* The Tribune answers two questions that I’ve been asked the most since yesterday’s announcement…

As for the millions of dollars in his campaign war chest, the mayor said he would return it to donors. Emanuel said he’d stay out of the political race to succeed him but would be a “keen observer.”

* We’ll see if this becomes true…

A day after pulling the plug on his bid for a third term, Mayor Rahm Emanuel on Wednesday said Chicago’s next mayor hasn’t yet entered the race to succeed him.

Emanuel told WGN radio host Steve Cochran he doesn’t think any of the 12 announced candidates for the fifth floor office at City Hall has the skill set to do the job, while getting in plugs for some of his own work.

* And then there’s this…

The announcement also raises more immediate questions over whether the Emanuel administration will move forward with a $10 billion pension obligation bond issue that could prove a harder sell with the buyside now that uncertainty looms over the city’s future leadership. The city’s finance department could not immediately be reached to comment. A decision had been expected as soon as this week.

The city’s decision, market participants say, will hinge on rating agency analysis because the city wants to preserve its general obligation rating and higher-grade securitization credits under a structure that would likely tap the securitization.

* I have serious doubts about Kass’ Vallas prediction, but he’s absolutely right that the downtown interests are frantically searching for “their” candidate…

Mayor Rahm Emanuel drops a political bombshell on Chicago, announcing he won’t run for re-election, and just like that the race for mayor has been transformed: It’s Lord of the Flies on LaSalle Street. […]

But institutional Chicago — the banks and others of the financial sector, the foundations and so on — and those who write the big campaign checks, may now see Vallas as the only announced candidate who can run Chicago from day one.

* And, finally, this revised meme is from a pal who is bored today because he focuses on state politics and everybody is talking about the mayor’s race…

I’d change “entire city of Chicago” to “every Chicago-based political reporter/pundit,” but why quibble with near-greatness?

* Related…

* How Emanuel’s exit may affect Chicago’s bid for Amazon’s HQ2

* Rahm Emanuel wanted to expand O’Hare airport and partner with Elon Musk on high-speed rail. Now what?

* CS-T Editorial: Rahm made tough calls but just couldn’t unite our city. Can anyone?

* Allies praise Rahm Emanuel, but critics are eager to turn the page: “This union, the CTU, followed Karen Lewis into battle, and today we’ve won,” Sharkey said. “Make no mistake, the members of this union won. We knocked out Mayor 1 Percent.”

* In Rahm Emanuel’s tenure, a global vision bogged down by local issues: Although some of Emanuel’s accomplishments helped critics label him as “Mayor 1 percent,” he will leave his mark on a Chicago that now, perhaps more than ever, looks the part of a titan in American business, culture and tourism. He may be remembered as the mayor who brought a Whole Foods to Englewood, but not the one that ended decades of disenfranchisement there and in other neighborhoods like it.

* Rahm Emanuel’s announcement comes on eve of trial over police shooting that plagued his second term

* Zorn: Surprised yet grateful that Emanuel is passing the torch: I’m also glad that, with Emanuel out of the race, the campaign will be less about the past and more about the future. The prospect of an endless relitigation of Emanuel’s most regrettable decisions in office would have made for a harsher and more backward-looking campaign than we need or deserve.

* Greg Hinz: Three folks to watch as the mayoral derby gets going - Lots of names are emerging in the wake of Emanuel’s decision not to run, but Toni Preckwinkle, Susana Mendoza and Mike Quigley are on the interim short list.

* Toni Preckwinkle testing the waters for possible mayoral run: Preckwinkle has also been a close friend of legendary former Chicago Teachers Union president Karen Lewis and this/close to Cook County State’s Attorney Kim Foxx.

       

19 Comments - 47th Ward - Wednesday, Sep 5, 18 @ 2:36 pm: I’m a huge fan of Lori Lightfoot, but running against Rahm was her raison d’etre. Without Rahm in the race, she loses her greatest advantage. The CTU still hates Vallas, the FOP still hates McCarthy, etc. Rahm is right, the next mayor isn’t officially in the race yet. - wordslinger - Wednesday, Sep 5, 18 @ 2:41 pm: –A day after pulling the plug on his bid for a third term, Mayor Rahm Emanuel on Wednesday said Chicago’s next mayor hasn’t yet entered the race to succeed him.– My spider sense (or tin foil hat) tells me he has someone in mind, and will work his funder network for that person. - IrishPirate - Wednesday, Sep 5, 18 @ 2:42 pm: Kass is in the bag for Vallas. Of course I support Vallas, but I doubt the big money will support him. This is gonna be the most fun election season since 1983. - 51st ward - Wednesday, Sep 5, 18 @ 2:43 pm: I hope Rahm is right, the next mayor isnt in the race yet. None of the currently announced are all that inspiring or lack real substance. The anti Rahm candidates will be exposed as lacking anything but Im not him. - mark - Wednesday, Sep 5, 18 @ 2:50 pm: “downtown interests”? isn’t their guy the vice-mayor? asking for a friend - DuPage Bard - Wednesday, Sep 5, 18 @ 2:52 pm: This meme sums it up well. The VPM hit should have happened last week before this bombshell. Hindsight 20/20 Any October surprise won’t even be noticed as candidates come crashing out and start petitions for the mayoral race of the third largest city in the nation. Tactical error on Rauner folks. JB needs to start hitting back against the VPM then start pounding Rauner hard and quadruple Rauner’s ad buy about his failures. Bruce will be drowned out entirely from 75% of voters at that point. - Grand Avenue - Wednesday, Sep 5, 18 @ 2:54 pm: Does 2019 sucking all the oxygen in Chicago out of the Governor’s race have any effect on turnout in November? - Roman - Wednesday, Sep 5, 18 @ 2:56 pm: That meme is dead on. Chicagoans are concerned about who’s on the fifth floor of City Hall about twice as much as they care about who’s on the second floor of the Capitol Building. For reporters, it’s a factor of ten. - Rich Miller - Wednesday, Sep 5, 18 @ 3:05 pm: ===have any effect on turnout in November? === Same thing happened 8 years ago. It didn’t hurt city turnout. - BlueDogDem - Wednesday, Sep 5, 18 @ 3:07 pm: Not sure who will replace Rahm, but it has been reported that two applications have been received at a fancy wine club for the open sommelier position. - Dome Gnome - Wednesday, Sep 5, 18 @ 3:57 pm: Perfect meme. - Sue - Wednesday, Sep 5, 18 @ 4:37 pm: Here is a suggestion for Rahm’s 10 million - donate it all to the City as a reimbursement for all the costs associated with the Van Dyke trial and investigation SINCE the monies spent were essentially a campaign expenditure for Rahm’s 2015 re-election - Three Dimensional Checkers - Wednesday, Sep 5, 18 @ 5:07 pm: I’m a pretty liberal person, and I would have some criticism of Mayor Emanuel. I hope Chicago does not loose its status as a global city in terms of culture, tourism, or business though. - wordslinger - Wednesday, Sep 5, 18 @ 7:14 pm: –Kass is in the bag for Vallas.– That will bring in the crucial Trump/Hannity/Tucker/Laura/Dobbs/Rand Paul vote. In a Chicago election. How’s that feel, Paul? - Yu2 - Wednesday, Sep 5, 18 @ 7:15 pm: Good riddance. Follow the $. - Actual Red - Wednesday, Sep 5, 18 @ 7:36 pm: “He may be remembered as the mayor who brought a Whole Foods to Englewood, but not the one that ended decades of disenfranchisement there and in other neighborhoods like it.” This is the crux of my dislike for Rahm. There were certainly “improvements” to Chicago, but I don’t feel I can take pride in my city when those benefits aren’t shared by so many. And, dirty pinko that I am, I am encouraged by the panic among the LaSalle street types. - wordslinger - Wednesday, Sep 5, 18 @ 8:22 pm: –I’m a pretty liberal person, and I would have some criticism of Mayor Emanuel. I hope Chicago does not loose its status as a global city in terms of culture, tourism, or business though– Why the heck would it? (Bite my tongue, don’t swear, don’t get banned) what the heck does Emanuel, or Daley, have to do with what makes Chicago great, more than any other working schmuck? For crying out loud, it’s the risk-takers, the radicals, the artists and the bad-a– worker-mutts from all over the world, of all races, religions, creeds and dispositions, who transformed a stinky swamp into one of the world’s great cities in less than 200 years. Pack a lunch, baby, Chicago is an all-day job. These weirdo cults of personalities about Emanuel and Daley make no sense, at all. Do you still believe in the Easter Bunny? I thought we got over the Indispensable Man weirdness after Daley maxed out the credit card. And after Emanuel covered up the McDonald murder. Grow up. We’re way bigger than them. - Anonymous - Wednesday, Sep 5, 18 @ 8:43 pm: == He may be remembered as the mayor who brought a Whole Foods to Englewood, but not the one that ended decades of disenfranchisement there and in other neighborhoods like it== The author of that statement hasn’t been to the Southside in awhile. - Three Dimensional Checkers - Wednesday, Sep 5, 18 @ 11:03 pm: == These weirdo cults of personalities about Emanuel and Daley make no sense, at all. Do you still believe in the Easter Bunny? == You’re reading way too much in my comment, and responding with some pretty condescending ad hominem attacks. Sorry, comments for this post are now closed.