Bankruptcy

Municipal bonds are being defaulted on left and right. But the news sounds worse than it is. Few of those defaults are by cities -- for now.

Budget issues are causing major issues for a handful of states. Neal Peirce argues these budget woes are a sign that states are making the wrong investments and that they idea of a state may be out of date.

President Barack Obama has announced a $75 billion plan to help counteract home foreclosures -- a move that aims to allow more than 9 million Americans to refinance their troubled mortgages.

The northern California city of Vallejo has declared bankruptcy, becoming one of few cities and the largest in the state to do so. Other struggling cities are watching closely to see if the strategy helps to save the city.

Thousands of stores across the country face closure as the credit crisis curtails consumer spending, and chain retailers file for bankruptcy.