Legislators Slash Budget, Cal State System Bleeds
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In 1960, California's Master Plan for Education promised a college education for anybody who qualified. Is it now being abandoned? We talk about funding cuts, furloughs and increases in fees at 23 Cal-State University campuses. What's the potential impact on California's economy? On Reporter's Notebook, is there public money in medical marijuana? On our rebroadcast of today's To the Point, with the rest of America still mired in the recession, Goldman Sachs has paid back $10 billion in bailout money and announced record profits.
Has Goldman Sachs Gone Back to the Good Old Days? ()
Even Wall Street was stunned this week when Goldman Sachs announced record quarterly profits — more than it earned in all of last year — with the prospect of bonuses that could match or exceed what executives were paid during the boom before the recession. Net income for the second quarter was $3.4 billion -- 65% higher than last year, just one month after the bank repaid $10 billion in taxpayer bailout money. Today, JP Morgan also announced big earnings, but Goldman Sachs remains in a class by itself. With former executives pulling strings in both the Bush and Obama Administrations, it's the most influential bank in America.
- Richard Bove: Vice President, Rochdale Securities, @DickBoveSays
- Matt Taibbi: Chief Political Reporter, Rolling Stone, @mtaibbi
- Peter Cohan: President, Peter S. Cohan and Associates
- William Gruver: former General Partner, Goldman Sachs
Legislators Slash Budget, Cal State System Bleeds ()
The 23 Cal-State University campuses serve 450,000 students. That's 100,000 more than a decade ago with $500 million less money. Now, the budget crisis is likely to lead to funding cuts close to $600 million. Chancellor Charles Reed is asking for cuts in enrollment, faculty furloughs and increases in student fees. We hear from him and other educators facing massive budget cuts.
- Charles Reed: Chancellor, California State University
- Vincent Del Casino, Jr.: Chairman of the Geography Department, Cal State Long Beach
- Pamela Burdman: Senior Project Director, WestEd
A City Tax on Medical Marijuana? ()
Because of a legal loophole, the number of medical marijuana dispensaries in the City of Los Angeles has risen into the hundreds. The City Council is trying to reduce that to a manageable number. At the same time, Councilwoman Janice Hahn has suggested that medical marijuana provides an opportunity for taxation in tough times.
Which Way L.A.? is made possible in part by the Ralph M. Parsons Foundation, the Nathan Cummings Foundation, and the John Randolph Haynes and Dora Haynes Foundation, which supports study and research into policy issues of the Los Angeles region.
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