Which Way, L.A.?
Wall Street and the California State Budget
The worst day on Wall Street since the Great Depression could have a major impact on 401(k)'s and on California government. In a state that depends on capital gains...
By Warren Olney • • 50m ListenThe worst day on Wall Street since the Great Depression could have a major impact on 401(k)'s and on California government. In a state that depends on capital gains, will taxes fail to meet projections and trigger another round of budget cuts? Also, the Obama Justice Department has invoked the "state secrets privilege" to limit a suit by Muslims in Orange County. They accuse the FBI of religious discrimination. Was an ex-con coached to infiltrate a mosque and dig up dirt agents could use to recruit informants? On our rebroadcast of today's To the Point, the Arab Spring and the wars of Ramadan.
Banner image: Trader John W. Panin of JNK Securites Corp. works on the floor of the New York Stock Exchange on August 4, 2011. Photo by Stan Honda/AFP/Getty Images
In this episode
4 storiesWall Street and the California State Budget
This was the worst day on Wall Street since the depths of the Great Recession of 2008 and 2009. The Dow Jones Industrial Average dropped 513 points, 4.3 percent; the Standard & Poor's 500 was off 4.8 percent; the New York Stock Exchange composite was down 5.4 percent.
Read the story7 minLocal Muslims' Lawsuit Smacked Down by Obama Administration
The "state secrets privilege" allows the federal government to ask lawsuits to be dismissed on the grounds that evidence might damage national security. As a candidate, President Obama accused the Bush Administration of using the privilege too much.
Read the story11 minWhat Should Happen to the South Central Farm Site?
The South Central Farm is back in the news — a 14-acre community garden, sold by the City of LA in 2003 and bulldozed three years later. The neighborhood was promised that a developer would leave almost three acres for a park, but nothing has happened. Now, councilwoman and mayoral candidate Jan Perry says the park is a bad idea.
Read the story6 minThe Arab Spring and the Wars of Ramadan
The so-called "Arab Spring" began with peaceful protests that led to hopes of non-violent revolution in Tunisia and Egypt. In Syria and Libya, dissent has led to bloody repression and civil war.
Read the story26 min
