Economy & Business

The Picture Show
10:33 am
Fri July 19, 2013

How Do You Photograph A City's Bankruptcy?

Kirk Crippens

Originally published on Fri July 19, 2013 5:09 pm

Photographer Kirk Crippens says you can't. But that hasn't stopped him from trying. Since 2009, he has been documenting the city of Stockton, Calif., which last year became the largest city in American history to file for bankruptcy — until Detroit filed yesterday. Before bankruptcy, Stockton was the epicenter of the foreclosure crisis. But before that, Crippens says, it "was an all-American city — Boomtown, USA — housing going up everywhere."

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Economy
10:30 am
Fri July 19, 2013

With Home Prices Soaring, Has Success Spoiled San Francisco?

Real estate agent Katie Hayes (right) answers questions about a home for sale during an open house in San Francisco in May. With the median home price now in excess of $1 million, many longtime residents feel squeezed out.
Justin Sullivan Getty Images

Joe Kelso and John Winter probably waited too long. The couple has been together for a dozen years but only got serious recently about buying a house in San Francisco.

They saved enough to be able to afford anything under $500,000, but houses at such prices are now few and far between.

This spring, the median home price in San Francisco topped $1 million, up by a third from last year.

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Economy & Business
9:35 am
Fri July 19, 2013

NML Convention Draws 11,000 to Milwaukee

Thousands of Northwestern Mutual agents will visit Milwaukee next week.

Thousands of Northwestern Mutual personnel will visit Milwaukee next week to participate in a host of activities including seminars.

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Economy & Business
9:21 am
Fri July 19, 2013

State Prison Guards Join New Union

Wisconsin prison guards will be represented by a new union following a vote to drop membership in the Wisconsin State Employees Union.

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The Two-Way
7:59 am
Fri July 19, 2013

China Scraps Some Controls On Lending Interest Rates

Originally published on Fri July 19, 2013 9:00 am

China's central bank announced that it was removing some controls on the interest rates charged by banks for the loans it issues clients.

Reuters explains that the People's Bank of China said in a statement that it was removing the floor "on lending rates for commercial banks, meaning that banks will now be able to cut rates as much as they see fit to attract borrowers."

Reuters adds:

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The Two-Way
6:13 am
Fri July 19, 2013

Now That Detroit's Filed For Bankruptcy, What Happens Next?

A portion of downtown Detroit along the Detroit river.
Bill Pugliano Getty Images

Originally published on Fri July 19, 2013 11:59 am

With its bankruptcy filing Thursday, Detroit became the largest municipality in the United States to seek Chapter 9 protection.

As Scott reported, the city is saddled with $18.5 billion in debt.

Today, we ask, what happens next?

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Business
4:26 am
Fri July 19, 2013

Moody's Investors Service Upgrades U.S. Debt

Originally published on Fri July 19, 2013 7:45 am

Moody's lifted the rating from "negative" to "stable" and affirmed the country's AAA rating. In a statement, it said the U.S. economy has demonstrated resilience in the face of major cuts to government spending. The country is on track to report its lowest annual deficit in five years.

Business
4:26 am
Fri July 19, 2013

Federal Judge Green Lights Suit Against Private Equity Firms

Originally published on Fri July 19, 2013 5:00 am

The investor lawsuit claims the companies, including Blackstone, Carlyle and Bain Capital, colluded to drive down prices on hundreds of billions of dollars in takeovers.

Business
4:26 am
Fri July 19, 2013

In Dubai, Weight Loss Is Worth Gold

Originally published on Fri July 19, 2013 6:06 am

If you want people to slim down, why not reward them with gold? That's the tack being taken in Dubai, United Arab Emirates. For every kilogram lost, the government will pay out a gram of gold.

Around the Nation
4:26 am
Fri July 19, 2013

Detroit Files Nation's Largest-Ever Municipal Bankruptcy

Originally published on Fri July 19, 2013 5:00 am

Detroit has become the biggest American city ever to file for bankruptcy, seeking Chapter 9 protection from creditors and unions owed some $18.5 billion in debt and liabilities. What's ahead for debt-ridden Detroit? Quinn Klinefelter WDET.

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