American Morning
Detroit Mayor on AM: If we can make budget changes, we can stave off any horrible situation
The city of Detroit is dangerously close to facing bankruptcy.Â
The city's deficit has been estimated to be as high as $209 million and the government is currently on track to run out of money by early next year.
Last night in a televised speech, Detroit Mayor David Ding said that drastic action needed to be taken to fix his city's finances. Bing is calling for municipal unions to take wage cuts and tax hikes for corporations.
Today on American Morning, Carol Costello asks Mayor Bing if he thinks he has ability to turn Detroit's finances around.
AM Minding Your Business for Nov. 17, 2011
Today on American Morning, Christine Romans reports on the morning business news headlines.
This morning, we're watching:
* Right now, U.S. stock futures are pretty much flat after fear got the best of the markets yesterday. The reason? Concerns about Europe and the so-called super committee which has just six days now to cut a *minimum* of $1.2 trillion from America's deficit.
* U.S. bank stocks were hit especially hard yesterday. Bank of America was down nearly 4%. Morgan Stanley dropped 8% after the ratings agency Fitch warned Europe's debt crisis could pose a serious risk to American banks.
* The price of oil is above $100 a barrel for the first time since July. Though one market analyst telling CNN Money - we may not see prices at the pump skyrocket because of a slowing demand in Europe.
* Big cuts at the big banks. Citigroup is reportedly planning to eliminate about 3,000 jobs by next year. It's part of an effort to control expenses. Meantime, French bank BNP Paribas is said to be drawing up plans to lay-off nearly 1400 employees.
* Detroit's mayor is laying out his plan to fix a city in crisis. Speaking last night - Mayor Dave Bing warned the city could run out of cash by April.
* At 8:30AM ET, we'll get a new report on the number of unemployment claims filed for the first time last week. Economists expect the number of jobless claims to still hover at that key 400,000 level, but we really want it to come down further to show growing strength in the labor market.
Tune in to American Morning at 6am Eastern every day for the latest in business news.
Why do some fail to act in the face of atrocities?
In new emails just obtained by Allentown's "Morning Call" Newspaper, Penn State assistant football coach Mike McQueary claims that he did stop Jerry Sandusky's alleged rape of a young boy in 2002. He also says that he discussed the matter with the police. This seems to contradict McQueary's grand jury testimony, which states that he only told Joe Paterno. Both McQueary and Paterno have been criticized for not properly informing authorities about Sandusky's actions.
Chrstine Romans speaks with clinical psychologist Jeff Gardere to try to understand why individuals choose to stay silent in the face of these kinds of atrocities.
The future of Occupy Wall Street: Will protesters find a voice and a leader?
From Oakland to New York, city authorities have begun to push back against Occupy Wall Street protests. In just this week alone, there have been crackdowns in more than half a dozen cities. Now, some people are wondering if the movement could be in jeopardy.
Strategist and Political commentator Sally Kohn tells Carol Costello that it's time for Occupy Wall Street to move beyond the occupation tactic in order to fuel a broader movement.
Read Sally's piece for CNN.com on the future of the Occupy protests here.
Can the United States compete with China? Our panel weighs in
While the United States is still struggling to recover from the Great Recession, China's economy is roaring ahead.Â
The Chinese economy is growing nearly four times faster than the United States. Consequently, China has become a major player in the global economy, commanding the attention and respect of more countries.
Christine Romans talks with Stephen Leeb, author of "Red Alert: How China's Prosperity is Threatening America's Way of Life," and John Doggett, professor at the University of Texas-Austin, about why we're falling behind economically and what the U.S. needs to do to compete on the world stage.
Occupy Wall Street protesters back in Zuccotti Park – where does the movement go from here?
A New York Supreme Court ruled Tuesday that Occupy Wall Street protesters will be allowed to return to Zuccotti Park, but they can't bring their tents and generators - once a mainstay of the movement.
The Lower Manhattan property has been a home for the loosely defined group for nearly two months, spawning similar demonstrations in cities nationwide and around the world. Protestors have returned to the park, but they aren't allowed to lay down or even sit.
Carol Costello asks Dan Cantor, executive director of the Working Families party, on where Occupy Wall Street movement goes from here.
About this Show
Welcome to the American Morning blog where you can get daily news updates from American Morning's reporters and producers. Join us for "the most news in the morning," weekdays from 6-9 a.m. ET, only on CNN.
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