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.

I’d say this delaying tactic would hurt us with the IOC, but, well, um.

Now’s a good time to read all about TIF districts!  

Also: the housing market isn’t going to get better for awhile; Ben Joravsky’s most recent TIF news.

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.