Obama touts plan to create 2.5 million jobs
President-elect Barack Obama promised in his weekly radio address Saturday a two-year economic recovery plan that would boost federal spending on infrastructure and create 2.5 million jobs. He finished the day with dinner at the home of his friend and national finance chair Penny Pritzker.
Dear Readers: In the days following Black Friday -- that nationwide orgy of shopping right after Thanksgiving -- Team Fixer always seems to get letters from people who felt things didn't go as planned.
Saturday, November 22, 2008
Obama economic plan aims for 2.5M new jobs by 2011
President-elect Barack Obama promoted an economic plan Saturday he said would provide 2.5 million jobs by rebuilding roads and bridges and modernizing schools while developing alternative energy sources and more efficient cars.
Friday, November 21, 2008
Gov't labors under illusion it can part seas Terry Savage: There was a time not so long ago when government officials debated which institutions were "too big to fail." Now they're learning the lesson that the global economy is "too big to control." It is the height of conceit for government and corporate officials to spend their time -- and our money -- debating priorities for rescuing constituencies. History says they'd be better off standing aside and not trying to turn back the tide.
Jobless line up for hours
Jerry Gillespie is a carpenter. But the 31-year-old Chicago man has hit wall after wall in an effort to find work. Unemployed for the last six months, he's been rejected time and time again. He was one of thousands of Chicago area residents to show up at Navy Pier for a morning job fair orchestrated by ABC's "Good Morning America."
Black Friday may disappoint stores
After pushing steep discounts throughout November that are usually reserved for the day after Thanksgiving, retailers from Kohl's to Toys ''R'' Us are offering even bigger cuts and promotions for Black Friday in a frantic bid to pull in shoppers. But the bargain hunters showing up for the early morning specials on toys and TVs are not expected to buy with the same gusto as a year.
Credit card fees rising
Banks had already been tightening the screws on people with less-than-perfect credit. Now, even customers who pay on time will be hit. While average credit card rates have dipped as the Federal Reserve has cut interest rates, banks and retailers are trying to offset rising losses in their credit card operations by raising rates and fees across a broader swath of their existing customers.
Dear Fixer: On Aug. 8, I bought two new Samsung A437 cell phones with cameras from AT&T.
Thursday, November 20, 2008
Gas not the only price that's plunging
A plunge in gasoline prices and lower housing costs drove consumer prices in the Chicago area down 1 percent in October, the Labor Department said Wednesday. Nationally, prices also dropped 1 percent, the biggest one-month decline on records that go back to February 1947. The drop was twice as large as analysts had been expecting and marked the third straight month that prices had either fallen or been unchanged.
Expert: Half of retailers facing crisis in 2009
Retail analyst Britt Beemer forecasted Wednesday that half of today's retailers will be in big trouble some time next year due to the country's financial meltdown. "I wouldn't buy gift cards [this holiday]," he said in an interview following an appearance before a Conference Board-sponsored seminar in Chicago.
The health insurance industry said Wednesday it will support a national health care overhaul that requires them to accept all customers, regardless of pre-existing medical conditions. But in return it wants lawmakers to mandate that everyone buy coverage. Lawmakers have signaled their intent to craft health care legislation early next year, and industry support would make passage easier.
Fewer people plan to buy gift cards this holiday season. Gift card sales will fall 6 percent to $24.9 billion from last season, according to a survey released by the National Retail Federation and conducted by BIGresearch. Shoppers plan to spend $147.33 vs. $156.24 last year. The survey found shoppers consider the cards impersonal and they'd rather stretch their dollar by buying sales merchandise.
Tuesday, November 18, 2008
Chicago home sales fall 23%, prices 4.5%
Home sales in Chicago fell 23 percent and the median price fell 4.5 percent in the third quarter from a year earlier, the Illinois Association of Realtors said Monday. There were 5,958 existing single-family home and condominium sales in the quarter, down from 7,769. Prices fell to $289,400, from $302,900. In the Chicago metropolitan area, sales were down 22 percent to 20,449, and prices fell 6.7 percent to $244,900.
Workers shouldn't count on lavish gift baskets or monogrammed cufflinks from their employers this holiday season.
Monday, November 17, 2008
Picking a Medicare plan Terry Savage: Here we go again. Starting today, seniors have six weeks to sign up for another year of Medicare Part D -- the prescription drug benefit -- that goes along with Medicare Part A (hospitalization), Part B (outpatient and doctor costs) and Medigap (the supplement that covers other costs including co-payments and deductibles). It's a must-do project, even if you're among the few seniors who don't currently take prescription drugs.
Cost of downtown parking 'skyrocketing'
In Chicago, $30 can buy you about eight hot dogs, with fries. Or a large stuffed pizza and a bottle of wine. Or three first-run movie tickets. Or you can park -- for one day -- in a downtown garage. Thirty dollars is the median price for daily parking in downtown Chicago -- up 20 percent, from $25, since 2005, according to the authoritative Colliers International parking-rate survey.
Dear Fixer: In April 2006, I ordered DirecTV. My main concern was whether my picture-in-picture would work, and I was assured it would. I was told I had to pay immediately with a credit card, so I did and was charged $126.68.
Dear Fixer: In May, I attempted to switch our Internet provider to AT&T. They sent me a standard modem, and upon receipt of the modem, I called AT&T to get help with hooking it up.
Peoples Gas and North Shore Gas are encouraging low-income customers having trouble paying their gas bills to apply for the companies' Share the Warmth grants.
Market madness continues Terry Savage: If you only saw the closing numbers on Thursday -- the Dow Jones industrial average registering a gain of 552 points -- you missed all the drama. Shortly after the opening bell the market headed lower, plummeting toward a 5½ year low at midday. Then suddenly the market reversed course.
Average gasoline prices in the Chicago metropolitan area fell to $2.45 a gallon Tuesday, falling below the average $3.63 a month earlier and $3.21 a year ago, according to AAA-Chicago Motor Club.
A survey of college students shows three-fourths are planning a spring break vacation next year, but about half are budgeting $500 or less for their trip, according to STA Travel, a student travel organization.
Monday, November 10, 2008
Why the Wall Street nose-dive? Terry Savage: The stock market is always right. Nonetheless, I must admit to being more than a little annoyed that the stock market greeted the election results with a two-day nose-dive of more than 929 points, the worst two-day performance since 1987. On Friday, the market staged a small rebound of 250 points. Still, the markets made their point.
The stock market is always right. Nonetheless, I must admit to being more than a little annoyed that the stock market greeted the election results with a two-day nose-dive of more than 929 points, the worst two-day performance since 1987.
Consumers get creative to pinch pennies
Hilary Ford is less concerned with pleasing her palate than with keeping cash in her pockets these days. She's quick to do leftovers for dinner. "I will eat whatever I have in the fridge," the Chicago graphic design student said. "Even if I'm not really in the mood for something, I'll eat it anyway."
Dear Readers: You probably already know by now that The Fixer hates "Christmas creep," the strange retail phenomenon that gives us aisles of Santa ornaments right next to the Halloween displays.
This week's Costly Lesson is one we fear we'll be seeing more of, now that the economy really stinks. Maybe the rest of you can avoid what happened here.
Saturday, November 8, 2008
Don't be too hasty when seeking new job
Laid off workers, don't sabotage your job search by being too hasty. That advice comes from Chicago-based human resources consulting company Right Management. Some key mistakes people make are right away messaging to their internal and external networks for help, said Mark Schmitz, Right's market vice president Midwest.
240,000 more jobs lost in October
The economy lost 240,000 jobs in October, shoving the unemployment rate to a 14-year high of 6.5 percent from 6.1 percent in September, the Labor Department said Friday. In releasing the dismal numbers, the government also said 179,000 more jobs were lost in August and September than were previously reported.
Friday, November 7, 2008
Vanishing jobs feed downturn
Ford Motor announced plans Friday for more layoffs, the latest in a vicious cycle of vanishing jobs and stresses on American consumers that is spelling deeper trouble for the already sinking U.S. economy. In reporting that it lost $129 million in the third quarter and went through $7.7 billion in cash, the automaker also said it will cut another 10 percent of its North American salaried work force costs as it tries to weather the worst economic downturn in decades.
Low- and middle-income consumers have been cutting back on expenses for the past several months. These days, even shoppers with household incomes of $100,000 or more are cutting back, according to a study from market-data company Information Resources Inc.
Oil prices dipped Wednesday as investor sentiment once again seemed to shift to the growing global economic malaise and its potential impact on energy demand. Light, sweet crude for December delivery fell $5.23 to settle at $65.30 a barrel on the New York Mercantile Exchange, while gasoline prices continued to tumble. A day after oil staged an Election Day rally, even indications that OPEC was acting on an earlier pledge to pull 1.5 million barrels of crude a day from the market failed to support prices.
Chicagoans still eating out despite economy
They don't call it comfort food for nothing. Many Americans still have an appetite for eating out, despite the shaky economy and rising costs, a new Zagat survey of the nation's top restaurants found. In fact, 83 percent of diners surveyed said they're eating out as often -- if not more -- than they were two years ago.
Grads find fewer firms hiring
Matt Barra was excited. He was about to head to Ohio for a final interview for a job at a financial services firm that would start after he graduates from the University of Notre Dame next May. Barra, a 21-year-old finance major, had done well in two initial interviews. But last week, he got a call: The interview was canceled.
Tuesday, November 4, 2008
Jobs that survive a recession Sandra Guy: Illinoisans who want to stay employed during the worst financial crisis since the Great Depression should look to health care, technology or teaching. The 50 fastest-growing job-growth categories in Illinois include 17 in the medical field, six in information technology and six in education, said Greg Rivara, spokesman for the Illinois Department of Employment Security.
Peoples Gas and North Shore Gas are encouraging customers who need help with their gas bills to apply for help through the Low Income Home Energy Assistance Program.
ShoreBank wants to help more troubled homeowners through its Rescue Loan program. The program offers fixed-rate loans to homeowners at risk of losing their homes. It targets homeowners with credit scores of 520 or better who are not more than 90 days behind and who have their mortgages with another lender.
Monday, November 3, 2008
Recession: Are you ready? Terry Savage: Americans will soon face a recession that few are prepared to endure. In fact, if you're under age 45, you haven't seen a severe recession in your entire working life. While there was a moderate recession in 1990-'91, the last truly deep and lasting recession occurred in 1981-'82, when most of today's workers were still in school. As a reminder, back then we had double-digit unemployment in the industrial heartland of America.
Nationwide, almost one out of every five homeowners with a mortgage owes more to their lender than their properties are worth. That’s according to a report released Friday by First American CoreLogic.
'Scrapped' car gets 200 tickets
Call it the case of the ghost car. A 1992 Chevrolet Lumina was towed to a Chicago Police auto pound in May 2007, and when the owner didn't retrieve it, the vehicle was reported as crushed for scrap. Except, it wasn't. Instead, over the next 12 months, someone was behind the wheel, blowing through Illinois tollbooths and open-road tolling lanes without dropping a dime.
Dear Fixer: Monarchy Collection is a high-end clothing company that specializes in men's T-shirts. I've been a big fan of their clothes and have spent more than $1,000 to $2,000 on their clothing line. Their T-shirts are generally close to $100 each.
On Friday, the City Council’s Finance Committee agreed to return $6.9 million in ambulance fees collected from Medicare during the five-year period ending in September 2005.
Dear Fixer: My problem started back in November 2007, when my father purchased a Hewlett-Packard laptop for me for my birthday.
Thursday, October 30, 2008
Demand for bullion soars Terry Savage: Grab your wallet and stare closely at the money. What's it worth? It's worth whatever it will buy. But can you imagine a time when someone looks at your cash and really doesn't want it, because it "isn't worth the paper it's printed on?" That's what happens when a country "prints" or creates too much money. It loses value. The official name for that process is inflation. What's the alternative to paper? Gold.
Wednesday, October 29, 2008
$1 trillion Dow payday Terry Savage: The stock market gained 889.35, to 9,065.12. on Tuesday. It was a nearly 11 percent gain for the Dow Jones industrial average, its second-best day ever after the 936 point one-day rally two weeks ago, and the sixth-largest percentage gain for the Dow. Almost every market sector participated in the rally. The Nasdaq rose 9.5 percent, gaining 143 points to 1,649.47, after setting a new low days ago at 1,533. The Standard & Poor's 500 index rose 91.59, or 10.8 percent, to 940.51.
ROSEMONT, Ill.---- Emilie Wilson's menagerie includes 15 ferrets, two dogs and four cats, including a hefty gray feline named Tonie Stewart who rides in style inside a pet stroller during family outings.
Fed cuts key interest rate half-point to 1 percent
The Federal Reserve slashed a key interest rate by half a percentage point, driving it to a level seen only once before in the last half-century, and the government finally began distributing funds from the billions in the financial rescue package.
Monday, October 27, 2008
The challenge: Feed family of four for under $10
USA TODAY asked dietitians who blog at Dietchallenge.usatoday.com to come up with creative ways to feed a family of four for under $10 -- as healthful alternatives to the meal advertised on a new KFC commercial. KFC is selling seven pieces of fried chicken, four biscuits and a large side, such as mashed potatoes, for $9.99 and is challenging people to make this meal without going over that amount.
