Daily VideoJune 29, 2010
Dunking Dollars in Cleveland
Cleveland, Ohio, was once a major port city on Lake Erie. Steel mills, car plants and countless manufacturers once clogged the mouth of the Cuyahoga River with their goods, but these days the city is in a semi-depressed economic state.
This week, Cleveland sports fans find themselves a bit down, too, with a highly-prized and likely export they actually don’t want to see leave. Ohio native and NBA superstar LeBron James’ $16 million contract with the Cleveland Cavaliers is up, freeing him to sign with any other team in the league. Will he be tempted by the brighter lights of a bigger city?
If James leaves, it may mean a loss of pride for Cleveland and a significant economic loss of about $140 million in revenue.
As part of his ongoing Making Sen$e series on economic news, Paul Solman explores the massive economic and psychological impact James has on the city.
“We have fans who come here and make the sojourn to Cleveland from all over the world. We are one of the most heavily televised teams in our league, both nationally, as well as internationally. And even in China this past year, we were on 34 times in China.” Len Komoroski, president, Cleveland Cavaliers
“LeBron definitely brings a different crowd down here, a good crowd.” Doug Petkovic, co-owner, Lola
Warm Up Questions
1. Who is LeBron James? Where is he from?
2. Who pays professional athletes? Who benefits?
1. Try and predict if LeBron James will leave the Cavaliers? What are the pros and cons of staying in Cleveland?
2. If you were James what would you do? Why?
3. Why do you think athletes wield so much power in our society? Do you think that it is a good thing? Why or why not?
4. Think about your local sports teams, how do they affect your local economy?
Tooltip of related stories
Tooltip of more video block
Submit Your Student Voice
The murder of Democratic National Committee staffer Seth Rich in July 2016 has led to a conspiracy theory based on unfounded claims linking Rich to WikiLeaks. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
There is a growing movement among young conservatives, including evangelical Christians, who support environmental regulations. They say it’s important to act as faithful stewards of the earth. One group, the Young Evangelicals for Climate Action, has grown to 10,000 members in the past five years. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
School districts around the country are debating whether or not to require seat belts on school buses. Requiring seat belts comes at a high cost for school districts already struggling with tight budgets. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
Since the firing of FBI Director James Comey earlier this week, the White House has contradicted itself several times as to the reasoning behind President Donald Trump’s decision. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
In a surprising move, President Donald Trump fired FBI Director James Comey on Tuesday after receiving recommendations from Deputy Attorney General Rod Rosenstein and Attorney General Jeff Sessions. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld