kevin li is the deputy head of regional economics of capital markets in hong kong and spoke earlier about what's happening now and also what's ahead. >> well, i think the thing is to not seem to add up to the real picture. some other evidence is actually telling me that there has been more selling pressure in many cities in china and housing prices have been coming down quite rapidly. so yes, i believe prices have stopped rising and stopped declining and all this have to do with the slowdown in china deterioratine ining credit cond in china and the pressures in the u.s. >> many local governments rely on revenue from land sales. what kind of challenges will falling prices create for these officials? >> yes. about one third of all local government debts rely on land revenues to service the debts, so when housing prices come down, it will add more pressure on the whole credit situation in china. local governments will have to find other ways to generate cash, raising fees, raising more debts, for example, but the economy is struggling already and liquidity is getting very tight, so that will

the jury knew where we were coming from and they were able to see the lies in kevin freeman's originalory. >> informant richard persianins also took the stand. this time his testimony was devastating. >> perkins admitted that one of the prosecutors put him in the room with kevin freeman before he testified at the original murder trial and said you guys get your story straight. >> perkins also admitted receiving $10,500 after thompson was convicted. >> we were able to show why perkins implicated thompson. he was a street kid who needed money desperately. he saw a chance for more money than he had ever seen or imagined in any one place in 1985 and he went for it. >> for the first time in 18 years, john thompson was finally able to take the stand and proclaim his innocence. >> you could hear a pin drop. i mean literally. he finally had a chance to explain to a jury why he had a murder weapon. >> john thompson's testimony was that he did have the gun but he had bought that from kevin freeman. >> kevin freeman sold the murder weapon to an unwitting john thompson. john was involved in buying

while kevin struggles with what lies ahead, kymyada finally has her day in court, where she's convincedcord straight with her mom. >> you not lying? >> i'm not nervous at all. it was just a misunderstanding. the judge will listen to my mom, but once she hear my side of the story and she'll know where i'm coming from, she'll understand, too, and so will everybody in the courtroom. >> i need kymyada. >> good morning, kymyada, how are you doing? ready for court? right this way, please. >> hopefully i'll go home and i'll be with my baby. >> right this way. >> i'm just going to explain myself from the beginning to the end. leaving no parts out. because there's two sides to the story. >> this young lady is charged with runaway, right? >> correct. >> have a seat. >> kymyada, you're charged with running away. tell us what happened. >> well, monday me and my boyfriend and my cousin had the baby, and we was out all night. we didn't call nobody. then tuesday i dropped my daughter off at her grandmother's house because i was getting agitated with her. this is not my first time getting agitated. so

kevin johnson. you are up early for us, and we appreciate it. >> hey, i get up every morning early for "morning joe." >> now you're telling lies, mayor.ian. >> there's a reason you've been re-elected in that city, mr. mayor. congratulations, first of all. you're the new president of the u.s. conference of mayors. we talk a lot on this show about national politics, about what ought to be done to get stimulus and jobs. what are you doing at the state level and local level on that front? >> i think first of all, i'm honored to be the president of the u.s. conference of mayors. you get elected by your peers and that's a big deal. what we're trying to do honestly, is we're trying to restore the faith and confidence in government. i think the american people watch what's taking place in washington. they see the gridlock. they see the partisan politics. and they're frustrated. i think mayors are a new breed of politician. you know, we don't care whether a good idea comes from the democratic side of the equation or the republican side. we want good ideas. we want to implement them. we're very practical and pragmatic. that's what we have to do