Business

12:24pm

Fri July 19, 2013
Economy

Can Bankruptcy Boost Broke Detroit?

Transcript

MICHEL MARTIN, HOST:

This is TELL ME MORE from NPR News. I'm Michel Martin. Later we'll head into the barbershop as we do just about every Friday. We'll hear from the guys on why financial planning advice from McDonald's to its employees fell flat and other news of the week, that's later. But first, we turn to Detroit. The city declared bankruptcy yesterday, making it the largest municipal bankruptcy in this country's history. It all comes after decades of decline from the city's bloom years as the center of the nation's auto industry.

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11:33am

Fri July 19, 2013
The Picture Show

How Do You Photograph A City's Bankruptcy?

Originally published on Fri July 19, 2013 6:09 pm

Kirk Crippens

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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11:30am

Fri July 19, 2013
Economy

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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8:59am

Fri July 19, 2013
The Two-Way

China Scraps Some Controls On Lending Interest Rates

Originally published on Fri July 19, 2013 10:00 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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7:13am

Fri July 19, 2013
The Two-Way

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

Originally published on Fri July 19, 2013 12:59 pm

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

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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5:26am

Fri July 19, 2013
Around the Nation

Detroit Files Nation's Largest-Ever Municipal Bankruptcy

Originally published on Fri July 19, 2013 6:00 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.

5:26am

Fri July 19, 2013
Business

Moody's Investors Service Upgrades U.S. Debt

Originally published on Fri July 19, 2013 8:45 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.

5:26am

Fri July 19, 2013
Business

Federal Judge Green Lights Suit Against Private Equity Firms

Originally published on Fri July 19, 2013 6:00 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.

5:26am

Fri July 19, 2013
Business

In Dubai, Weight Loss Is Worth Gold

Originally published on Fri July 19, 2013 7:06 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.

4:41am

Fri July 19, 2013
U.S.

Pa. City Tries Wild West Auction To Rope In Cash

Originally published on Fri July 19, 2013 6:43 am

A Harrisburg Wild West artifact sits inside of a warehouse building owned by the city, seen here in 2011.
Craig Layne WITF

Leaders in Harrisburg, Pa., hope the legends of the Wild West will ride to the rescue of the cash-strapped state capital. Thanks to a former mayor's eccentric, failed museum project, the city has an extensive collection of Wild West artifacts — some said to have ties to people like Wyatt Earp, Doc Holliday and Buffalo Bill.

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