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Is Chicago the next Detroit?

While parallels have been drawn between Detroit and Chicago for their huge unfunded pension liabilities, Jack Ablin of BMO Private Bank says his hometown is in an entirely differen... More While parallels have been drawn between Detroit and Chicago for their huge unfunded pension liabilities, Jack Ablin of BMO Private Bank says his hometown is in an entirely different position. Says Ablin, Chicago's population is stable and growing and real estate prices are rising, whereas Detroit's demise has been a slow and steady decline that started in the 1970s. The Bank of England said that it planned to keep interest rates at a record low until unemployment falls to at least 7 percent. World stock markets fell, led by a plunge in Japan's benchmark index, as expectations mounted that the U.S. central bank will begin to phase out its monetary stimulus next month. Less

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