Unemployment to Skyrocket in the Coming Weeks Reports Study by @BallState #CoronaVirusUpdate

Extreme social distancing in the United States will create a recession as mass layoffs cause unemployment to exceed 10.5% nationally and 10% in Indiana within 45 days, says a new report from Ball State University.

Within 90 days, the economic downturn caused by governmental efforts to mitigate COVID-19 will cause unemployment to rise to 14.6% nationally and 14.5% Indiana.

The co-authors of “What Will the Next Three Months Look Like? Simulating the Impact of Social Distancing on GDP and Employment” by Ball State’s Center for Business and Economic Research (CBER) says the picture could be worse.

“These are likely very conservative estimates, yet it argues that job losses in March, April, May, and June may be the four largest in U.S. history, topping the 1.9 million jobs lost in the weeks following V-J Day in September 1945,” said CBER director Michael Hicks. “This level of job losses does not consider the effect of school closures on labor supply by households. This study does not assess the impact of supply chain disruptions on manufacturing, nor does it include the extreme shock to household wealth caused by stock market declines.”

CBER’s analysis finds the effect of a 45-day social distancing will reduce GDP significantly—down .5 nationally and .4 in Indiana —and cause job losses of nearly 121,000 in Indiana, and 10.6 million nationally. After 90 days of social distancing, researchers anticipate 241,000 workers to be unemployed in Indiana, and 21 million unemployed nationally. GDP will fall .9 nationally and .7 in Indiana.

“Moreover, this estimate extends only 90 days and does not include much broader impacts of longer social distancing,” he said. “We urgently need state policies to speed resources to displaced workers, and we need policies such as workshare and relief from job search, job tenure, and earnings requirements.”

Hicks also pointed out that state and federal policies that encourage extensions to borrowing terms should be broadly encouraged.

“This should extend to both small businesses and households,” he said. “Federal policies that supplement income for all residents are required. Universal basic income payments, with a fixed duration, would provide economic stabilization while minimizing labor market supply effects.

“Beyond stabilization efforts, state and federal governments should prepare for longer duration impacts. Schools across much of the nation are unprepared for lengthy closures. Efforts to expand broadband connectivity and fund technological options for schools should be part of a broader stimulus bill.”

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Trailer Released for #FamiliesOfTheMafia - They're done with the Mafia, but now it's time to find out if the Mafia is done with them

“Families of the Mafia,” which is billed as a six-part series, is set to premiere Thursday, April 9, on MTV following “Jersey Shore Family Vacation.” The network describes the show as “the gripping realities of four mafia-tied families on Staten Island as they navigate a divide between parents attempting to guide their children to a better life, and their offspring who want to write their own stories. With one lifestyle and two generations, tensions run high as they decide whether to embrace their families’ legacy or break generational curses.”

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The Mob Museum Temporarily Closes in #LasVegas as Coronavirus Precaution @TheMobMuseum

From The Mob Museum in Las Vegas:

Nothing is more important to us than the health and safety of our community, and it has become clear that all public institutions must take every possible precaution to reduce the coronavirus spread. With that in mind, The Museum is temporarily suspending all public operations until further notice.
Any changes and updates will be announced by email, on our website and through social media. For information on previously purchased tickets, facility rentals or group bookings, please reach out to our guest services team at 702.229.2734 or info@themobmuseum.org.

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Benjamin "Bugsy" Siegel was Born #OnThisDay in 1906

Benjamin "Bugsy" Siegel, an American mobster with the Luciano crime family was one of the most infamous and feared gangsters of his day.

He was born on February 28th, 1906 and became a driving force behind the development of the Las Vegas Strip.

On the night of June 20, 1947, Siegel was shot and killed in a Beverly Hills home. The crime remains unsolved.

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Details on Ten Defendants Charged With Illegally Conducting Multi-Million Dollar Sports Gambling Business

Ten defendants have been charged in federal court with conspiring to illegally conduct a multi-million dollar sports gambling business in the Chicago area.

VINCENT DELGIUDICE, also known as “Uncle Mick,” directed an operation that accepted wagers from as many as 1,000 gamblers on the outcome of professional and amateur sporting events, according to a nine-count indictment returned in U.S. District Court in Chicago. Delgiudice paid a service fee to a foreign sportsbook for use of its platform, and recruited gamblers to place wagers on a website, www.unclemicksports.com, according to the charges. Delgiudice sometimes communicated with representatives of the sportsbook via an anonymous, end-to-end encrypted messaging application to ensure their communications remained secret, the indictment states.

The indictment alleges that Delgiudice also recruited several individuals to work on behalf of his gambling operation. These agents enlisted new gamblers and worked with Delgiudice to collect or pay out cash depending on the outcome of wagers, the indictment states. Delgiudice paid the agents a commission based on a percentage of losses incurred by the gamblers they recruited, the charges allege.

A law enforcement search of Delgiudice’s residence in Orland Park seized more than $1.06 million in cash; silver bars and jewelry valued at $347,895; and gold coins valued at $92,623. The indictment seeks forfeiture of these items, as well as Delgiudice’s residence. It also seeks a personal money judgment against Delgiudice of $8 million.

The indictment was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago office of the FBI; and Kathy A. Enstrom, Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago.  The government is represented by Assistant U.S. Attorneys Ankur Srivastava, Terry Kinney, and Abigail Peluso.

The FBI’s Integrity in Sport and Gaming Initiative (ISG) is designed to tackle illegal sports gambling and combat threats of influence from criminal enterprises.

The indictment charges Delgiudice, 54, with one count of conspiracy to conduct an illegal gambling business, one count of conducting an illegal gambling business, one count of conspiracy to commit money laundering, and six counts of money laundering.

The indictment charges eight alleged agents of Delgiudice’s operation with one count of participating in the gambling conspiracy and one count of conducting an illegal gambling business: MATTHEW KNIGHT, also known as “Sweaters” and “McDougal,” 46, of Mokena; JUSTIN HINES, 40, of Algonquin; KEITH D. BENSON, 49, of Lemont; TODD BLANKEN, 43, of Cary; NICHOLAS STELLA, 42, of Chicago; MATTHEW NAMOFF, 23, of Midlothian; CASEY URLACHER, 40, of Libertyville; and VASILIOS PRASSAS, 37, of Chicago. The tenth defendant, EUGENE DELGIUDICE, also known as “Gino,” 84, of Orland Park, allegedly assisted in the collection or paying out of cash to gamblers recruited by Vincent Delgiudice. Eugene Delgiudice is charged with one count of participating in the gambling conspiracy and one count of conducting an illegal gambling business.

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