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.
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.
USAA lists top cities for military retirees to start a second career
This coming Veterans Day, we will take a moment to honor those who have served in the armed forces. But sadly, many of our military vets are suffering in this economy. Veterans who had long military careers often struggle to transition to jobs in the civilian workforce.
This week, USAA (United Services Automobile Association) released a list of the top 10 cities in the U.S. for military retirees to start a second career. Top of the list is Oklahoma City, OK. Other cities on the list:
1. Oklahoma City, OK
2. Norfolk, VA
3. Richmond, VA
4. Austin, TX
5. San Antonio, TX
6. Madison, WI
7. Philadelphia, PA
8. Raleigh, NC
9. Omaha, NE
10. Manchester, NH
June Walbert of USAA talks with Chrstine Romans about the list and the difficulties retired service members face in trying to find work in the civilian world.
Eurozone markets send global markets on a roller coaster ride – is your 401k at risk?
The Eurozone debt crisis is sending global markets into a free-fall. The Dow took its biggest hit in six weeks yesterday. Increasingly, fears have spread to Italy – which accounts for a whopping 25% of the Eurozone's debt. And now there are even reports that Germany and France are holding talks about possibly downsizing the European Union.
Christine Romans speaks with Drew Kanaly, Chairman and CEO of Kanaly Trust, to discuss where this crisis is going – and how it is impacting your 401k.
Young Americans press for youth-oriented job creation
Young Americans have been hit particularly hard by the recent recession. Many are drowning in student loan debt and struggling to find work in one of the toughest job markets in modern history. But some of the young are starting to make their frustrations heard, with groups heading to Washington today to urge lawmakers to do more to support youth job creation.
Christine Romans speaks with Aaron Smith, co-founder and executive director of Young Invincibles, to talk about why young Americans are struggling – and what they can do to bring their plight to the attention of lawmakers.
Will Silvio Berlusconi resign? Author Niall Ferguson on what went so wrong in Europe
Just as Greece begins to get a handle on its debt crisis, another European country stands on the brink of crisis. There are reports this morning that Italy's Prime Minister Silvio Berlusconi will resign. On Saturday, tens of thousands of demonstrators gathered in Rome to voice their opposition to his government and its reforms. A crucial vote on budget reform measures is expected in Rome Tuesday.
Niall Ferguson, author of "Civilization: The West and the Rest," explains to Christine Romans why Berlusconi needs to step down.
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