The banking exodus continues in Illinois as more banks announce they are closing branches. This week, Chicago Teachers Union contract demands are totally divorced from reality – Wirepoints
May 8, 2024
38 Comments
Details emerging about Chicago Teachers Union’s upcoming contract show just how divorced its demands, both extreme and expensive, are from the reality at Chicago schools. It’s not just about massive salary increases, but also about money for migrant students, climate initiatives, abortions and gender-affirming care. About blocking parental notification. Count on CTU’s demands to veer further from reality until the public finally says no.
Weekly crime statistics from the Chicago Police Department: Report through 5/4/2024.
Gov. JB Pritzker calls it “ethics” reform.
It’s rare to see city leaders in Chicago take an open, unabashed stance on the collapse of literacy. To complain is deemed as too political, too racist or too anti-public schools. So it’s refreshing to see Willie Wilson, a successful businessman and leader of the black community, call for a literacy initiative “with the goal of getting 100% of Black students reading at grade level.”
I’m still peeved that Charter One/Citizens left the State of Illinois. There was a branch on Western Avenue that I used. They also had branches in Detroit too which was convent for me. Now just branches in Detroit.
Majority of people will only use banks for retail purposes which can be handled online, but the concentration of the banking system is extremely troubling. Control the money and you control everything. The major banks are woke and push DEI and ESG on the clients. This is impacting businesses everywhere. It also moves funds to the Coasts and takes capital opportunity away from central states.
Wait until you learn how banks create money with fractional reserve banking; you’ll soil your pants!
As a former Bank holding company Director I am well aware. I was also told first hand, as we were fighting consent orders, that the directive given to the FDIC foot soldiers was to decrease the number of institutions that need monitoring. Somehow, killing off the little ( under $1B deposit) banks fit the Hope and Change narrative.
Fight harder, like you stated as a former Bank holding Director do you foresee us going to digital currency in the United States.
Reluctantly but yes, it will happen. Very easy to control. We are already effectively cashless.
Control, that’s the issue with me.
Lately it seems the only time anyone thinks about a bank branch is when one gets robbed. Some banks have taken drastic action after some nasty robberies, including only letting known customers into a branch. Reducing the number of branches makes sense with online banking capabilities better than ever and a reduced need to carry cash. It’s all about the bottom line.
Maybe this is just right-sizing the number of branches needed, but I think it’s also a reflection of the challenges banks face. I fear that 2024 will be a year of regional bank failures, stemming mostly from their exposure to commercial real estate.
I agree that regional bank distress will come from commercial real estate exposure. Few if any of the addresses listed in the article strike me as being in danger of experiencing a bank branch desert.
Not a concern. Looking back at the explosion of branch banking in the early part of the century I conclude this is merely a right-sizing.
Aside from paying my property taxes and picking up some $2 bills, I can’t remember the last transaction I did at a branch.
I agree, but the bank branch desert is a reality, especially for those who don’t or can’t bank online. Maybe BJ and his team can open banking kiosks in city owned grocery stores, making theft even more convenient and efficient for thugs.
That didn’t work out so well for Jewel when they had bank branches in their stores.
Link is not working.
Thanks. Fixed it: https://original.newsbreak.com/@ash-jurberg-560946/3242480473590-banking-blues-in-illinois-five-more-locations-set-to-shut-doors-amid-ongoing-exodus