local government

Here’s a good segment from CNBC with an interview from two city mayors, the mayor of El Centro, CA that has 26.9% unemployment, the highest in the nation, and the mayor of Flint, MI, which is imploding due to the decline in the U.S. car…

It’s not just California.  Tax revenue is falling everywhere. State income-tax revenue fell 26% in the first four months of 2009 compared to the same period last year, according to a survey of states by the nonprofit Nelson A.…

The Washington Post is reporting that the Obama administration has rejected initial pleas from the State of California for U.S. Government aid. However, the post report reveals that Tim Geithner told California it must make get its fiscal…

You can see this coming.  It is looming and has been for some  time.  Remember that California is the biggest loser in the housing crash and it has one of the highest unemployment rates in the United States.  I have been warning that this…

Marshall Auerback here. Remind me again what Larry Summers was talking about when he spoke of the US as being a "nation of laws", where "sanctity of contract" is sacrosanct? In a case of first impression that could have far-reaching…

Rohatyn, a Democrat, talks about the role of government in crisis, infrastructure spending and lessons from New York City's near economic collapse n the 1970s from his perspective. Royatyn is widely credited with saving New York City from…

California's problems are well-known. They have been in the making for sometime. When I predicted a U.S. state would go bust this year, California was very much on my mind. But, frankly, Kansas was nowhere on my radar screen. Now…

This video from the Wall Street Journal demonstrates what happens when governments go bankrupt.

I just picked up two reports on California's desperate situation. California, whose legislature and Governor have been hold up in around the clock negotiations, is now issuing IOU's instead of cash. They have also been downgraded by Moody's…

I have been out the entire morning and haven't been able to read any news reports on the GDP numbers. However, I have just now had a chance to look at the data and wanted to share my thoughts with you, unfiltered by the media reports. I…