Posts Tagged ‘Chicago Transit Authority’

Union Cannibalization: Laid-off CTA workers upset with unions, management

Union Cannibalization: Laid-off CTA workers upset with unions, management

Courtesy of Mish

Joseph Arch (1826-1919)

In every downturn, unions cannibalize their junior membership, throwing them to the dogs. This downturn is no different, except that cuts will be much deeper and far more lasting.

Please consider Laid-off CTA workers upset with unions, management.

Ralph Cleveland says getting a job driving a bus for the Chicago Transit Authority was the best thing that happened to him since moving up North 10 years ago.

"When I came to Chicago in 2000 from Bibb County, Alabama, I was so proud about having a uniform on," said Cleveland, 56, who started with the CTA almost 6 1/2 years ago. "I stood in the mirror, and I couldn’t believe the Lord had blessed me with that."

He looked forward to getting up in the morning and going to work at the transit agency’s 77th Street bus garage, then coming home to take care of his wife, who has severe arthritis and other ailments.

But the couple was dealt a serious setback this month when Cleveland became one of 1,059 CTA workers laid off because of CTA service cuts that slashed bus service by 18 percent.

Like many of his former co-workers, Cleveland says his labor union, the Amalgamated Transit Union, has let him and others down, almost abandoned them, to preserve the pay raises and full benefits for almost 7,000 union brothers and sisters with more seniority, who the CTA did not let go.

He has seen larger and larger deductions from his paycheck in recent years for union dues and other union expenses, Cleveland said.

In contrast to his union’s strident opposition to negotiating concessions, Cleveland is willing to take a pay cut if that’s what is needed for him to get behind the wheel again.

"If I could get my job back, that’s what would make me happy, making money for me and my wife, who I love so much, and my grandchildren,” he said. His CTA employee health care benefits were cut off at 11:59 p.m. on Feb. 6, a minute before the service cuts took effect.

CTA officials have called on the agency’s bus and rail unions to make those concessions to help eliminate a $95.6 million budget deficit in 2010. Leaders of the Amalgamated Transit Union have refused to reopen the current contract, which expires


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Phil's Favorites

Might consciousness and free will be the aces up our sleeves when it comes to competing with robots?

 

Might consciousness and free will be the aces up our sleeves when it comes to competing with robots?

Our advantage lies in incommensurables, and it’ll grow in importance. Franck V. on Unsplash

Courtesy of Allan McCay, University of Sydney

The rise of artificial intelligence has led to widespread concern about the role of humans in the workplaces of the future.

Indeed, Israeli historian, futurist and publishing sensation Yuval Noah Harari warns in his most recent book 21 Lessons for the 21st Century that there might one day be little need for human...



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Digital Currencies

Blockchain voting is vulnerable to hackers, software glitches and bad ID photos - among other problems

 

Blockchain voting is vulnerable to hackers, software glitches and bad ID photos – among other problems

How secure is online voting with blockchain technology? WhiteDragon/Shutterstock.com

Courtesy of Nir Kshetri, University of North Carolina – Greensboro

A developing technology called “blockchain” has gotten attention from election officials, startups and even Democratic presidential candidate Andrew Yang as a ...



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Lee's Free Thinking

Repo Market Bank Regulations and the Slings And Arrows of Outrageous Leverage

 

Repo Market Bank Regulations and the Slings And Arrows of Outrageous Leverage

Courtesy of 

Are repo market regulations really behind the money market’s problems? That’s what bankers and their hired mouthpieces are saying.

So I need to get a few things off my chest about this notion that post financial crash Dodd-Frank bank regulations are the cause of the current repo market problems.

It’s total bullsh*t. The bankers and their superleveraged hed...



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The Technical Traders

Daily Market Forecast and Trading Patterns

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CLICK HERE TO GET REAL TIME TRADE ALERTS!

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Zero Hedge

US Ambassador Tells Impeachment Panel Of Trump-Ukraine Quid Pro Quo

Courtesy of ZeroHedge View original post here.

A lightning-fast leak of closed-door testimony from US diplomat to Ukraine, William B. Taylor, reveals his ongoing belief that there was a quid pro quo between the Trump administration and Ukraine - who President Trump asked to investigate the country's role in the 2016 US election, as well as corruption allegations levied at Joe and Hunter Biden.

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Insider Scoop

Roku To Purchase Dataxu For $150M In Cash And Roku Shares

Courtesy of Benzinga

Roku, Inc. (NASDAQ: ROKU) has entered into an agreement to acquire Boston-based Dataxu, a demand-side platform, for $150 million in cash and Roku shares.

Dataxu provides marketers with an automated bidding and self-serve software to manage ad campaigns progr...



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Kimble Charting Solutions

Apple Bullish Breakout Suggesting Tech Follows In Its Path?

Courtesy of Chris Kimble

Is Apple sending a bullish message to the overall Tech market? Sure could be

Apple (AAPL) is working on a breakout above last year’s highs at (1), after creating a series of higher lows over the past year.

Tech ETF QQQ has been a similar-looking pattern to Apple over the past few months, as it is near old highs while creating higher lows.

Is Apple’s upside breakout suggesting that QQQ will follow in its footsteps and breakout?

Str...



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Chart School

Gold Stocks Review

Courtesy of Read the Ticker

Gold stocks are swinging back forth between the range, and a break out swing higher is due. Gold stocks are holding a near perfect Wyckoff accumulation pattern. All should get ready to play this sector. Yet we must recognize that gold stocks are a one of the most crazy rides at the stock market fair, so play very carefully.

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GDX PnF chart from within the video

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Important channels around the HUI.
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Biotech

The Big Pharma Takeover of Medical Cannabis

Reminder: We are available to chat with Members, comments are found below each post.

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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