The Herald-News is a daily newspaper headquartered in Joliet, United States. It serves the Joliet, Will County and Grundy County area, is owned by Shaw Media; the paper was founded in 1904 as the Joliet Herald. In 1913, its founder, Ira Clifton Copley, purchased the Joliet News, a paper, founded in 1877. In 1915, the two papers were merged producing the Herald-News. In 2000, Copley Press sold the publication to Hollinger International. In 2013, Sun-Times sold the Herald News to parent company of the Northwest Herald; the Herald-News is printed early at one of its parent-company's facilities in Chicago, driven to Northwest Indiana and distributed based on delivery region. Herald-News
Great Recession in the Americas
North America was one of the focal points of the global, Great Recession. While Canada has managed to return its economy nearly to the levels it enjoyed prior to the recession, the United States and Mexico are still under the influence of the worldwide economic slowdown; the cost of staple items dropped in the United States as a result of the recession. The United States entered 2008 during a housing market correction, a subprime mortgage crisis and a declining dollar value. In February, 63,000 jobs were lost, a 5-year record. In September, 159,000 jobs were lost, bringing the monthly average to 84,000 per month from January to September 2008. Canada was one of the last industrialized nations to enter into a downturn. GDP growth was negative in Q1, but positive in Q2 and Q3 of 2008; the recession started in Q4. The 1-year delay of the start of the recession in Canada relative to the U. S. is explained by two factors. First, Canada has a strong banking sector not weighed-down by the same degree of consumer-related debt issues that existed in the United States.
The United States economy collapsed from within, while the Canadian economy was being hurt by its trade relationship with the United States. Second, commodity prices continued to rise through to June 2008, supporting a key component of the Canadian economy and delaying the start of recession. In early December 2008, the Bank of Canada, in announcing that it was lowering its central bank interest rate to the lowest level since 1958 declared that Canada's economy was entering in recession; the Bank of Canada has since announced. The country's unemployment rate could rise to 7.5% in the next two years, according to the latest OECD report. On July 23, 2009, the Bank of Canada declared the recession to be over in Canada. However, the true economic recovery did not begin until November 30, 2009; the Canadian economy would expand at an annualized rate of 6.1% in the first quarter of 2010, surpassing analyst expectations and marking the best growth rate since 1999. Economists had expected annualized GDP growth of 5.9% in the last quarter, up from 5% in last year's fourth quarter.
The growth in the first quarter is the third straight quarter of economic expansion in Canada, coming on the heels of three consecutive quarters of contraction. March growth came in at 0.6%, ahead of the 0.5% estimate. 215,900 new jobs have been created in the winter and early spring months of 2010 alone - in the traditional period of time where the Canadian economy is at its most stagnant. With the steps taken to create jobs in the Canadian economy, its recovery remains fragile and job cuts can still be seen in areas that specialize in manual labour. Canada was in a recession during the first two quarters of 2015 average both a decline of 0.1 percent of GDP. Despite the solid financial system of Mexico, the effects of the financial crisis originated in the United States impacted Mexico's export sector by a significant amount considering that 85% of the country's exports go to the United States. Reduced demand, the highest unemployment rate in a decade and the depreciation of the Mexican peso caused analysts to revise growth estimates from 1.8% to somewhere closer to 0% for 2008.
The recession did not show up until 2009, but the recession slowed down in 2008. The country had a positive growth of 1.5% in 2008 compared to a 3.3% in 2007, by 2009 the economy had shrunk by 6.5%, a percentage bigger than that of the 1994-1995 crisis and the largest in eight decades and registering an inflation of 3.57%Economic recovery from the historic downturn started in the late 2009 with exports rising 22.8 percent. The economic prospects for 2010 in the early 2009 were of a positive growth of 3.5 and some saw a steady recovery by the second quarter of 2010. At the end of 2010, the OECD revealed an estimated growth of 4.5 percent while the Mexican government estimated a growth of over 5 percent and the creation of 730 thousand jobs. The estimated growth for 2011 range from 3.9 to 4.8. Despite the sustained growth in 2010, it was not enough to cover up the loss of 2009; as it consists of commodity exporters, South America was not directly affected by the financial turmoil if the bond markets of Brazil, Argentina and Venezuela have been hit.
On the other hand, the continent experienced a tough agricultural crisis at the beginning of 2008. Food prices have increased a lot, due to a lack of arable land. One of the main reasons for the loss of agricultural land was the high value offered by the production of biofuels. Food prices, rising since 2002, ascended from 2006, reaching a peak during the first quarter of 2008. In one year the average price of food rose by about 50%. South American countries were affected by both the global slowdown and the decrease in food prices due to the declining demand. In June 2008, the Economic Commission for Latin America and the Caribbean declared it expected a 4% growth for 2009; however at the end of the year it predicted that the year 2009 would put an end to six years of prosperity during which Latin America has benefited from high raw materials prices. Production in the region is to decline and unemployment to increase. However, the Center for Economic and Policy Research has estimated that the region may be able to cope with the global downturn with the right macro-economic policies, as these countries no longer depend on the U.
S. economy. The table below displays all national recessions appearing in 2006-2013, according to the common recession definition, saying that a recession occurred whenever seasonally adjusted real GDP contracts quarter on
2008–12 California budget crisis
The U. S. state of California had a budget crisis in which it faced a shortfall of at least $11.2 billion, projected to top $40 billion over the 2009–2010 fiscal years. On September 23, 2008, about 3 months after its due date, Governor Arnold Schwarzenegger signed the 2008–2009 budget. Worsening financial conditions since 2003 left the state with a large shortfall. A two-thirds vote is required to pass a budget, in both the original budget negotiations and in the attempt to revise the budget no political party by itself had enough votes to pass a budget; the majority Democrats fought to minimize cuts to programs, while most of the minority Republicans refused to accept any tax increase. The original budget was put together by Democrats and some Republicans using spending cuts, internal borrowing, accounting maneuvers. In November 2008, Schwarzenegger proposed spending reductions including the following measures concerning state employees: One furlough day per month, equivalent to a reduction in pay of about 5 percent.
Elimination of the Columbus Day and Lincoln's Birthday holidays. Employees who must work on holidays would receive holiday credit for use, as opposed to receiving time-and-a-half pay. Employees would more be able to work four ten-hour days per week. Overtime pay rules would be changed so that leave time would no longer be considered as part of time worked. In December 2008, Schwarzenegger ordered mandatory furloughs of two days per month for state employees, as well as "layoffs and other efficiencies" to achieve savings in the General Fund of up to 10%. Labor organizations filed lawsuits and took other actions in an attempt to stop the furloughs of state workers. On Jan. 29, 2009, a Superior Court Judge ruled that Schwarzenegger had emergency furlough power, on February the 3rd District Court of Appeal in Sacramento said the appeal to the decision came too late and was incomplete, so judges were unable to determine if a halt to state furloughs is justified. As part of the furlough, various state offices were closed on the 1st and 3rd Fridays of every month from February 1, 2009 through June 30, 2010, estimated to save the State $1.3 billion.
By February 2009 California State Controller John Chiang delayed $3.5 billion in state payments for at least 30 days because the state was experiencing cash flow difficulties. The state legislature passed a budget in February 2009 that depended on the voters approving tax extensions and money redirection into the general fund, which in May the voters did not approve. Governor Arnold Schwarzenegger proposed $16 billion in cuts and borrowing money from local governments. In the legislature, the Republicans agreed to lower the income of state employees, but the Democrats resisted these proposals and suggested increasing fees to be paid by smokers and oil wells. Neither party agreed to borrowing money from local governments. On April 1, 2009, the state sales and use tax was temporarily increased by one percentage point; the state had been selling bank-guaranteed short-term notes to get cash, but in June 2009 its credit rating was lowered. When the state asked for a federal guarantee of the notes, the Obama administration said it had no legal authority to back state notes and that the state should solve its own problems.
On July 1, 2009, Schwarzenegger ordered state workers to take a third furlough day each month. On July 2, 2009, the state government began issuing IOUs to meet its short term financial obligations. Five days Bank of America, Wells Fargo, JP Morgan Chase announced that they would stop accepting IOUs by July 10. Fitch Ratings dropped California's bond rating from A-minus to BBB. On July 24, 2009, the state government passed a budget that included $15 billion in service cuts, including $8.1 billion in education cuts. Eliminated from the final plan included proposals to borrow money from city and county governments and to drill for oil off the coast of Santa Barbara. Chiang announced in August 2009 that the IOU program would end the next month and that California would pay off 327,000 IOUs worth $2 billion; the budget crisis led to many layoffs at state universities in California. In order to curb the budget shortfalls, the California Board of Regents voted on a 32% raise in all tuition costs for state universities.
This led to the 2009 California college tuition hike protests. With the passage of Proposition 30 in 2012 and a improving economy, for the first time in many years, California Governor Jerry Brown's proposed budget plan for 2013 listed a small surplus. A major source of the deficit was a decline in state revenues from more than $100 billion in 2007 to about $85 billion in 2008—mostly due to declines in personal income taxes, corporate taxes and other taxes. News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis; the state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 mandating another two-thirds supermajority to pass tax increases. The National Conference of State Legislatures notes that, as of 2008, only 9 states required a supermajority to pass the state budget and of those 9, only 3 required a two-thirds supermajority instead of the three-fifths supermajority to pass the state budget.
The NCSL notes that, as of 2008, 15 states required a supermajority to raise taxes and that California was among the 10 of those 15 that require more than a three-fifths supermajority. Proponents of ending the state's supermajority requirements note that "Since 1980, the California State
Robert T. Smith
Robert Tharp Smith was a World War II fighter pilot and ace, credited with 8.7, 8.9 or 9 Japanese aircraft while fighting with the American Volunteer Group. He was born in Nebraska, his family moved to Red Cloud from Hooper, Nebraska in 1927 when his father, Earl W. Smith, was hired as Superintendent of Schools, he graduated Red Cloud High School in 1935. Smith attended the University of Nebraska before joining the United States Army Air Corps in 1939, midway through his senior year. Prior to the time he enrolled in the Air Corps, he worked for the Nebraska State Journal as a proof reader, he received his primary flight training at the Allan Hancock College of Aeronautics at Santa Maria, California. During his training, he was given a couple of check rides with Robert L. Scott, who on May 17, 1942 flew as Smith's wingman on Scott's first combat mission in China. Smith completed basic training with Class 40-C at Randolph Field and advanced training at Brooks Field, Texas, he was commissioned a second lieutenant in June 1940, returned to Randolph Field where his first assignment was as a basic flight instructor.
Smith resigned his commission in July 1941 in order to join Colonel Claire Lee Chennault's American Volunteer Group as a "soldier of fortune" with the Nationalist Chinese Air Force. The Flying Tigers, as they were soon to be called, were in Burma training in Curtiss P-40s when Pearl Harbor was attacked on December 8, 1941. R. T. Smith saw his first combat action over Rangoon on December 23, 1941, when he was credited with shooting down 1.5 Mitsubishi Ki-21 "Sally" bombers, followed on Christmas Day with credit for two more Sallys and a fighter. Promoted to flight leader in the Third Pursuit Squadron, the "Hell's Angels", Smith was credited with shooting down a total of 8.7, 8.9 or 9 Japanese planes, was twice decorated by the Chinese government. The AVG continued to fight throughout Burma and southwest China until it was disbanded on July 4, 1942. Smith returned to the United States on the USAT Mariposa along with 82 other AVG pilots and ground personnel. Prior to being drafted as a private in December 1942, Smith served as the technical advisor on The Sky's the Limit directed by E.
H. Griffith and starring Fred Astaire and Joan Leslie; the side of the P-40 Astaire is flying at the beginning of the movie has a sitting Hell's Angel of the AVG's Third Squadron, on the side of Smith's P-40 #77. Smith was recommissioned as a U. S. Air promoted to major the next month. For the next few months, as commanding officer of the 337 Fighter Squadron, 329 Fighter Group at Glendale and Paine Field, Washington, he trained replacement pilots using Lockheed P-38 Lightning fighter aircraft. Smith married Barbara Bradford in June 1943, adopting her son Brad from a previous marriage to vaudeville performer George Mann. Shortly after being appointed commanding officer of the 329th Fighter Group in September 1943, he volunteered to return to the China-India-Burma Theater with the 1st Air Commando Group, flying occasional P-51 Mustang missions and commanding that group's B-25 Mitchell squadron in support of British General Orde Wingate's troops working out of India and moving behind Japanese lines in Burma.
One story is told of when Smith was flying alone in his P-51 and saw a crowd gathered around a jeep on the flying field. Someone was making a speech and Smith assumed it was Phil Cochran, co-commander of the 1st Air Commando Group, he put his P-51 into a dive and buzzed the speaker, nearly taking his hat off, at over 450 miles an hour. It was only after Smith landed that he learned the speaker was Lord Louis Mountbatten, Supreme Allied Commander, South-East Asia. Lord Mountbatten was not angry at Smith, but was angry at his aide for having him make a speech on an active flying field. Smith was promoted to lieutenant colonel in March 1944, flew 55 combat missions over Burma, was awarded the Air Medal, Distinguished Flying Cross and Silver Star. Smith returned to the United States in the late spring of 1944 and was assigned as Director of Flying Training with the 441st Army Air Force Base Unit at Van Nuys, California, a P-38 training base; the Base Operations Officer at the time was Major Barry Goldwater.
He resigned from the Air Corps at the conclusion of World War II and bought a home in the San Fernando Valley in Southern California across from the Los Angeles River when it was a river instead of the concrete channel it is today. After flying DC3s and Constellations between Los Angeles and Kansas City for a year and a half with Trans-World Airlines, he wrote radio scripts for the Hopalong Cassidy Western Adventure Show and Abner, The Phil Harris-Alice Faye Show, the Clyde Beatty Show, he wrote the screenplay for the 1953 movie Perils of the Jungle starring Clyde Beatty. Smith was co-owner of a toy manufacturing company. About this time, Smith joined Lockheed Aircraft Corporation as a technical writer, working his way up through the organization, first as a military sales representative for the F-104 Starfighter, to open and manage a new corporate office for Lockh
The National Post is a Canadian English-language newspaper. The paper is the flagship publication of Postmedia Network, is published Tuesdays through Saturdays, it was founded in 1998 by Conrad Black. Once distributed nationally, it began publishing a daily edition in the provinces of Ontario, Quebec and British Columbia, with only its weekend edition available in Manitoba and Saskatchewan; as of 2006, the Post is no longer distributed in the territories. Conrad Black built the National Post around the Financial Post, a financial newspaper in Toronto which Hollinger Inc. purchased from Sun Media in 1997. Financial Post was retained as the name of the new newspaper's business section. Outside Toronto, the Post was built on the printing and distribution infrastructure of Hollinger's national newspaper chain called Southam Newspapers, that included the newspapers Ottawa Citizen, Montreal Gazette, Edmonton Journal, Calgary Herald, Vancouver Sun; the Post became Black's national flagship title, Ken Whyte was appointed editor.
Beyond his political vision, Black attempted to compete directly with Kenneth Thomson's media empire led in Canada by The Globe and Mail, which Black and many others perceived as the platform of the Liberal establishment. When the Post launched, its editorial stance was conservative, it advocated a "unite-the-right" movement to create a viable alternative to the Liberal government of Jean Chrétien, supported the Canadian Alliance. The Post's op-ed page has included dissenting columns by ideological liberals such as Linda McQuaig, as well as conservatives including Mark Steyn and Diane Francis, David Frum. Original members of the Post editorial board included Ezra Levant, Neil Seeman, Jonathan Kay, Conservative Member of Parliament John Williamson and the author/historian Alexander Rose; the Post's magazine-style graphic and layout design has won awards. The original design of the Post was created by a design consultant based in Montreal; the Post now bears the motto "World's Best-Designed Newspaper" on its front page.
The Post was unable to maintain momentum in the market without continuing to operate with annual budgetary deficits. At the same time, Conrad Black was becoming preoccupied by his debt-heavy media empire, Hollinger International. Black divested his Canadian media holdings, sold the Post to CanWest Global Communications Corp, controlled by Israel "Izzy" Asper, in two stages – 50% in 2000, along with the entire Southam newspaper chain, the remaining 50% in 2001. CanWest Global owned the Global Television Network. Izzy Asper died in October 2003, his sons Leonard and David Asper assumed control of CanWest, the latter serving as chairman of the Post. Editor-in-chief Matthew Fraser departed in 2005 after the arrival of a new publisher, Les Pyette – the paper's seventh publisher in seven years. Fraser's deputy editor, Doug Kelly succeeded him as editor. Pyette departed seven months after his arrival, replaced by Gordon Fisher; the Post limited print distribution in Atlantic Canada in 2006, part of a trend to which The Globe and Mail and the Toronto Star, Canada's other two papers with inter-regional distribution, have all resorted.
Print editions were removed from all Atlantic Canadian newsstands except in Halifax as of 2007. Focussing further on its online publishing, in 2008, the paper suspended weekday editions and home delivery in Manitoba and Saskatchewan; the reorientation towards digital continued into its next decade. Politically, the Post has retained a conservative editorial stance although the Asper family has long been a strong supporter of the Liberal Party of Canada. Izzy Asper was once leader of the Liberal Party in his home province of Manitoba; the Aspers had controversially fired the publisher of the Ottawa Citizen, Russell Mills, for calling for the resignation of Liberal prime minister Jean Chrétien. However, the Post endorsed the Conservative Party of Canada in the 2004 election when Fraser was editor; the Conservatives narrowly lost that election to the Liberals. After the election, the Post surprised many of its conservative readers by shifting its support to the victorious Liberal government of prime minister Paul Martin, was critical of the Conservatives and their leader, Stephen Harper.
The paper switched camps again in the runup to the 2006 election. During the election campaign, David Asper appeared publicly several times to endorse the Conservatives. Like its competitor The Globe and Mail, the Post publishes a separate edition in Toronto, Canada's largest city and the fourth largest English-language media centre in North America after New York City, Los Angeles and Chicago; the Toronto edition includes additional local content not published in the edition distributed to the rest of Canada, is printed at the Toronto Star Press Centre in Vaughan. On September 27, 2007, the Post unveiled a major redesign of its appearance. Guided by Gayle Grin, the Post's managing editor of design and graphics, the redesign features a standardization in the size of typeface and the number of typefaces used, cleaner font for charts and graphs, the move of the nameplate banner from the top to the left side of Page 1 as well as each section's front page. In 2009, the paper announced that as a temporary cost-cutting measure, it would not print a Monday edition from July to September 2009.
On October 29, 2009, Canwest Global announced that due to a lack of funding, the National Post might close down as of October 30, 2009, subject to moving the paper to a new holding company. Late on October 29, 2009, Ontario Superior Court Justice Sarah Pepall ruled in Canwest's favour and allowed the paper to move into a holding company. Investment bankers hired by Canwest received no
The Sunday Telegraph
The Sunday Telegraph is a British broadsheet newspaper, founded in February 1961, is published by the Telegraph Media Group, a division of Press Holdings. It is the sister paper of The Daily Telegraph published by the Telegraph Media Group. A separate operation with a different editorial staff, since 2013 the Telegraph has been a seven-day operation. Official website