I was talking to a recently and unceremoniously fired high school teacher when word came down that the mayor had cut his own newer, better version of the parking meter deal.

As you may recall, in the original deal we gave a consortium of really rich people—Chicago Parking Meters LLC—the right to collect the money we feed parking meters for 75 years.

In return, they gave us about $1.2 billion—chump change to these cats. Or at least a small fraction of all the money they’ll be raking in until 2084.

Well, actually, you and I didn’t give them the right to control the meters.

That was a gift from the City Council, whose members were following Mayor Daley’s orders. Just as they now follow Mayor Emanuel’s orders.

Which is why you can bet they’ll approve this newer, better version of the deal.