. union square ranked 25th. new orleans came in at number one. follow it'd by chicago and new york city. >> higher after california gas tax goes into affect tomorrow. the state gasoline tax will go up 3.5 cents. almost 72 cents a gallon. funds from gasoline taxes go toward highway and mass transit projects across the state. gas prices around the bay area have dipped slightly despite that looming gas tax hike. in san francisco drivers are paying around $4.07 a gallon. in oakland and san jose about $3.97. that's about 6 or 7 cents less than last week. >> the real estate market appears to be roaring back. realtors say they are seeing bidding wars on homes that were once hard to sell and increase in buyers offering cash for homes. home prices across the country rose about 12%. and in san francisco, home prices are up by 24% compared to the same time last year. >> the market has changed drastically. everything has a steady trend upwards as far as the sales price and also competition for buyers. >> industry experts say the recent rise in mortgage rates could slow momentum. >> a pharmaceu
the cover story, one of the more scary bits in the article is chicago, which is a much more important, big city in america, the third biggest city. >> the mayor there has just announced 2100 layoffs in the public school system. >> and that mayor is formerly obama's top aide. they are drowning in what is essentially pension payments, with seemingly no way to reform the pension system. and a bill that is only getting bigger and bigger, of course, as the population ages and lives 25 years past the official retirement age. so that is detroit and chicago. but it is also a problem in so many other american cities. >> engine funds a ticking time bomb, points out the economist. federal courts can only insist so long that cities and states continue to pay pensions for seniors. that is the percentage of how much pensions cost in terms of tax revenue. those are the five most indebted. the economist, which in one of its lead editorial said the issue will arise again and will not truly settled until it reaches the supreme court, any places like detroit will surely have to break some past promises
party is over, as it also might be for other cities. california, philadelphia, and chicago. rahm emanuel announced layoffs in the public school. already, we see the potential for a snowball effect. doug bernstein is a bankruptcy lawyer. do you see your focus shifting from the private to the public sector? >> it is certainly possible. my practice is representing banks with troubled credit. i have been busy for several years and the united states. >> you will be busy for a long time. hopefully. >> yes and no. my business thrives on people's misery. >> banks are not people. >> well, but there are business owners wh do suffer. when the banks come calling to collect their money, it is a problem. >> that is where the state [inaudible] what you are saying about contagion, there is a terror going on. the banks are saying, implement austerity policies. if not, we will come after you. when you say that rahm emanuel is laying off tens of thousands of people == >> 2100 from the public schools. >> it is very bad policy because the only way you can create jobs is by putting money into people.
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