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'60 Minutes' on the coming day of reckoning

That's the day when cities and states are forced to default on debt, ask Washington for help or cut basic services like police, fire, and CHP. Financial analyst Meredith Whitney says that the fiscal debt crisis "has tentacles as wide as anything I've seen. I think next to housing this is the single most important issue in the United States, and certainly the largest threat to the U.S. economy." There's not a whole lot that's new, but at least the 13-minute segment lets folks know about the scope of the problem. NJ Gov. Chris Christie looks impressive.


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Recent stories on LA Observed:
Barry Diller's many paychecks
Say hello to the marijuana vending machine - and it's made in California
Good tip for job candidates: Always ask questions
Former Calpers CEO charged with fraud*
The Walmart story that everyone is talking about

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