WBEZ | debt http://www.wbez.org/tags/debt Latest from WBEZ Chicago Public Radio en Argentina's debt crisis http://www.wbez.org/programs/worldview/2014-06-24/argentinas-debt-crisis-110398 <img typeof="foaf:Image" src="http://llnw.wbez.org/main-images/AP344717063728.jpg" alt="" /><p><p>A U.S. judge says Argentina must repay hedge funds that own bonds the country had defaulted on in 2001. Argentina has asked for a stay in the ruling. Stephen Nelson, a professor of political science at Northwestern University who specializes in the politics of debt, explains the case.</p><div class="storify"><iframe allowtransparency="true" frameborder="no" height="750" src="//storify.com/WBEZ/worldview-20/embed?header=false&amp;border=false" width="100%"></iframe><script src="//storify.com/WBEZ/worldview-20.js?header=false&border=false"></script><noscript>[<a href="//storify.com/WBEZ/worldview-20" target="_blank">View the story "Worldview: Argentina's debt crisis " on Storify</a>]</noscript></div></p> Tue, 24 Jun 2014 11:21:00 -0500 http://www.wbez.org/programs/worldview/2014-06-24/argentinas-debt-crisis-110398 Moody's downgrades debt of 7 Illinois universities http://www.wbez.org/news/moodys-downgrades-debt-7-illinois-universities-108393 <img typeof="foaf:Image" src="http://llnw.wbez.org/main-images/moody&#039;s.png" alt="" /><p><p>Moody&#39;s Investors Service downgraded debt ratings on seven public Illinois universities, and warns more decreases could take place in the future.</p><p>The bond rating agency took the actions Friday, about two months after it warned it was reviewing all public universities in Illinois because of the state&#39;s precarious financial situation. The state of Illinois&#39; debt was downgraded in early June.</p><p>In Friday&#39;s downgrades, only Northern Illinois University maintained its debt rating.</p><p>The downgrades affect a combined $2.24 billion in debt, but most of that belongs to the University of Illinois.</p><p>In separate research notes, Moody&#39;s attributes its decisions on the state&#39;s history of unpaid bills and its $100 billion pension backlog.</p><p>UI spokesman Tom Hardy <a href="http://bit.ly/1685Uln">told The News-Gazette</a> the downgrade wasn&#39;t a surprise, but is still &quot;disappointing.&quot;</p></p> Tue, 13 Aug 2013 11:52:00 -0500 http://www.wbez.org/news/moodys-downgrades-debt-7-illinois-universities-108393 Proposal for Illinois to borrow $4B to pay bills http://www.wbez.org/news/proposal-illinois-borrow-4b-pay-bills-104052 <p><p>SPRINGFIELD, Ill.&nbsp; &mdash; A state lawmaker is proposing Illinois borrow $4 billion to pay its overdue bills, saying agencies and vendors who do business with the state are in dire straits and need to be paid.</p><p>The bill from Rep. Esther Golar, a Chicago Democrat, would allow Illinois to borrow the money and use it toward bills more than a month past due as of September.</p><p>But Republican Comptroller Judy Baar Topinka said Tuesday the worst thing the state could do is take on more debt.</p><p>Topinka said her office currently has nearly 170,000 outstanding bills totaling $7.1 billion. But she said as the economy improves, the state is making progress paying down the backlog.</p><p>Golar asked for more time before the House Executive Committee votes.</p></p> Tue, 27 Nov 2012 16:41:00 -0600 http://www.wbez.org/news/proposal-illinois-borrow-4b-pay-bills-104052 Debt talks on the brink of failure http://www.wbez.org/story/debt-talks-brink-failure-94214 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-November/2011-11-20/AP9908040646.jpg" alt="" /><p><p>WASHINGTON — A special deficit-reduction supercommittee appears likely to admit failure on Monday, unable or unwilling to compromise on a mix of spending cuts and tax increases required to meet its assignment of saving taxpayers at least $1.2 trillion over the coming decade.</p><p>The panel is sputtering to a close after two months of talks in which the members were never able to get close to bridging a fundamental divide over how much to raise taxes to address a budget deficit that forced the government to borrow 36 cents of every dollar it spent last year.</p><p>Members of the bipartisan panel, formed during the summer crisis over raising the government's borrowing limit, spent their time on Sunday in testy performances on television talk shows, blaming each other for the impasse.</p><p>In a series of television interviews, not a single panelist seemed optimistic about any last-minute breakthrough. And it was clear that the two sides had never gotten particularly close, at least in the official exchanges of offers that were leaked to the media.</p><p>Aides said any remaining talks had broken off.</p><p>"There is one sticking divide. And that's the issue of what I call shared sacrifice," said panel co-chair Sen. Patty Murray, D-Wash., on CNN's "State of the Union."</p><p>"The wealthiest Americans who earn over a million a year have to share too. And that line in the sand, we haven't seen Republicans willing to cross yet," she said</p><p>Republicans said Democrats' demands on taxes were simply too great and weren't accompanied by large enough proposals to curb the explosive growth of so-called entitlement programs like Medicare and Medicaid.</p><p>"If you look at the Democrats' position it was 'We have to raise taxes. We have to pass this jobs bill, which is another almost half-trillion dollars. And we're not excited about entitlement reform,' " countered Republican Jon Kyl of Arizona on NBC's "Meet the Press."</p><p>Under the committee's rules, any plan would have to be unveiled Monday, but it appeared that Murray and co-chair Rep. Jeb Hensarling of Texas would instead issue a statement declaring the panel's work at a close, aides said.</p><p>"Put a bow on it. It's done," said an aide to a supercommittee Republican.</p><p>Failure by the panel would trigger about $1 billion over nine years in automatic across-the-board spending cuts to a wide range of domestic programs and the Pentagon budget, starting in 2013, according to the Congressional Budget Office. This action, called a "sequester," would also generate $169 billion in saving from lower interest costs on the national debt.</p><p>Defense Secretary Leon Panetta says the required cuts of up to $454 billion to the Pentagon would be "devastating" and leave a "hollow force," and defense hawks of Capitol Hill promise to unwind them. But that effort will be complicated by the insistence of other lawmakers that the overall amount of the budget cuts be left in place.</p><p>"I can't imagine that, knowing of the importance of national defense, that both Democrats and Republicans wouldn't find a way to work through that process so we still get the $1.2 trillion in cuts, but it doesn't all fall on defense," said supercommittee Republican Sen. Jon Kyl of Arizona.</p><p>The panel's failure also sets up a fight within a battle-weary, dysfunctional Congress over renewing a payroll tax cut and jobless benefits for the long-term unemployed, both of which are set to expire at the end of the year. Both proposals are part of President Barack Obama's $447 billion jobs plan.</p><p>Extending the current 2 percentage point payroll tax cut isn't a popular idea with many Republicans, but allowing it to expire could harm the economy, economists say. So too would a cutoff of unemployment benefits averaging about $300 a week to millions of people who have been out of work for more than six months.</p><p>Serious negotiations ended Friday after Democrats rejected a $644 billion offer comprised of $543 billion in spending cuts, fees and other non-tax revenue, as well as $3 billion in tax revenue from closing a special tax break for corporate purchases of private jets. It also assumed $98 billion in reduced interest costs.</p><p>Officials familiar with the offer said it would save the government $121 billion by requiring federal civilian workers to contribute more to their pension plans, shave $23 billion from farm and nutrition programs and generate $15 billion from new auctions of broadcast spectrum to wireless companies.</p><p>Democrats said the plan was unbalanced because it included barely any tax revenue.</p><p>"Our Democratic friends are unable to cut even a dollar in spending without saying it has to be accompanied by tax increases," Kyl said.</p><p>On Saturday, Sen. Rob Portman floated an even smaller plan, said a lawmaker directly familiar with the panel's work. It, too, was rejected. The lawmaker required anonymity because of the secrecy of the talks.</p><p>The committee faces a Wednesday deadline. But members would have to agree on the outlines of a package by Monday to allow time for drafting and assessing by the Congressional Budget Office.</p><p>Over the past couple of weeks, the two sides have made a variety of offers and counter-offers, starting with a more than $3 trillion plan from Democrats that would have increased tax revenues by $1.3 trillion in exchange for further cuts in agency budgets, a change in the measure used to calculate cost-of-living increases for Social Security beneficiaries, and curbs on the growth of Medicare and Medicaid.</p><p>"We put on the table a proposal that required tough compromises on both sides, and they never did that," said Rep. Chris Van Hollen, D-Md., the only House Democrat on the panel to participate in late-stage bipartisan talks.</p><p>Republicans countered with a $1.5 trillion plan that included a potential breakthrough — $250 billion in higher taxes gleaned as Congress passes a future tax reform measure. The plan was trashed by Democrats, however, who said it would have lowered tax rates for the wealthy too far while eliminating tax breaks that chiefly benefit the middle class.</p></p> Sun, 20 Nov 2011 21:29:00 -0600 http://www.wbez.org/story/debt-talks-brink-failure-94214 Emanuel goes after city debtors http://www.wbez.org/story/emanuel-goes-after-city-debtors-92836 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-October/2011-10-05/AP081118062678 J. Scott Applewhite.jpg" alt="" /><p><p>Chicago Mayor Rahm Emanuel on Wednesday announced another crackdown on people who owe the city money.</p><p>If you have unpaid parking tickets, or bank property fees and fines you haven't taken care of yet, Mayor Emanuel said it's time to pay up. His administration said it's taking new steps to collect on some of the city's debt.</p><p>Among them are improved tax audit collections, stricter enforcement on business permits and licenses, and even lawsuits filed against the worst offenders. One Chicagoan apparently owes $87,000 in parking tickets.</p><p>Emanuel said this whip-cracking will bring an additional $33 million to the city in 2012. He's going to need it as he prepares to outline his budget next week. Chicago's projected deficit for next year tops $635 million.</p><p>On Tuesday Emanuel announced a crackdown on city employees who owe money. He said those who don't comply immediately will face disciplinary action.</p></p> Wed, 05 Oct 2011 11:27:00 -0500 http://www.wbez.org/story/emanuel-goes-after-city-debtors-92836 How much do debt ratings matter? http://www.wbez.org/story/2011-08-08/how-much-do-debt-ratings-matter-90295 <img typeof="foaf:Image" src="http://llnw.wbez.org/npr_story/photo/2011-August/2011-08-09/frank_dodd_103019334_8094559.jpg" alt="" /><p><p>Standard & Poor's moved to downgrade housing lenders Fannie Mae, Freddie Mac and a handful of insurance companies Monday — all in connection to Friday's credit downgrade of long-term U.S. debt.</p><p>There's a lot of speculation about how much these risk downgrades are weighing on stock markets and whether they will continue to ripple through the economy. But there are systemic reasons that ratings matter less than they have in recent years.</p><p>Conventional wisdom says a U.S. downgrade would make Treasuries riskier. It would make yields — or interest rates — rise.</p><p>In fact, bond markets did the opposite on Monday. In spite of S&P's higher risk assessment of U.S. debt, demand for Treasuries kept flooding in.</p><p>The easy explanation for this is that Europe is consumed with its own debt crisis, which makes the U.S. the safer bet. But the significance of ratings has also changed.</p><p>"Ratings are becoming less important across the board," says Kent Smetters, a professor at the Wharton School.</p><p>He says ratings were more powerful just a few years ago. They amplified the boom, then the bust of mortgage securities.</p><p>"The ratings really played a key role in getting a lot of capital into the mortgage market," Smetters says. "That has obviously retrenched quite a bit. Insurance companies today do not put a lot of capital to work based on ratings agencies alone."</p><p>The Dodd-Frank financial reform bill passed a year ago is also responsible for taking the importance of ratings down a peg. The law requires banks and insurance companies, for example, to hold more capital based on the risks of their assets. The riskier their assets, the more money they have to keep on hand.</p><p>In the past, regulators measured that risk using ratings like those by S&P and Moody's. But the new law, once fully implemented, will change that.</p><p>Risks of all sorts of securities will be measured in other ways — for example, internal assessments — but they won't be pegged to a ratings agency's verdict.</p><p>The Federal Reserve is underscoring the move away from ratings agencies. Soon after S&P announced its downgrade on Friday, the Fed said it would not require banks and other institutions to hold more capital because of the change.</p><p>Ratings used to also guide a lot of institutional investors, but that doesn't happen much anymore.</p><p>"I could see few, if any instances in which pension funds would need to rush to sell any assets as a result of the downgrade of the United States Treasury debt," says Keith Brainard, research director for the National Association of State Retirement Administrators.</p><p>Brainard says that over the past two decades, pensions have changed the language of their investment guidelines to rely less on ratings.</p><p>Analysts point to other reasons people have lost faith in ratings in recent years. They cite a 2002 downgrade that had no impact on Japan. They say ratings agencies acted long after bond markets had digested state budget problems in California or Illinois.</p><p>"The markets do not believe that S&P is right," says Karen Petrou, managing director of Federal Financial Analytics.</p><p>She says if anything, people are jumping from stock markets into Treasuries because of their relative safety.</p><p>"The alternative to Treasuries is the mattress," she says.</p><p>Petrou says she believes investors over the weekend got spooked that stock markets would fall, and that's what triggered a stock sell-off, not the downgrade itself.</p><p>"The markets are so volatile right now that forecasting any long-term impact on mortgage rates or car interest rates, I think it's premature," she says.</p><p>If the economy is a plane, she says, the ratings system measures altitude. And it's broken, but so is the landing gear, and the engine isn't working, either. <div class="fullattribution">Copyright 2011 National Public Radio. </p> Mon, 08 Aug 2011 15:08:00 -0500 http://www.wbez.org/story/2011-08-08/how-much-do-debt-ratings-matter-90295 Stocks tumble following S&P downgrade of U.S. credit rating http://www.wbez.org/story/stocks-tumble-following-sp-downgrade-us-credit-rating-90245 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-August/2011-08-08/Wall St Sign_Flickr_Alex E. Proimos.jpg" alt="" /><p><p><strong>Updated 8/8/11 at 4:00p.m.CT</strong></p><p>The Dow Jones Industrial Average posted one of its biggest single day losses in history Monday as the Dow dipped below the 11,000 mark for the first time since October, 2010.&nbsp;</p><p>Similar declines were posted on the S&amp;P 500 and the Nasdaq, each of which fell by more than 6 percent.&nbsp;&nbsp;</p><p>The declines capped a 24-hour rout in global markets in the first official trading day after Standard &amp; Poor's downgraded the U.S. credit rating for the first time.</p><p>S&amp;P cut the long-term debt rating for the U.S. by one notch late Friday. The downgrade wasn't unexpected, but it comes when investors are already nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake.</p><p>Prices for Treasurys rose because they're still seen as one of the few safe investments. Gold topped a record $1,700 per ounce for the first time.</p><p>Asian and European stocks also were down Monday. The downgrade of U.S. debt is overshadowing bond purchases that the European Central bank is making to help Italy and Spain avoid defaulting on their debts.</p><p><strong>Obama seeks to calm markets</strong></p><p>President Barack Obama says the U.S. always is and always has been a AAA country, despite its rating agency downgrade. He said also the U.S. didn't need a rating agency to tell it that its political system was having trouble functioning.</p><p>Speaking at the White House on the Standard &amp; Poor's downgrade, Obama renewed a plea to Congress to take action in September of help create jobs and cushion Americans from a still weak economy.</p><p>Obama said financial markets around the world "still believe our credit is AAA. I and the world's investor's agree."</p><p><strong>Assessing the meaning of the S&amp;P downgrade</strong></p><p>The ratings downgrade announced late Friday came after the Dow Jones industrial average had recorded its worst week since 2009. A managing director at Standard &amp; Poor's said Monday that he has absolutely no second thoughts about the credit ratings agency's decision to cut the U.S. debt rating.</p><p>With global stocks sinking early in the day, S&amp;P's David Beers said on ABC's <em>Good Morning America </em>Monday that the agency's decision was based on several factors, including damage done to the U.S. reputation over the controversy surrounding the debt ceiling and concerns that underlying public finances are on an unsustainable path.</p><p>Asked if he had any second thoughts about the downgrade, Beers said "absolutely not."</p><p>While much has been made about the Treasury Department's claim that S&amp;P acted on an analysis that had a $2 trillion error, Beers rebuffed the notion during an appearance on CNN. "This idea that we made a $2 trillion error is simply a smoke screen for the unhappiness about our decision," he said.</p><p>Beers did seem to try to alleviate concern about the downgrade, saying it was "a very small diminution, if you like, in the credit standing of the United States."</p><p>"This is not a catastrophic decline in the U.S.'s credit-worthiness," he added.</p><p>S&amp;P downgraded the U.S. rating for the first time Friday, cutting the rating to AA+ from AAA. Two other ratings agencies - Moody's and Fitch - are for now keeping the AAA rating for U.S. debt.</p><p><strong>Impact on state and municipal debt</strong></p><p>Officials at Standard &amp; Poor's say they plan to indicate how local and state governments, Fannie Mae and Freddie Mac, and insurers will be affected by the rating agency's downgrade of long-term U.S. debt.</p><p>S&amp;P officials told reporters Monday that the agency is looking at key sectors that are linked to the U.S. debt, and will announce "shortly" how those ratings might be affected.</p><p>The officials did not name any specific governments or insurance groups. But they said AAA-rated insurance groups, government-sponsored enterprises and state and local governments affected by possible consolidation of programs in Washington would likely be reviewed.</p><p><strong>Fed meeting Tuesday</strong></p><p>Meanwhile, a regular meeting of the Federal Reserve Board's Federal Open Market Committee is scheduled for Tuesday.&nbsp; While most analysts don't expect the Fed to take any action during the meeting, many will be closely watching comments from Fed chairman Ben Bernanke following the meeting for clues about future monetary policy.</p></p> Mon, 08 Aug 2011 13:32:00 -0500 http://www.wbez.org/story/stocks-tumble-following-sp-downgrade-us-credit-rating-90245 Boehner's district assesses his role in debt talks http://www.wbez.org/story/2011-07-31/boehners-district-assesses-his-role-debt-talks-89872 <p><p>House Speaker John Boehner is playing a key role in the debt-ceiling negotiations. He's had to wrangle support from a divided caucus and from those across the aisle. Voters in his district are keeping a close eye on the man they elected to represent them.</p><p>Ohio's 8th Congressional District tends to lean conservative, and since 1990 it's turned to Boehner to represent the Southwest Ohio area of rural farms and upscale suburbs.</p><p>In the past, it's been hard to find many in the area critical of Boehner, but that was not the case over the weekend. Darren Williamson is from West Chester, Boehner's home city.</p><p>"He's making it pretty plain that he's beholden to the Tea Party. The 90 freshman that came in this year are basically holding the entire Congress hostage, and he's not much of a speaker if he can't get them to fall in line," Williamson says.</p><p>Finding consensus has been a struggle for the House speaker. It took many days of rewriting and political maneuvering to squeak his debt-ceiling plan through the House.</p><p>There's a split in the GOP between traditional members and Tea Party loyalists committed to smaller government, spending cuts and absolutely no tax increases. Bob Koop of West Chester says Boehner should stand stronger at the Tea Party's side.</p><p>"I think for sure this country's about ready to jump off the edge of the cliff," he says. "Everyone's going willingly and no one's recognizing the fact that this economy is about ready to crash under this large government philosophy."</p><p>Koop isn't the only Tea Party loyalist in Boehner's district. It hosted some of the first Tea Party rallies in the area and has a lot of support, but not everyone agrees with the Tea Party's efforts. Matt Luther lives in Mason, just outside of Boehner's district. He's in the National Guard and has been in the military for 19 years.</p><p>"This is the first time we've ever gone to war and not raised taxes, so for the Republicans to say we're not going to raise taxes is wrongheaded," Luther says.</p><p>However, Luther is not saying additional spending will solve all the problems either.</p><p>"Even if we raise these taxes, it's not going to raise the revenue that's required to start overcoming this deficit and bringing it down," he says. "We have to cut entitlement programs too."</p><p>The process of meeting the budget can be complicated, and some say the polarization playing out in Washington makes it worse. Emily King of Liberty Township says she wishes the Republican Party and Boehner would be more giving.</p><p>"You can't be the guy standing up there saying, 'No, no, no, no, no. We're not going to do anything. We're going to stand strong.' There has to be compromise," King says. "In anything, there has to be compromise."</p><p>Compromise is what 73-year-old Mary Martha Baker of Hamilton wants to see. As she loads groceries into her car, she remembers the bitter partisanship that shut down the government in the '90s.</p><p>"I don't want to see things get worse. We had a hole for Obama to get out of that he just hasn't had a chance. You can't do that in three years, and I think he needs cooperation," Baker says.</p><p>Even if the two sides work more harmoniously, John Brown is not hopeful. As he loads up his truck at the close of the Hamilton Farmers Market, he says the politicians are all just a bunch of good old boys, trying to pad their own pockets. He works hard for his living and expects everybody else to do that too, but he says he's not seeing that commitment from the current crop of Washington lawmakers. His solution:</p><p>"They all get voted out of office and they get a whole new group of people in there that really give a damn ... That's the way it is," Brown says. "You watch television and it's a shame, big business and lobbyists are ruining the country. The middle class [doesn't] stand a chance."</p><p>But with the next election still a year away, voters must look to Boehner and others already in office to come up with a compromise. There's not much more time left for the country to avoid defaulting on its bills. <div class="fullattribution">Copyright 2011 CINCINNATI PUBLIC RADIO, INC.. To see more, visit <a href="http://www.cinradio.org/">http://www.cinradio.org/</a>.<img src="http://metrics.npr.org/b/ss/nprapidev/5/1312116135?&gn=Boehner%27s+District+Assesses+His+Role+In+Debt+Talks&ev=event2&ch=1014&h1=Around+the+Nation,Economy,Politics,U.S.,Home+Page+Top+Stories,News&c3=D%3Dgn&v3=D%3Dgn&c4=138864143&c7=1014&v7=D%3Dc7&c18=1014&v18=D%3Dc18&c19=20110731&v19=D%3Dc19&c20=703&v20=D%3Dc20&c21=10&v21=D%3Dc2&c45=MDA0OTc2MjAwMDEyNjk0NDE4OTI2NmUwNQ001"/></div></p></p> Sun, 31 Jul 2011 07:37:00 -0500 http://www.wbez.org/story/2011-07-31/boehners-district-assesses-his-role-debt-talks-89872 Despite current debate, U.S. debt ceiling’s history uncontroversial http://www.wbez.org/node/89468 <img typeof="foaf:Image" src="http://llnw.wbez.org/segment/photo/2011-July/2011-07-21/debt3.JPG" alt="" /><p><p>To allow for more flexible funding of World War I, the U.S. government enacted its first debt ceiling in 1917. Economist <a href="http://utip.gov.utexas.edu/JG/" target="_blank">James Galbraith </a>takes us through the history of the normally uncontroversial procedure. Galbraith is a professor of government at the University of Texas at Austin. From 1981 to 1982, he served in Congress as Executive Director of the Joint Economic Committee. His most recent article "<a href="http://www.alternet.org/story/151593/deficit_predators%3A_everything_you_need_to_know_about_the_twisted%2C_dangerous_debt_ceiling_fight?akid=7269.114943.avJBwN&amp;rd=1&amp;t=18#">Deficit Predators: Everything You Need to Know About the Twisted, Dangerous Debt Ceiling Fight</a>" appeared in AlterNet.</p></p> Thu, 21 Jul 2011 17:00:00 -0500 http://www.wbez.org/node/89468 Cook County taxpayers' stunning share of local debt http://www.wbez.org/episode-segments/2011-06-22/cook-county-taxpayers-stunning-share-local-debt-88181 <img typeof="foaf:Image" src="http://llnw.wbez.org/segment/photo/2011-June/2011-06-22/Pappas WBEZ.JPG" alt="" /><p><p>It’s no secret that the government's experiencing financial difficulties, but taxpayers in Cook County are learning more about their share of the tab.<br> <br> On Tuesday, <a href="http://www.cookcountytreasurer.com/aboutus.aspx?ntopicid=73" target="_blank">Cook County Treasurer Maria Pappas</a> presented <a href="http://www.cookcountytreasurer.com/newsdetail.aspx?ntopicid=434" target="_blank">figures</a> that put local governments’ debt at over $108 billion. Total county debt puts each Chicago household on the hook for a little more than $63,000 on average. To find out more about how things add up, <em>Eight Forty-Eight</em> spoke to Cook County Treasurer Maria Pappas.</p><p><em>Music Button: Rocket Empire, "Cruising the Galaxy', from the CD See Me Speak In Color, (Om)</em></p></p> Wed, 22 Jun 2011 13:18:00 -0500 http://www.wbez.org/episode-segments/2011-06-22/cook-county-taxpayers-stunning-share-local-debt-88181