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In a surprise and unprecedented move, Mayor Daley today postponed the city’s preliminary 2009 budget until Sept. 30 — and cut spending by $6 million more — to work to solve Chicago’s worst budget crisis in a generation.
Now's a good time to read all about TIF districts!
Update: "And yet, we still have people calling for a bottom in financial shares. Folks -- this ain't over by a long shot." Trickledown: it works both ways.
Related: The post in which I explain the credit crisis.