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State and local governments are facing unprecedented deficits across American.  The Manhattan Institute's Nicole Gelinas looks at these fiscal woes, including whether bankruptcy should be an option, and Financial Crisis Inquiry Commission chairman Phil Angelides  talks about the ongoing aftershocks from the original financial crash.  Plus: New Yorker writer Lawrence Wright on the realities of the Egyptian police state; New Jersey debates if a blogger should be legally shielded as a journalist; Harvard’s Edward Glaeser on why cities are man’s greatest invention; and is princess-mania a development stage or a marketing-induced craze?