Big Cities Scale Back On Development

"Cities, states and other local governments have been effectively shut out of the bond markets for the last two weeks, raising the cost of day-to-day operations, threatening longer-term projects and dampening a broad source of jobs and stability at a time when other parts of the economy are weakening." While LA isn't mentioned in the story, the New York Times looks at big cities like New York and D.C., noting that "dysfunction in the municipal bond markets appeared to signal the end of an era of relatively cheap money for governments and, probably, the start of an era of tough choices for communities." [NY Times]