Should Los Angeles Declare Bankruptcy?

It's often said that government should be run more like business, where bankruptcy can be an acceptable solution when financial problems get out of hand. Mayor Villaraigosa and the City Council agree that Los Angeles' finances are unsustainable, but insist that bankruptcy is out of the question. Enter a businessman who's also a former Mayor: Richard Riordan, who's been talking about city bankruptcy since 2005.