Category: NEWS
Famous Chicagoland tractor and truck museum auctioning its multimillion-dollar collection
George Schaaf is in one hall of fame, and he created something of another one.
The Chicagoland native has run the George and June Schaaf Tractor and Truck Museum in Frankfort, Illinois, since the 1990s, but at 89 years old, and his wife June passing away several years ago, he has made the tough decision to close its doors and sell the amazing collection.
Schaaf grew up in a family that ran a window business in Chicago, but spent a lot of time on a farm as a youth.
“When I was a kid, I stayed on a farm from when I was 10 to 18, so I got an attachment to the tractors,” Schaaf told Fox News Digital.
$200 MILLION TREASURE MAP SHOWS LAST LOCATION OF FAMOUS MISSING CARS
While in the city, he played the locally popular game of 16-inch softball, which features a larger, softer ball than regular version.
The players do not wear gloves and often get their fingers jammed and broken, which is considered a badge of honor.
“I had A few bent ones, Schaaf said. “Anybody who plays is going to get a couple.”
Schaaf retired from playing in the 1980s and was later inducted into the 16-inch Softball Hall of Fame in Forest Park for both his performance on the field and charitable work supporting youth sports.
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He then started focusing on his hobby of collecting classic tractors and trucks, which led to the establishment of the museum, which has dozens of them, some dating back more than a century.
Schaaf said he bought whatever caught his eye regardless of the condition and gave the roughest ones full restorations that involved totally disassembling them to fix and finish each and every part with the same care shown to multi-million classic cars, and with good reason.
Prices for some rare tractors can run well into the hundreds of thousands, and a 1913 Case 30-60 was auctioned this May for $1.47 million.
Schaaf does not have one of them, but there are a few very rare vehicles in his collection that will be auctioned by Mecum Auctions on October 1 at the museum.
Among them is a 1917 Little Oak that is the only one of its kind known to still exist. It was one of the first “one man tractors” that had a plow powered by the engine, which could be raised and lowered from the driver’s seat.
His 1937 Cockshutt Hart-Parr 70 Orchard is another sole survivor and was originally built for Canada by the Oliver Farm Equipment Company.
One more unique vehicle is a 1938 Monarch Sno-Motor that had many lives. It was designed by the U.S. Forest Service of Portland, Oregon, and first used to haul wood before being put into service for the construction of the famous Mt. Hood Timberline Lodge, where it later spent several years pulling skiers up the slopes. Schaaf said it took a “monumental” restoration effort to get it into the pristine condition it is today.
However, that sort of thing did not stop him from putting his equipment to work at tractor shows every couple of weeks.
“When I restore them, I would take them out and use them right away. A lot of people restore them, and they don’t show them at all, they just leave them in a barn,” he said.
For those with exotic tastes, there are two Lamborghini tractors on the docket. The sports car company having been founded by owner Ferruccio Lamborghini after becoming frustrated with the service he was getting for the Ferraris that he owned.
Schaaf only has nine antique cars and trucks up for sale, but they are no less impressive. The lot includes a 1913 International Autowagon MW, a 1937 Ford Pickup and a stunning rare 1950 Ford “Shoebox” Business coupe that is like one he had when he was young.
He is also selling a 1932 Case CC, which was the first tractor in his collection, but is keeping another of the brand’s models.
The 1923 Case 40/72 is one of five left and a favorite of his.
“That way, if I go to a tractor show, I’ve got something to bring,” Schaaf said.
“It’s powerful. When I enter it in pulling contests it usually wins.”
As for what it is all worth, neither he nor Mecum have offered any pre-sale estimates, but he is optimistic the hard work he has put into them will be appreciated by the bidders.
“I hope they get carried away,” he said.
https://www.foxnews.com/auto/famous-chicagoland-tractor-truck-museum-auctioning-multimillion
Eurozone inflation hits record 10%, highest in the history of the euro
Inflation in the eurozone reached 10% in September, the highest it has ever been in the history of the common European currency.
Opinion: Attention economy — in defense of adult coloring books
Mindfulness merchandise might be cringeworthy, but in the attention economy its offerings are invaluable, says DW’s Kate Ferguson.
5 women who should have won a Nobel Prize
It was an all-male lineup of laureates for last year’s Nobel Prizes in medicine, physics and chemistry, awards which grant the recipients entry to the most prestigious club in science.
https://www.cnn.com/2022/09/30/europe/nobel-science-prizes-scn/index.html
Opinion: In Ian’s wake, the spotlight is on Biden and DeSantis
There are very few things that test political leaders like natural disasters. When mother nature wreaks havoc, presidents, governors, and legislators are forced to deploy resources to address the dire needs of those affected. This week, Hurricane Ian tore through the sunshine state with 150-mph winds and catastrophic floods that left at least 15 people dead in what President Joe Biden said could be the “deadliest hurricane in Florida’s history.” Millions of residents are still without power, and the losses covered by insurance alone could cost tens of billions of dollars.
https://www.cnn.com/2022/09/30/opinions/hurricane-ian-biden-desantis-zelizer/index.html
Justice Ketanji Brown Jackson formally welcomed to a Supreme Court she will help to shape
A former federal trial court judge and public defender, Justice Jackson may bring a unique insight to criminal cases at the Supreme Court, experts say
Chinese Youth Unemployment Still Near Record High
Chinese Youth Unemployment Still Near Record High
China’s jobless rate for 16- to 24-year-olds stood at 18.7% in August, stubbornly close to July’s record-high 19.9%.
The slight improvement came as the Chinese government unrolls a variety of stimulus measures — while also continuing to undermine the economy with draconian zero-Covid policies that are as destructive as they are quixotic.
With a record 10.8 million Chinese set to graduate from college by the end of the year, competition for positions is only getting fiercer. One unemployed 2021 graduate was recently alarmed to discover some job postings are now open only to 2022 and 2023 grads.
Of course, recent college grads aren’t the only ones looking for openings: Layoff victims are in the mix too.
Earlier this month, the Chinese government committed to a host of initiatives meant to boost employment prospects:
“China’s cabinet…said it would scale up support for start-ups to help create jobs, ordered banks to extend special loans to key internet companies and promised subsidies for college students yet to find work two years after graduation,” reports the South China Morning Post.
Those measures face stiff headwinds: While job applications soared a staggering 135%, job advertisements in the second quarter plummeted by 19%, compared to 2021.
Meanwhile, a broader sort of stagnation is setting in among Chinese youth. It’s encapsulated by a recently-popularized phrase in China: “tang ping,” which means “lying flat.” Similar to the American notion of “quiet quitting,” tang ping represents a lifestyle that embraces low expectations for professional and financial success.
The stagnation also seems to be affecting the institution of marriage. Marriages fell to a record low of 7.6 million last year, about half the record mark set in 2013. As we explained recently, that trend is weighing mightily on the housing market, feeding a vicious circle of economic and social malaise.
Speaking to the South China Morning Post, a 24-year old graduate of a top Shanghai university summed up the bleak situation confronting the young people of the world’s most populous country: “We’re in a pessimistic and helpless mood.”
Tyler Durden
Fri, 09/30/2022 – 04:15
https://www.zerohedge.com/economics/chinese-youth-unemployment-still-near-record-high
Nasdaq Selloff Brings Technology Gauge Back To Long-Term Average
Nasdaq Selloff Brings Technology Gauge Back To Long-Term Average
By Akshay Chinchalkar, Bloomberg Markets Live commentator and reporter
The Nasdaq’s near-16% plunge since the middle of August has brought two critical thresholds back in focus. One of them is the June low that remains unbroken for now and the other is support from the 200-week moving average that successfully held a test by the last leg down.
The bellwether technology gauge has had a roller coaster third quarter — underlined by extreme volatility under the surface. The trough in June saw the index rally over 22% on investor expectations that the growing risk of a recession would force the Fed to pivot down from its aggressive tightening stance. Those gains were merely fleeting though, as a surging dollar along with rapidly rising rates globally saw investors quickly reassess those earlier bets, resulting in the gauge reversing its largest intra-quarter gains in history.
The index is now resting at the 200-week moving average which has provided support on several occasions historically, including the pandemic crash of 2020. Breadth wise, the percentage of members trading above the 200-day average was at 8% at Tuesday’s close, matching readings witnessed during the 2018, 2020 and the June 2022 lows.
Whether this oversold state at long-term support results in the Nasdaq bouncing remains to be seen. But there is no doubt that continued deterioration in price action at these levels will make the rest of 2022 as challenging as the rest of the year has been.
Tyler Durden
Fri, 09/30/2022 – 07:20
https://www.zerohedge.com/markets/nasdaq-selloff-brings-technology-gauge-back-long-term-average
Pentagon Increases Surveillance Of Russia’s Kaliningrad As Nuclear Tensions Heighten
Pentagon Increases Surveillance Of Russia’s Kaliningrad As Nuclear Tensions Heighten
Authored by by Kyle Anzalone & Connor Freeman via The Libertarian Institute,
The United States has carried data collected by flight tracking site RadarBox.
The territory has become a potential flashpoint in recent months, as members of the US-led military bloc have threatened to cut it off from mainland Russia, with which it shares no border.
Earlier this year, NATO announced that it would welcome Finland and Sweden into the alliance. Moscow warned it could increase its military presence in the region as a response to any future strategic weapons deployments within the territory of new members.
All but two of NATO’s 30 signatories have formally approved membership for Stockholm and Helsinki, with Turkey and Hungary now the only remaining hold-outs.
Additionally, Russia and Lithuania’s relationship degraded after Vilnius blocked Moscow from transporting goods from the homeland to its exclave. After receiving threats from the Kremlin and pressure from the European Union, however, Lithuania relaxed most of the restrictions.
The increased surveillance flights come as Western leaders voice concerns that Russian President Vladimir Putin could order a nuclear strike on Ukraine or one of its neighbors. Politico recently reported that Western intelligence agencies “are stepping up efforts to detect any Russian military moves or communications that might signal that Putin has ordered the use of nuclear weapons.”
Tyler Durden
Fri, 09/30/2022 – 06:30
Ketanji Brown Jackson will make history today. Here’s a look at her first few months at the fractured Supreme Court
Supreme Court Justice Ketanji Brown Jackson has joined an institution of isolated chambers and archaic procedures. It is also a place that has lost the public’s trust. So, as she navigates the cloistered corridors, she’ll also have to watch her footing in the ongoing debate over the institution’s legitimacy.
https://www.cnn.com/2022/09/30/politics/ketanji-brown-jackson-supreme-court/index.html