2012-07-26 Small US Cities Going Bankrupt

2012-07-26 14:01:47    m.cri.cn    Web Editor: Wu You
The Californian city of Stockton has become the largest US city in decades to file for bankruptcy, after failing to make a deal with its creditors.Stockton, a city of 290,000, faces a projected $26 million budget shortfall.It suffered badly during US housing market crash. The city government has estimated a quarter of the city's police officers, one third of the fire staff, and 40% of all other employees. They also cut wages and medical benefits. Stockton is not alone,since a few other small cities and towns have or are filing for Chapter 9 bankruptcy protection.
-Nicholas Economides, Professor of Economics at Stern School of Business at New York University and Executive Director of the NET Institute.
-Stephen Lendman, Writer and Radio Host who authored the book "How Wall Street Fleeced America".
Panel Discussion:

Global Talk: Today's events include new defections from Syria's government, Jordan receiving 2 Billion from the IMF, Greece struggling during its national audit, Venezuela withdrawing from a regional human rights court, and the impacts of the tragic shooting in Aurora Colorado and much more.


The today team: (from top left) Zengliang, Wuyou, Lisa, Jen, Qingduo, Xiaohong, Jingnan.