Which Way, L.A.?

Californians- Consumer Debt

What if, like the state of California, you spent much more than you made? That-s the ominous challenge facing an increasing number of Californians. While the state faces a $ 24 billion deficit on this year-s $ 100 billion budget, the average California family is carrying a whopping $ 8300 in debt, nearly three times its debt load of just a decade ago. Never has consumer debt been so high and, at the same time, never have consumers helped so much in an economic recovery. We look at easy credit and hard choices with a representative of the California-based Consumer Action, a nonprofit consumer education group, and the senior economist at the Los Angeles Economic Development Corp. Kyle McKinnon guest hosts. Newsmaker: San Fernando Valley Secession Update On Wednesday, the Local Agency Formation Commission will decide whether to place Valley secession on the November ballot. The measure will require approval by voters the entire city as well as those in the San Fernando Valley. Sharon Bernstein, lead reporter on secession for the Los Angeles Times, explains the requisite for citywide approval, looks at the make-up of LAFCO, and considers the viability of Councilwoman Wendy Greuel-s borough alternative. Reporter's Notebook: Talent Agency to Represent Virtual Heroine Creative Artists Agency, the talent agency, has signed a new female lead to its stable of Hollywood stars. The beautiful, tech-savvy, virtual action character Lara Croft, who has already brought in some 700 million dollars, will be joining Jennifer Anniston, Geena Davis and Carrie Fisher at CAA. Broker Elie Dekel, who will represent Croft, talks about real challenges ahead and the virtual evolution of the industry.