'90 percent of cities and states are going to go bankrupt within the next five years, many of them sooner'

Richard Riordan...

Richard Riordan (noted attorney, businessman, investor, philanthropist and former LA mayor) is one of the brightest people I ever had an opportunity to interview and write about.

In this interview for ReasonTV, he discusses state and local budget crises, Arnold Schwarzenegger, public-sector unions and current LA Mayor Antonio Villaraigosa.

He also makes this chilling statement: “"Throughout the country, 90 percent of cities and states are going to go bankrupt within the next five years, many of them sooner."

Watch. Listen. Learn.

(A huge tip o' the hat to Reason for this clip.)