Adam not as bad as they were earlier. We are off of session lows and may go above 1700. One of the reasons the dow is down 82 points is ibm pulling but dow down and ibm is down 2. 2 accounting for 34 points of of the dow but not only the biggest loser on the dow, they got a downgrade which says their stock price could go as low as 175 a year a share, a big fall down is ibm and one issue is people dont want their mainframes as much as they used to. Lori the windy city has one of the most poorly funded Pension Systems in the country, 50 underfunded. No solutions so far. Could be the next major city to declare bankruptcy . Joining us is steve malanga, senior fellow and author of the indebted states of america, what a title of a book. What is the story with chicago . Truly as bad as detroit or heading in that direction . Economically not as bad a viable global city but their budget is a mess. 3 billion in taxes they collect, this year is the need to a 415 million for pensions and that is g
melissa: boy, you think you had a tough commute today, commuters in san francisco expected to face the largest traffic jam since 1997 today. two of the biggest unis went on strike haltintrain service r the first time in 13 years. derailing half a million writers. the fifth-larges rail system, so what other cities could be paralyzed by unions? is yours one of them? with me now, transportation expert and author, labor policy analyst. gentlemen, thank you both for coming on the show. let me start with you, was interested in drilli down right away on what their demands were. they want a 5% increase in pay evy year for the next three years, which may or may not sound like a lotf money to people out there, but if you look awhat everyone else is making private iustrorkers in 2013 saw thr salaries increased by 1.7%, less than 2%. state and local govement workers across the country so 1% increase, so why do these folks think they can turn aa entire city upside down because they want s