Financial 411: Reviewing the Business Headlines

Markets fell on Tuesday after the rating agency Moody’s cut Ireland’s credit rating to junk status. The Dow dropped 59 points, closing at 12,447. The S&P 500 was down six points, closing at 1,314. The Nasdaq fell 21 points, closing at 2,782.

Taking a Look at Crains New York Business Headlines

The mayoral race is still far off, in 2013, but a new Democratic candidate has jumped into the mayoral race.

Tom Allon is the publisher of Manhattan Media, and views himself as a business candidate. We'll talk about how he intends to raise money for the campaign.

Meanwhile, Mayor Michael Bloomberg is weighing in on the financial debate in Washington, D.C., over raising the nation's debt limit.

"The debt ceiling is so important," he said. "Playing chicken with it may be cute and it may be good politics, but it doesn't leave the rest of the rest of the world having a warm and fuzzy feeling about investing in America."

He also said that failure to raise the debt limit would take a "serious toll" on the nation, and the city.

In other business headlines, New York State Comptroller Tom DiNapoli has released a report that finds state tax breaks to businesses don't appear to be creating the number of jobs promised. We'll talk about some specific projects in New York City that may not have lived up to the expectations of spurring economic growth.

Crains New York Business Assistant Managing Editor Eric Engquist joins us to talk more about these stories, which are among the top headlines in Crains this week.