According to an article in the Star-Telegram, the Chicago Cubs is filing Chapter 11 bankruptcy in an effort to make it easier to sell the sports team.

The article said:

“The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts… The team’s brief stay in Chapter 11 …

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… research director Christopher Hoene warned that cities including Los Angeles, Dallas and Chicago have explored cuts to public safety as a way to cope with future budget shortfalls.

“The worst of the recession’s impact for cities still isn’t here yet. We’ll be feeling it in 2010 and 2011,” Hoene said. “That means service cuts and quality-of-life changes that define who you are as a city.”

“A steep drop in property tax revenues has had a major impact on cities, …

… any prior experience with a bankruptcy filing by a TARP recipient,” said Kathleen Shanley, a Chicago- based bond analyst for Gimme Credit LLC. “It is possible the U.S. TARP investment could be wiped out.”

Also, 1 million of CIT Group’s customers, including 300,000 retailers may lose access to credit if the lender files for bankruptcy. Many analysts fear that a CIT Group bankruptcy could devastate retailers who are already struggling in this sour economy. And with the existing …

… to reduce expenses by $110 million.

The Star-Telegram has joined other newspapers such as The Chicago Tribune in implementing job losses and cutting salaries in an effort to survive the recession. And the actions of the newspaper industry are not isolated. Many more businesses are expected to implement more job losses and salary cuts across the board as they watch the recession eat away at their revenue. Many companies simply have too many employees for their current circumstances. …

… Mr. Santelli accused the President and Congress of “promoting bad behavior” and riled up the Chicago Mercantile Exchange as he went on a rant against struggling homeowners facing foreclosure. An excerpt is below:

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“How many of you want to subsidize the losers’ mortgages or would we like to at least buy cars and houses in foreclosure and give them to people who might have a chance to prosper down the road…”

He then went on to describe the people in the room as …