It now seems like a natural rite of summer — open-air classical music festivals where audiences can hear great music while picnicking under the stars. But 75 years ago, when the Boston Symphony first performed on a former estate called Tanglewood in the Berkshire Mountains of Western Massachusetts, it was a novel idea.
Buzz has been building. There were standing ovations when Milo Greene toured with The Civil Wars. Esquire magazine put Milo Greene on its list of artists to watch in 2012, and Milo Greene will perform songs from its debut album on David Letterman's show later this month. But this budding star is probably not who you think he is.
The city of Scranton, Pa., sent out paychecks to its employees Friday, like it does every two weeks. But this time the checks were much smaller than usual. Mayor Chris Doherty has reduced everyone's pay — including his own — to the state's minimum wage: $7.25 an hour.
Doherty says his city has run out of money.
Scranton has had financial troubles for a couple of decades — the town has been losing population since the end of World War II. But the budget problems became more serious in recent months as the mayor and the city council fought over how to balance the budget.
So, another month passes with U.S. stuck in a jobless recovery. Yet many major businesses are reportedly doing well. Their stock price is up. They have cash on hand. So why aren't more companies hiring?
I'm joined now by two chief executive officers. Christopher Gorman is the president of Key Corporate Bank and the CEO of KeyBank in Cleveland. He joins us from his office there. Mr. Gorman, thanks for being with us.