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Los Angeles Feels Credit Crunch

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Los Angeles Feels Credit Crunch

Economy

Los Angeles Feels Credit Crunch

Los Angeles Feels Credit Crunch

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Cities, including Los Angeles, are finding that it's harder to get loans for big projects due to the credit crunch.

Los Angeles Mayor Antonio Villaraigosa, who denounced the initial bailout proposal by Sec. Paulson, tells Madeleine Brand that he sees the third package as an improvement. "We can't afford not to do anything," he says. "We have to reach across the aisle."