth School of Business, noted questions remain around the collapse of Silicon Valley Bank. "How come a mid-size bank was oblivious of interest rate risk?"

Arif Ali | AFP | Getty ImagesAbout 90% of the global population in 2022 experienced unhealthy air quality, and only six countries met the World Health Organization's recommendations of safe air pollutant levels, according to a new report from Swiss air quality technology company IQAir. The report found that the top five most polluted countries in 2022 were Chad, Iraq, Pakistan, Bahrain and Bangladesh. Lahore's air quality worsened to 97.4 micrograms of PM 2.5 particles per cubic meter in 2022 from 86.5 in the year prior, making it the most polluted city in the world. The 2022 report used air quality data from more than 30,000 regulatory air quality monitoring stations and air quality sensors from 7,323 cities across 131 countries, regions and territories. "Too many people around the world don't know that they are breathing polluted air," Aidan Farrow, senior air quality scientist at Greenpeace International, said in a statement.

However, they pushed their bullish soybean meal bets to a new record and bought a respectable amount of beans, though investors’ pessimism toward CBOT wheat increased even further. They also reduced their net long in CBOT soybean oil to 20,526 futures and options contracts from 28,093 in the prior week. Through March 7, money managers increased their net short in CBOT wheat futures and options by nearly 9,000 contracts to 100,636 contracts, their most bearish since January 2018. They also sold more than 3,500 Minneapolis wheat contracts through March 7, flipping to a net short of 3,029. Between March 7 and March 16, most-active CBOT futures traded as follows: corn -0.2%, soybeans -1.6%, wheat +0.1%, meal -2.8%, soyoil -1.6%.

☆ Premarket Stocks: Who do we blame for the fall of SVB?
▼ + stars: | 2023-03-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Blame the Fed: SVB’s downfall was largely caused by a record $42 billion bank run that left the bank in desperate need of cash. But the Fed’s rate hikes had undermined the value of bonds, a critical source of capital for SVB. “The Federal Reserve failed as a bank supervisor,” he wrote. On Capitol Hill, frequent Fed critic Sen. Elizabeth Warren has been quick to blame Federal Reserve Chair Jerome Powell for a lack of oversight. Blame SVB: Others say the blame should be placed on the banks themselves.

☆ How shadow bankers are already emerging as winners in the SVB collapse
▼ + stars: | 2023-03-14 | by ( Rebecca Ungarino | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

But the momentum already behind the secretive private credit space has picked up — fast. He was witnessing a new willingness from borrowers to turn first to private credit, a market that has grown yet generally remains more opaque than its public-market counterparts. "Borrowers used to look at these banks and say, 'Look, the banks, they've been around forever. The private lenders say that privacy is all part of the pitch. Money managers smell opportunityThe momentum already behind the secretive private credit space has gained steam as the SVB collapse pushes companies to consider alternate sources of debt and, on the other side, private credit managers seek out new targets.

☆ Should you be worried about your money, your bank or the U.S. banking system? Experts weigh in
▼ + stars: | 2023-03-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank have many consumers concerned about their deposits, their bank and the U.S. banking system. Here, experts answer what a bank run is, how FDIC insurance works and whether your deposits are still secure. andresr | E+ | Getty ImagesThe short answer is "possibly," according to Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. "This is happening, in part, because of the Federal Reserve's sharp rise in interest rates," Francis said. Further, "many banks are seeing large withdrawals from cash depositors who are looking [for higher rates] to make more money," Francis added.

Responding to SVB’s failure, the central bank promised to make available additional liquidity to banks and other deposit-taking institutions. By reassuring depositors, the central bank aims to prevent runs on other institutions and contagion through the financial system. And by promising to buy high-quality assets at face value, the central bank is trying to forestall a fire sale that could depress valuations and become self-reinforcing. POLICY AND SUPERVISIONThe central bank’s intervention has highlighted the complex interaction between monetary policy and bank supervision. But given the spillovers between monetary policy and supervision, the offer of additional liquidity is probably not enough to insulate monetary policy from financial stability considerations.

☆ Silicon Valley Bank: What experts think of US regulators response to the fallout
▼ + stars: | 2023-03-13 | 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 EmailSilicon Valley Bank: What experts think of US regulators response to the falloutAaron Klein, senior fellow in economic studies at The Brookings Institute, Raghuram Rajan, professor of finance at the University of Chicago Booth School of Business, and David Bahnsen, founder and chief investment officer of the Bahnsen Group, join 'The Exchange' to discuss the Fed's response to the SVB fallout, bank market risk, and the contagion effect from SVB.

☆ Watch CNBC's full interview with Raghuram Rajan, David Bahnsen and Aaron Klein
▼ + stars: | 2023-03-13 | 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 EmailWatch CNBC's full interview with Raghuram Rajan, David Bahnsen and Aaron KleinAaron Klein, senior fellow in economic studies at The Brookings Institute, Raghuram Rajan, professor of finance at the University of Chicago Booth School of Business, and David Bahnsen, founder and chief investment officer of the Bahnsen Group, join 'The Exchange' to discuss the Fed's response to the SVB fallout, bank market risk, and the contagion effect from SVB.

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