“Of all the public entities that have fallen victim to the big bank-induced economic downturn, cities have the most compelling stories of being burned. If ‘all politics is local,’ this is even more true for economics, at least where people’s ordinary lives are concerned. City budgets contain the life blood of communities. School districts, contracts with utility companies, waste services, and street repairs all filter locally. City social services are often the first line of response for people in need. City councils also fund soup kitchens, domestic violence shelters, and animal shelters.”

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