San Mateo County Grapples With Economic Fallout: NPR Interviews Supervisor Rich Gordon
Repost from NPR: by RICHARD GONZALES
As the national economy slowly recovers from the 2008 Wall Street meltdown, San Mateo County, Calif., is still grappling with the fallout. The county lost more than 150 million dollars when Lehman Brothers went under. That loss, combined with California’s overall economic crisis, has forced San Mateo to make deep cuts in spending and personnel.
Link to PODCAST: http://www.npr.org/templates/story/story.php?storyId=125914096
MICHELE NORRIS, host:
Not long before Washington Mutual was seized by federal regulators, the investment bank Lehman Brothers collapsed, and that collapse is still playing out on main streets across the country. Exhibit A: California’s San Mateo County. Among local governments, it was the single biggest loser when Lehman fell apart.
More than a year and a half later, San Mateo officials are still trying to get some of their money back. NPR’s Richard Gonzales reports.
(Soundbite of train)
RICHARD GONZALES: The train that carries commuters between San Francisco and San Jose runs right through one of California’s most diverse regions, San Mateo County, where Richard Gordon is a supervisor.
Mr. RICHARD GORDON: (Supervisor, San Mateo County) We have an agricultural zone on our coastal area. We have the San Francisco International Airport in our county. We are home to biotech and hi-tech. And we’re also diverse in terms of the people who live here. We go from extreme poverty to extreme wealth.