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

New Report Reveals Goldman Sachs' Crime Wave Under Last Three CEOs (Who Got Obscenely Rich in the Process)

Courtesy of Pam Martens

(Left to right) Three Most Recent CEOs of Goldman Sachs: Henry (Hank) Paulson; Lloyd Blankfein; David Solomon, Current CEO.

Yesterday, the nonprofit Wall Street watchdog, Better Markets, released an in-depth and scathing analysis of the past 20 years at Goldman Sachs. A bold headline summed it up as follows: “$874 Billion in Bailouts, 36 Major Legal Actions,
$9.8 Billion in Fines and Settlements with Billions More Coming.”
...



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Zero Hedge

American & Chinese Airlines May Never Bounce Back From The Coronavirus Outbreak

Courtesy of ZeroHedge View original post here.

Airlines around the world have already taken a hit thanks to Boeing, now the coronavirus outbreak is set to kick the industry while it's already down. And the US and China will be hit especially hard.

Plenty of countries are cutting off are limiting flights to China right now. Air Canada just announced its cancelling select flights, South Korea, Hong Kong and other Asian countries have either cut off travel, or are reducing flights and screening for symptoms of nCoV,...



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Kimble Charting Solutions

Will Junk Bonds Continue To Send A Positive Message To Stocks?

Courtesy of Chris Kimble

If the saying “So goes Junk Bonds, So goes stocks” is true, what Junk bonds do in the next couple of weeks could send an important message to stocks!

Junk bond ETF (JNK) has created a series of higher lows since June of last year. When JNK moves higher like this, historically it sends a positive message to stocks.

JNK has declined a very small percentage in the past two weeks, which has it testing rising support at (1).

So far JNK is not sending a negative divergence to stocks.

If JNK holds at support and rallies off (1), they continue to send a ...



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Insider Scoop

A Peek Into The Markets: US Stock Futures Up; Fed Decision In Focus

Courtesy of Benzinga

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from McDonald's Corporation (NYSE: MCD), General Electric Company (NYSE: GE), AT&T Inc. (NYSE: T) and Th...



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Biotech

When will there be a coronavirus vaccine? 5 questions answered

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

 

When will there be a coronavirus vaccine? 5 questions answered

A security guard wears a mask as she keeps watch at arriving passengers at Manila’s international airport in the Philippines on Jan. 23, 2020, as part of efforts to contain the coronavirus. Aaron Favila/AP Photo

Courtesy of Aubree Gordon, University of Michigan and Florian Krammer, ...



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Chart School

Top Patterns for Retail Investors

Courtesy of Read the Ticker

Retail investors are last in line for market leading research, no matter, the retail investor can profit from these secret sauce patterns..

Well not so secret now, the main point is you do not have to climb Mount Everest to be called a mountain climber, there are many other hills to climb to make your mark. Just like stocks.

You do not have to battle with the high frequency traders to win in the markets, there are long and slow methods to do just as well.  

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Some charts from the video


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The Technical Traders

The Wuhan Wipeout - Could It Happen?

Courtesy of Technical Traders

News is traveling fast about the Corona Virus that originated in Wuhan, China. Two new confirmed cases in the US, one in Europe and hundreds in China. As we learn more about thispotential pandemic outbreak, we are learning that China did very little to contain this problem from the start. Now, quarantining two cities and trying to control the potential
outbreak, may become a futile effort.

In most of Asia, the Chinese New Year is already in full swing.  Hong Kong, China, Singapore, Malaysia, India and a host of other countries are already starting to celebrate the 7 to 10 day long New Year.  Millions of people have already traveled hundreds of thousands of miles to visit family...



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Members' Corner

The War on All Fact People

 

David Brin shares an excerpt from his new book on the relentless war against democracy and how we can fight back. You can also read the first, second and final chapters of Polemical Judo at David's blog Contrary Brin.

The War on All Fact People 

Excerpted from David Brin's new book, the beginning of chapter 5, Polemical Judo: Memes...



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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Digital Currencies

Cryptos Have Surged Since Soleimani Death, Bitcoin Tops $8,000

Courtesy of ZeroHedge View original post here.

Bitcoin is up over 15% since the assassination of Iran General Soleimani...

Source: Bloomberg

...topping $8,000 for the first time since before Thanksgiving...

Source: Bloomberg

Testing its key 100-day moving-average for the first time since October...

...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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