Results tagged “creditcrisis”

Mayor Daley's dream of leasing Midway Airport finally came crashing down for good Monday, as news that the consortium of private investors led by Citibank notified the city over the weekend that they had failed to line up the financing necessary to close the deal. As a result of MidCo's failure to obtain the $2.5 billion in credit necessary to lease the airport, the City of Chicago will retain the $126 million in earnest money the consortium put up.

Tonight, President Obama will address the nation in what is essentially a State of the Union speech. Sure to take centerstage is the economy. Of course, there are many out there (including us) who still have issues grasping some of the more complex parts of the current recession/depression/economic clusterf*ck. This nifty video, however, definitely helps explain the current credit crisis, however, and might be a good primer going into the President's speech tonight.