Ted joined Dan and Amy to talk about how the Invest in Kids Act is on the verge of being shut down by pro-union lawmakers, how the migrant issue is hurting the residents of Chicago, why Mayor Johnson needs to tamp down on crime immediately, CME’s threat of leaving the city if it doesn’t see improvements, and more.
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Ted was on The Chicago Way with John Kass and Jeff Carlin to discuss the proposed $5 billion lakefront stadium project proposed by the Chicago Bears & Mayor Brandon Johnson, why Chicago is struggling compared to other metro areas across the country, why the city might or might not go the way of Detroit, and more.
Some Illinois lawmakers continue to deny that covid aid and other federal stimulus bailed the state out of its fiscal mess. But a look at past and projected revenues from COGFA shows just how much the bailouts blew out the state’s revenues. And now that they’re over, how much harder it will be for Illinois revenues to grow.
Election integrity – both real and perceived – is essential to government’s legitimacy and stability. Illinois, like the rest of the nation, better fix its problems now.
Ted joined Dan and Amy to talk about Chicago’s latest bond offering, why Chicago’s dismal home value growth is due to poor policies, the next $70 million to be spent on migrants, the 9% salary hikes demanded by the CTU, and why Illinois lawmakers voting to stop Chicago’s selective enrollment schools from being closed is hypocritical.
Weekly crime statistics from the Chicago Police Department: Report through 4/21/2024.
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At this point I think it is safe to wave bye bye to the CME. Johnson and his communist friends have already stated their aim to milk the job and money creators in the city.
Businesses are not required to stay in the city , but these obtuse fools do not seem to realize that. I guess they never heard about not killing the Golden goose.
Here’s some info. CME Group cmegroup.com CME Group Inc., headquartered in Chicago, operates financial derivatives exchanges including the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and The Commodity Exchange. It is the world’s largest operator of financial derivatives exchanges. Its exchanges are platforms for trading in agricultural products, currencies, energy, interest rates, metals, futures contracts, options, stock indexes, and cryptocurrencies futures. In 2022, CME Group futures and options had an average daily volume of 23.3 million contracts. Trading is conducted in two methods: an open outcry format and the CME Globex Trading System, an electronic trading… Read more »
Good facts and lived in Beverly for many years and knew many traders from CME, CBOE, CSE. Absolutely their wealth and job is now completely portable. The job is no longer Trading Places in the 80s, it’s all automated and highly digitized. In fact quite sophisticated and advanced for use in financial algorithms for trading speed. This can sadly be done from home. The communists run Chicago and no one will be spared. Terry Duffy’s words are very serious and I am sure with the crime issue only continuing to get worse they could be planning an exit strategy. These… Read more »
I heard on the radio they have been sending out surveys asking, if we left Chicago, what city would you consider moving to?
As a former open outcry trader, I can tell you this move can and most likely will happen. In the pits, your word was your bond and once spoken, a trader stood by his words or was banished. Duffy has spoken and we will see if BJ listens.
CME trades online these days,,,nexus in Chicago not needed
Has any company that “thinks” about leaving ever actually stopped from leaving? Or is the “We’re thinking of leaving “ just cover for them to be able say…”we told the city x and they didn’t meet our needs” so they left. Plus, can you imagine the calls CME is getting from the Miami crowd? If I was “Miami” I’d call after nice weather weekends with mostly peaceful protests and when it is snowing…lol.
The problem with leaving is that many traders and support staff still live in Chicago. It’s not just moving the exchange, it’s moving the entire industry with it. Boeing moving the corporate execs to VA from Chicago is much easier than moving a 100 year old industry to Miami. And is Miami even the right place to move? It’s the shiniest, brightest object right now, but it’s hot there, conservative, and very south american there. It’s a completely different world than the north shore or Lincoln Park, River North. A few years back, NYC would have been the obvious choice… Read more »
The entire exchange trading Ecosystem is electronic and automated. The CME data center already resides in Aurora. Backoffice work requires cloud based access. (ICE) Intercontinental Exchange is headquartered in Atlanta. Most backoffice operations are done in Tampa, Charlotte and Salt Lake. Half the traders I know live elsewhere since open outcry shutdown. To save millions, its and easy move.
Miami Dade went red for the first time in decades in 2022.
Agree except Miami is not conservative, think of Ms. Wasserman-Schulz.
Who cares about the North Shore, Lincoln Park ? Let’s get real here, it’s over baby.
Pandemic Migrants Returning to New York from South Florida As Labor Day ushers in another push for workers to return to the office, brokers say New Yorkers who decamped to Florida during the pandemic are reversing course. But back-to-work mandates aren’t the sole catalyst. Some just want out of the Sunshine State. “Florida was not exactly what we thought it was going to be,” one couple told Rex Gonsalves, an agent at Brown Harris Stevens helping a number of clients condo hunt in New York. * * * * * But for some, the endless warmth became oppressive and the… Read more »
As many of us predicted, BLM Brandon will accelerate the destruction started by Beetlejuice. As an outsider looking in, this should be quite entertaining to watch. I don’t go into the city anymore unless absolutely necessary.
Only one group to blame for the destruction and death of Illinois, the Politicians.
CME will move, it is not “IF” it is “When”. Downtown is now Deadtown.
Much too dangerous to get there and be there.
It does appear CME is very inclined to leave. No real property ownership any longer and lease provisions in their leases with termination conditions based on negative government actions. CME has one foot out the door.
I agree, they are inclined to leave, but they can’t agree where to move. Miami is the shiniest glittery object right now but moving a 100 year old industry out of Chicago to a new locale is a major, major undertaking, that will disrupt the lives of tens of thousands of people. Where ever they move, they’ll be there for another century, not sure if Miami is the right choice. It certainly is looking like it is, but there’s a lot of anecdotal stories among these elites that Miami is a poor substitute for the Chicago/NY culturally. Chicago/NY has the… Read more »
I agree with Miami – ok for portfolio managers but not necessarily for a trading business. The CME could move to DuPage quickly and have no problem retaining talent. This assumes things like a transaction tax will be confined to Cook County. One element that is looming larger than ever are the power costs associated with running a data center. Sounds crazy but the data centers in Loudoun County Virginia use 12 percent of the Commonwealth’s power. Deals are being structured now where the assumption of energy cost risk is entirely on the consuming entity. CME has to be looking… Read more »