How the Federal Bailout Will Affect Los Angeles

The Los Angeles City Council today asked Congress not to approve the Bush Administration's Wall Street bailout. Saying that "the unprecedented upheaval on Wall Street demands unprecedented vigilance at City Hall," Mayor Antonio Villaraigosa ordered all departments – including the port, the airport, the Department of Water and Power and city pension funds -- to review their portfolios and their prospects for borrowing money. The Mayor declared that LA residents "should not have to pay for the sins of corrupt Wall Street power brokers." We talk with the Mayor and others about the possible repercussions of what's happening in New York and Washington, DC.