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Cedar Rapids Gazette (Newspaper) - November 8, 2008, Cedar Rapids, Iowa
An edition of Gazette communications �2008 vol. 126 no. 304 wot <6>a?Ette an Independent newspaper in Iowa a technology corridor saturday november 8, 2008 75 cents Economy unemployment hits 14-year jobless rate 10.1 million jobless a new setback for nations recovery Washington a the nations jobless ranks zoomed past to million last month the most in a Quarter Century. Piles of Pink slips shut factory Gates and office doors to 240,000 More americans with the holidays nearing. Politicians and economists agreed on a painful Bottom line ifs Only going to get worse. The unemployment rate soared to a 14-year High of 6.5 percent the government said Friday up from 6.1 percent just a month earlier. Iowa a unemployment rate in october will be released nov. 21. The state recorded a 4.2 percent jobless rate in september Down from 4.5 percent in August. There also was More grim news Friday from . Auto reconstruction a decision of a lifetime City Hall finalizing flood Protection plans by Rick Smith the Gazette Cedar rapids a City Hall on Friday tied up some Loose ends on the proposed flood Protection system coming Here in the years ahead. Among them a no one is going to raze the historic Louis Sullivan designed Bank at 101 third ave. So As part of the City a levee building plans. A a citizens idea to build canals through neighbourhoods to control floodwaters costs too much and does no to provide enough Protection against flooding. A the lower Section of the 5-in-1 Bridge leading to e and f avenues new Isnit going anywhere. Floodgates will be put in place when needed to hold Back floodwaters there. City consultant Jason Hellendrung on Friday led the City building to be saved n in res be % Council through a last discussion of the plans for a system of levees and flood Walls before the Council formally signs off on the plan at its meeting wednesday evening. Hellendrung a principal with consultant Sasaki associates of Watertown a a decision Page 8a election 2008 Obama Swift action needed on Economy Chicago apr presi Lent elect Obama assembled tis economic team Friday and Oberly told he nation that Strong action s needed to confront a the greatest eco logic Chal Enge of our in his first lews conference since Leing elected tuesday Obama called in Congress to extend unemployment benefits and pass i stimulus Bill. But his More ambitious remedies he said president elect Obama supports new stimulus plan plug in to More news 24/7 makers Ford motor co. And general motors corp., american giants struggling to survive each reported big losses and figured to be announcing even More Job cuts before Long see Story 9b. Barack Obama in his first news conference As president elect said the nation was facing the economic Challenge of a lifetime but expressed Confidence he could Deal with it. The labor departments unemployment report provided Stark evidence that the Economy a health was deteriorating at an alarmingly rapid Pace. The jobless rate was 4.8 percent just one year ago. About 10.1 million people were unemployed in october the most since the fall of 1983. More people have jobs now since the population has grown but its still a staggering jobless figure. With employers slashing jobs every month so far this year some 1.2 million positions have Dis appeared Over half in the past three months alone. Like Obama president Bush expressed Confidence that things would get better a your Economy overcome great challenges before and we can be confident that it will do so but economists were much less upbeat than politicians. A a Economy Page 8a percent of civilian labor Force that is unemployed by month seasonally adjusted annual has i get. �?T07 a 2008 act source . Bureau of labor statistics of. �?T08 must wait until he takes office Jan. 20. Obama displayed an air of authority and Confidence standing before a dozen economic advisers and rows of american flags As he spoke for 20 minutes. He mixed lighthearted remarks about family pets even calling himself a a a Mutt with grim faced assessments of the nations economic predicament. A some of the choices that we make Are going to be difficult a he said Reading a statement before taking several questions. A it is not going to be easy for us to dig ourselves out of the Hole that we Are in. But a a Obama Page 8a a breaking local news updates throughout the Day a full obits and today a services a blogs pictures discussion boards in search of a Church a find and map places of worship la the corridor data Central at see news have news Cedar rapids 3 1 9 3 98 8 2 54 Iowa City 3 1 9 3 3 9 3 1 55 Iowa m80o 3 97 8312 6 "45914 0 002 1 cheaper to subscribe 1- 800 397-8333 in Rio bbdge.deaths.7b horoscope.7e movies.2d religion.8b Iii Una calendar.3d editorial.4a legals.3f people.7a stocks.9b farm 10b lottery.2a puzzles.4f advice.3d comics.4d history.4f money.10b recreation.8c weather.4f Snow showers blustery a today 37 25 4f sunday 4123 the floods of 2008 Brian Ray photos the Gazette wig amp pen pizza pub owner Dick Querrey Power washes items in front of his business wednesday. The Federal emergency management Agency required Querrey to install flood Gates and a Cement Wall four feet tall around the building for it to be insurable in the 100-year flood Plain. While just across the City line in Iowa City the pub is considered part of the Coralville strip. Old Chicago supervisor Shan Chase of Iowa City prepares to Send out food to a Large party wednesday in the Kitchen of the restaurant in Coralville. Old Chicago was heavily damaged by the flood in june but has since reopened. Coralville a notable business strip is in Post flood flux by Stephen Schmidt the Gazette Coralville a it was painting Day thursday at the wig amp pen pizza pub. Owner Dick Querrey said he Hopes that puts him one Day closer to reopening the flood damaged business that while across the City line in Iowa City is a popular spot included in the Well known business District known As the Coralville strip. A a we be had to jump through a lot of hoops to get this going a Querrey said. Querrey is just one of several business owners attempting to return in this Section hit hard by june a flooding. The Iowa River erupted from its Banks on june 12, causing More than $21 million of damage to local businesses and shutting Down the often used passage connecting Iowa City and Coralville for More than two weeks. A Quick drive Down the Coralville strip this week reveals an area still in transition with businesses boasting Quot open signs sitting next to vacant buildings offering leases. A a Coralville Page 8awe
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