Carbondale Bytelife

Instead of being up about $100,000 over 2008, it looks like Carbondale's sales tax collection will run about $300,000 below projections. Not good, but certainly livable. Given the lousy economy, I guess we should be glad it's not much more than that.

Labels: Carbondale, economy, sales tax

Rep. Costello sent out the following regarding his approval of a particular provision of the stimulus package.

COSTELLO PLEASED “BUY AMERICA” PROVISION FOR U.S. STEEL IS INCLUDED IN STIMULUS LEGISLATION

Washington – Congressman Jerry Costello (D-IL) today applauded the House Appropriations Committee’s approval of a “Buy America” provision for the use of U.S. steel as part of the economic stimulus legislation. The economic downturn has hurt the domestic steel industry, resulting in production declines and worker layoffs. In the Metro East, Granite City Steel has been idled and Alton Steel has also laid-off workers.

Labels: economy, Jerry Costello

Rep. Costello sent out the following press release today regarding his stance on the TARP:

COSTELLO OPPOSES RELEASE OF ADDITIONAL TARP FUNDS

Washinton - Congressman Jerry Costello (D-IL) today voted against releasing the remaining $350 billion from the Troubled Asset Relief Program (TARP). Costello also opposed the original financial bailout legislation that created TARP.

"I voted against the financial bailout because I was concerned that we rushed its consideration without adequately assessing how the money would be used or if there were better ways to proceed. The fact that Secretary Paulson did not use the money as he said it would be used validated my concerns. Now, the very banks that received the bulk of the TARP money are still mired in losses, with billions in bad loans still on their books, and refusing to account for how they have spent it. Given TARP’s poor record to this point, we need to reassess this plan of action, and that is why I voted against releasing the remaining funds.”

Labels: economy, Jerry Costello

I was doing some reading last night on the Census Bureau's website and found the number of people living below the poverty line in Carbondale stunning. 41% of the C'dale population, as of 1999, the most recent figure, are classified as living in poverty. In Jackson County, it's only 20% and in Williamson and Union counties, only 14%. The county figures are for 2004 so maybe it's due to the Carbondale data being older and things have improved since 1999?

Nope, if anything, they've gotten worse.

Labels: Carbondale, economy, poverty

A reader pointed out that the value of Lee Enterprises, owner of both the St. Louis Post Dispatch and, more importantly for our purposes, the Southern Illinoisan, dropped 97% last year, going from $45 a share about 3 years ago to a whole 44 cents a share as of earlier today, and is teetering on the edge of bankruptcy. No announcements of layoffs at the Southern yet, but the PD is cutting another 39 jobs and may not be a "going concern", to quote its accountant, by the end of the year.

Labels: economy, Southern Illinoisan

I see people are still pushing the "FDR prolonged the Great Depression" story. As is noted here, under Hoover, about 20% of US banks failed. After the FDIC was created during the New Deal, almost none did. Excepting the year 1937-1938, when fiscal hawks pushed Roosevelt to balance the budget which caused another recession, the economy grew by an average 9-10% and unemployment dropped by 2% per year.

Labels: economy, history

Mayor Cole may have spoken too soon about Walgreen's putting a second location on the west side at the old Mugsy McGuire's location. However, Walgreen's has not confirmed a second Carbondale location yet and I've heard secondhand that the company is none too happy with the mayor for his premature announcement.

Something similar happened back in 2004 when the mayor announced the purchase of the American Tap before the completion of the negotiations. The city eventually purchased the Tap property, appraised at $39,000, for $150,000. BTW, the Tap property still sits empty, without even a "For Sale" sign on it.

Labels: American Tap, business, Carbondale, city government, economy, Walgreen's

Office Depot has announced the closing of the Carbondale store along with another 16 underperforming stores in Illinois. It lasted about as long as OfficeMax did at the same location. Nationwide Office Depot will close 112 of its stores and cut about 2200 jobs over the next three months. Naturally, the stock price of the company rose about 9% afte the news was announced.

Labels: business, Carbondale, economy

Want a Wii? Good luck. it's the top selling product on eBay with over 3100 of them sold on Friday alone, average price $349.

Car retailers closing. Around another 500 nationwide will close by this time next year.

New CoC director named yesterday. Interestingly, WSIU mentioned she had a degree from CCHS but not that she has a master's from SIUC.

Labels: CCHS, economy, siuc

Yeah, it's a recession. And it's already longer than the average post WW II recession, which lasted about 10 months.

Durbin asks for a communtation for Ryan.

No salt shortage, it's just more expensive.

The Faculty Senate announced recommenced changes to SIUCs sexual harassment policy. They're not quite far enough for the dankprofessor.

Does this mean no football at SIUC while they're building this thing?

Labels: economy, McAndrew Stadium, sexual harassment, siuc, state government

Increasing expectations that Gov. Ryan will get pardoned.

No place to go for Thanksgiving in southern Illinois? Here's a roundup of locations offering dinner.

Along with the rest of the economy, Internet retailing is cratering.

Driving somewhere for Thanksgiving? There're fewer people on the road this year. It's still the deadliest holiday for driving.

In a effort to fill McAndrew Staduim for the playoff game this Saturday, the Chancellor's office is giving away 500 free student tickets.

Labels: Carbondale, economy, siuc

Both Kroger and Egyptian Corner have unleaded at $1.99, reflecting oil prices under $60 a barrel. What surprises me is that gas in Cape Girardeau is usually 10 to 20 cents a gallon cheaper than Carbondale and the stations there have it priced at $194-$1.99 a gallon as well.

Labels: Carbondale, economy

Even the Chamber of Commerce and Business Roundtable don't care much for it.

Labels: economy, election

Good lord, this thing has gotten huge. And, unfortunately, it's probably going to pass, because, hey, we've got to do something.

Labels: economy

Labels: economy, Jerry Costello

In case you haven't been following it with baited breath, the $700 billion bailout vote failed in the House today 228 to 205, despite last minute arm twisting by the White House. About 2/3 of Republicans and 40% of Democrats voted against it. House Minority Leader John Boehner blamed the failure on a speech by Speaker Nancy Pelosi, saying it was so partisan that it"poisoned our conference, casuing a number of memebers we thought we could get to go south". Talk about blowing smoke. Most House memebers wanted the thing to pass, so it looked like they were doing something but didn't want to vote for it, since the American public is so opposed to the bailout.

Labels: economy, government

Rep. Jerry Costello sent out this email regarding his position on the Bush administriaton's proposal to handle the latest Wall Street mess. If you'd like to call Rep. Costello with your two bits, his local number is 529-3791. FWIW, I like Senator Dodd's proposal, since it provides much more oversight of how the $700 billion would be spend, and called Rep. Costello about it.

Labels: economy, Jerry Costello

With Aldi's set to move to the west side of C'dale, next to Dick's Sporting Goods, assistant city Manager Kevin Baity sounds a wee bit more concerned than he was a month ago.

Then:
Kevin Baity, assistant city manager for economic development, said Friday that the west side's commercial presence is merely in a state of transition.

"We have some businesses that, because of the economy, have closed. Another closed because of the lack of a lease," he said. "And we have a few entities who believe they want to be in the east side such as Aldi, who like to shadow big box stores."

Baity said renovations at the Royal Plaza Inn and developments in the works on the five-acre Mugsy's property are more indicative of what's happening on the west side than empty stores.

"West Side Center (between Subway and Ward Chrysler) is fully occupied and Murdale is 85 to 90 percent occupied," he said. "Kroger and, if it closes, Aldi, when you get looking, those are the only large buildings that are vacant."

Now:

Since Kroger West closed in October, Aldi's was one of the last grocery staples on that side of town. Assistant City Manager Kevin Baity said he was concerned the absence of shopping options would lead new residents on the west side to take their business to the new Murphysboro Wal-Mart, which opened in March.

"You hate to see a business leave one section of town and move to another," Baity said. "We just hope that they will work with the realtor of their choice and the city and not put too many restrictions on the building they will be leaving behind."

Labels: business, Carbondale, economy

Caught a brief mention of the economic effect of the IDOT move to Harrisburg on WSIU this morning. Apparently, the move will cost the Springfield economy about $9 million, while adding about $7 million to southern Illinois. You can read more about it here and here.

Not sure if it's related or not, but after last night's rain, my rain gauge showed 3 1/4".

Labels: economy, southern Illinois

Making the whole process much more user friendly, the Greyhound ticket station and bus stop are now united in holy matrimony at the BP station on E. Main. And, as Dave points out, it only took 'em about three years. Just in time too. According to this article, the nation is seeing increases in bus ridership of anywhere between 5 to15% over the past couple of years. And guess what's causing it?

Labels: business, downtown Carbondale, economy