KHOU, Houston, Nov. 25, 2008
The deepening financial crisis has brought major banks, car companies and even insurance giants to their knees, leaving many to wonder: What’s next? Experts believe city governments may be the next economic bubble to burst because municipalities across America have quietly been piling up billions of dollars in debt in employee pensions for years. Debt like that can put a city like Houston at risk. “The city may go bankrupt as other cities have done,” said Michael Granof, McCombs accounting professor.
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