Cleveland Defaulted on its Debt in 1978 [CBS News Video]

To conclude the muni fest, I embedded a CBS News clip on Cleveland's default in 1978. Happy 4th of July to the Americans .

(Source: Videoholic50s60s70s on Youtube)

Read all about Cleveland's default here:

Chapter Five—The Default of Cleveland: Constructing Municipal Reality via 'The Power of Collective Purse Strings' (The Effects of Bank Hegemony on Corporations and the State) by Davita Silfen Glasberg (University of California Press).

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