Chanos and bankrupt states

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Leading hedge fund manager, Jim Chanos warns of trouble ahead in the US municipal bond market. He tells Lesley Curwen that the question for near-bankrupt American states is: 'are you going to pay your bond-holders, or are you going to pay your teachers, firemen and sanitation workers? The BBC's Ed Butler reports from the city of Alameda, California on how budget shortfalls are translating into school cuts. Plus, Lucy Kellaway reckons anyone who has lost a job should relentlessly 'big themselves up.'