your support it has been a fun two weeks a lot of people called and he mailed "money" withelissa francis is next. melissa: i'm melissa francis command is what's "money" tonight. if you're bankrupt this manhattan to -- nearly half a billion on a hockey arena. detroit is planning too exactly. maybe that is exactly what that motor city needs. and how much money to governments make from parking tickets? you could high dive into a pool of it. the days of the golden goose could be numbered. we will explain why. it may "money" today? the absolutely roasted wall street expectations. stay tuned and find that too would is. even when they say it's not, it's always about "money." ♪

melissa: our top story tonht. alreadyost its financial mind, but this may be taking it to a whole new level. the bankrupt city is moving fu steam ahead on a new $444 million hockey stadium. taxpayers are picking of most of the tab because they have a lot of extra money. in a city with more than $18 billion in debt, is this a3 huge wastef taxpayeron or could it bring this city back to life? with mnow, director of fiscal policy for the mackinaw center in michigan and democratic strategist. welcome both of you to this show. let me start with you. it seems a little crazy if you cannot pay your existing bills and you are filing for bankruptcy to go on the hook for another 444 m million. i guess the portions 400 million of something like that. what you think? >> of course it is. detroit is not exactly known for

its economic rationality. they are in this position able to impose of the costs on state taxpayers. as taxpayers might be responsible for part of this do stadium that will never use. melissa: i'm betting you will make the argument that maybe this creates thousands of jobs. >> well, actually, it does create thousands of jobs. it will create 8,000 jobs. talking about some of thetudy that was done a billion dollars to o over the next two to three decades. listen, the best timing, absolutely not. are people going to be questioning the sensibility of doing this? absolutely. but when you're talking about a city that is really suffering and needs development, needs investment, i think you have to take the rest of the chance. the reality of the private sector will also put in 150 million plus another 200 million in related investments. melissa: $2,909,000,0 on the

convention center. you wi already tight -- try this. it didn't work. >> if this was a multi you stadium would agree. this was for a team oer than the red wings, i would agree with you. this has a serious chance of not only developing the area, but attracting even more investment. right now this is a city that is in dire need of at. melissa: michael, you could do it without taxpayer money. you look at the example of met life stadium in east rutherford, new jersey. it is the most expensive stadium built without public money. there are a lot of examples. chicago, wrigley field. a big renovation it. >> and pacific bell in the late 1990's. they tried to take it to the voters a couple of times spending for subsidies. they were told no both times and said we will finance a privately. the bottom line is you're only loing at the asset se of the balance sheet. they're is a liability side, and that will be imposed on

taxpayers far and wide across machine. you have to look it is on that balance. and on that balance the empirical evidence from economists around the country shows that the stadium's shows zero been negative economic impact for cities. melissa: how would deceiving get done? can ey float bonds for this given that there are about to go bankrupt? they don't have the taxpayer base to even pay to keep this tree lights on. even if you had the political will to get it done, can you actually do it? >> it is supposed to -- the intention to do this, 30 year bonds. we will see if that happens. imagine the interest-te maybe a little higher than normal to say the least considering you're talking about detroit. but it turned -- in terms of the benefit, the economic benefit the study -- i will read you the fact that their studies is the the impact is next, but there also have really good examples where there redevelop core parts

of the city. washington d. where i le, los angeles. there are a number of good examples. the risk here is to do nothing. i'm not sure and as city that is lacking investment that the option is to do nothing. you have to try to do something to attract more investment to create jobs. melia: trying to centearound something that is positive for the city. hock at least is one positive thing. add all that much about hockey. i'm told it's a good team. >> the red wings are good team. they are a good team. is fundamentally unfair to drag on sports fans into the deal. this will be done statewide. therein lies the hope with the bonds. you ask about how the bonds will be floated.@ it will be floated by the state of michigan to the tune of $450 million, or percentage of which apparently looks like just a big gift. the state has done this before in michigan and outside the country as well and it has not turned out wl. the renaissance center, 100%

privately financed building, 350 million in the 1970's sold for only 76,000,020 years later. that's the messes that you will not overcome with any of these economic impact. melissa: your thoughts on that. >> well, it really boils down to a simple conclusion. you can either do nothing or you can try to basically spark some type of growth. melissa: you can sayhat again because i don't think the other option is nothing. there are other ways to invest dollars if you try to attct outside businesses. maybe you try and attract tech companies to the downtown area through taxncentives or wherever else that there would come in and at leastreate jobs . hang on. and on. left respond. >> your talking about an investment risk there will be spread out ove three decades. it talking about 8,000 jobs and will be related just of the construction of the project and

other indirect are. your talking about a billion dollars of potential economic value. again, this is where a sports team that is beloved in the city of detroit, a project, by the way, that is supported by republican governor. so listen, is there going to be risk involved? and the stand. at the same time, i'm not sure. there is no other alternative on the table that has seeped. melissa: we will leave it there. thank you. happy friday. next, a shot over the back of the fracking dome. an antitrust probe as a fracking industry reeling. could it put the u.s. energy revolution in jeopardy? we have the detls. plus, if you wt to buy luxury property tse day good luck finding one. a drought i sweeping the market , and the consequences should have every homeowner paying attention. more "money" coming out. ♪ when we made our commitment to the gulf, bp had two big goals:

help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.

melissa: mother it's on wall street or main street, here's to make "money" today.

anyone who owns starbucks. its best thir quarter in history. specialty drinks and a growing vaety of food options of lead the way. starbucks stock jumping more than seven percentage. howard schultz owns around 18 million shares of starbucks. that means he made more than $94 million today. why not me? meanwhile, losing money today, anyone who owns some death. it folded plans to get in nevada gaming license. online gambling has been considered a potential savior, but the shift in strategy clearly upset investors. at along with poor earnings sent stock 14% lower today. and chopping off the head in a theater near you. the tv movie that created the mega storm on twitter is coming to the big screen. it will be shown at 200 theaters next friday. ticket costs, $12.50 per. creators reportedly wanted to

let make it cult favorite. all right. the u.s. fracking boom has looked unstoppable, but an antitrust probe by the justice department has the whole industry stopping in its tracks. some of the biggest companies o being targeted. they are scrambling to figure out why. is it enough to puttthe brakes on the u.s. energy boom? with me now, david carson from the heritage foundation. it is always a pleasure have you, and i have to tell you, i was looking at the staff in this industry. think it must be one of the most poorly organized monopolies ever because in the last quarter supply of equipment exceeded demand by 30%. so theee was a ton of stuff lying around was not being used. where did they get antitrust from here? you know, i have no idea. your knows what is driving the justice department on this. but we can look at the obama administration and s that they really have not done anything to promote the energy revolution that hydraulic fracturing has

brought on. in fact mccoy the opposite. the texas oil production has doubled in t past three and a half years because of the hydraulic fracturing. almost all of the hydraulic fracturing is done on on federal land. so usually you bring an antitrust case when you want to lower prices, make the customers get more. they have not done anything else toward this industry to help the customers or to promote addition production. so it looks to me like this is the opposite. want to drive the costf. melissa: and scratching my head because i drill down of the numbers. if you look at it, halliburton rose 15% of the equipment which is not that much. the profit margin dropped to 11% in the fourth quarter. it had been 31% so they are getting squeezed from those numbers. another qb damon the industry. they had a margin of fell to 8% in the second quarter. had been 22. is it possible that -- did they

think that there was some sort of collusion and now it's gone? i can make sense of it. >> i have some phone calls. i talked with people, different dustry people trying to find myself. they were stunned. one of the most dynamic competitive parts of the oil industry with people coming in and going all the time. it will be very hard to monopolize or caramelized that section. we have prices last year for this service dropped 14%, expected to drop another 6% this year. so your suing companies for monopoly when prices are going down. add on now. melissa: anyway you look at i the top 4% -- i'm sorry, the top four companies with the largest 43 percent of the industry. so the big guys together only control 43%. there's no way a look at the stf. what else could you possibly extrapolate? trying to stall fracking? jeff the only thing i can think

of. this is a deliberate attempt to slow down the fracking andhale industry which has created so many jobs in this country. >> that explanation makes more sense than they are trying to do the opposite. when you talk to people, those firms that make up that 43 percent, you know, they are not spending time together. melissa: their enemies. >> very much constructed of cutthroat competition. melissa: absolutelyy we set some of the names. these are companies that are competing, cutthroat competition all around the world. and the bad news is that the end result, ty may actually end up raising prices as a result because these companies now are forced to of fight of litigation or change practices. whenever they do it adds to the cost. melissa: it will put -- the lawyers have to come and say, we need to look at this business and is before you go forward.

that's only going to slow down this energy boom that has been driving a manufacturing boom, that is moderating prices, helping create jobs in texas, north dakota, and everywhere in between with the oil and natural gas business. melissa: it's such a change. and i talked to manufacturing ceos, they say that very cheap energy and natural gas that we are seeing makes manufacturing compelling again. makes the lor proposition here makes sense because your ergy is so muchheaper. you're closer to your customer. even if labor is more expensive, your costs to make sense. every weekend. the giver, not. thank you. melissa:oming up, luxury properties are evaporating with the summer heat, and it could have serious consequences for homeowners acros the country. we will explain why. plus, pot is legal in washington state. the d.a.s kicking in doors at dispensaries across seattle.

does the crack down on the lucrative new industry crossed the line? to you ever have to much "money" are too much pot? ♪

♪ melissa: want to buy luxury property? deadlock. a drought is starting to sweep the market. a number of apartments for sale in manhattan is already at its lowest point in 15 years. it sounds great if you're at the high end of the market trying to sell,ut does it come at the expense of the housing recovery overall? with me now, ceo of color williams, new york city, and josh altman among luxury real-estate broker in los angeles. you might recognize him. welcome to bothf you. let me start with you.

a big trout in luxury apartments. this sounds like one of those things that brokers say to try and get you to make an offer. is this rl? >> very real. it's funny. you don't need a broker to tell you it's a good time to buy you can go into an open house. one hundred people. melissa: a good time to buy, there's no supply. >> it's a good time to buy because ready youhink prices are in a go? there is going to be no supply. this is the new norm. it will be no supply. melissa: why? >> why, where is it going to come from? melissa: i don't know. you're t real estate broker. >> let's look at luxury. that is where the cost is. anything that is new construction coming to the market is strictly super luxury. people that bought in the height six, seven, eight years ago. they're just getting bacack into the black. average to median prices.

so we are more than halfy back to the highs. where they're going to move? melissa: is it t same on the west coast? >> get ready for some good competition. it's everywhere.3 you know, due to the lack of confidence before january where builders were not building all this new inventory until now. we are still kind of lagging behind. we are not seeing a lot of inventory. the middle class right now, the people are really gting squeezed, people taking out mortgages, people who have major competitions when a new product is the market if it does. all other times it does at the market. melissa: there was a great article about this and the new york post. they said the reason why we are seeing no supply is because no one can get financing. it's not necessarily a good thing for the market because no one is selli because they can't get financing to buy something new.. it's just a gian market.

that's not great news. does just everybody is stock. go ahead. >> el. you know, i think it i good news because it means that people who are buying places are the people of canada for places. that will keep us out of the trouble we got in in the last recession. as long as washington is still involved, everyone is wating closely. you can't buy a place with less than 25 percent down. so i think it's a good thing. melissa: this that even do it? i mean, a lot of times in the art they're saying you needven more cash than that. if you look to people o want to buy a place and they're stuck in can't get financing, that doesncase the wheel of the housing market. we don't want people buying houses they can't afford. the same time you go one a market that is totally stalled because you need the cash to buy a new home. >> one of the 3-d as a man and right now are all cash. wanted to give your number. you talk about contract activity

for the month of july. we are at all-time highs. 700 yen is going to contract in the month of july which is typically a slow month. summer, it slows down. 700 units in contract. 950 in 2012 and returning for over 1100 in 2013. so financing is available. it's up t financing of fiver six years ago of 90% financing to two and $3 million, will mortgage loans are readily available. melissa: i will give you the last point. i'm worried about this for the overall market because it is more challenging than ever to get financing. we are about to see interest rates go up. is this situation going to get even more dire? >> but, you have places like miami, new york, san francisco los angeles. i hot market. when you go outside of these places like riverside, outside of los angeles, a town of inventory. aces that are coming up, boston, texas.

otherwise it's not as crazy. interest rates are low. a good time to buy. you have to be super aggressive and make sure you have a good realtor. melissa: that is the take away. hire you. thanks. have a great weekend. next on "money", voters legalize pot in washington state. now that the a is rating dispensaries across seattle. how it is drawing battle lines between the federal government and the state's most lucrative new industry. plus, meet the biggest cash cow. it is your car. you won't believe how much they are raking in from parking tickets, and it's turning io an addiction that they cannot live without. piles of "money" and way too many tickets. ♪

♪ grew up in a small town and when the rain would fall down ♪ ♪ i'd just stare out my window ♪ ♪ dreaming of what could be and if i'd end up ppy ♪ ♪ i would pray i could breakaway ♪ ♪ i'll spread my wings and i'll learn how to fly ♪ i'll do what it takes till i touch the sky ♪ ♪ i gotta take a risk, take a chance, make a change, and break away ♪ ♪ wanna feel the warm breeze, sleep under a palm tree ♪ ♪ feel the rush of the ocean ♪ ♪ get on board a fast train, travel on a jet plane far away ♪

♪ and break away of the darkness ♪ get on board a fast train, travel on a jet and into the sun ♪ ♪ but i won't forget the place i come from ♪ ♪ i gotta take a risk, take a chance, make a change, and break away ♪

♪ melissa: the da rating marijuana dispensaries might n seem like a big deal. what about where voters have made public will? watching aggressive raids in shington state this week, hitting the case is all across seattle. it is a big escalation in the showdown between the fed's in this lucrative industry.

should they be cracking down to begin with? former federal prosecutor joins me on this. we knew it was going to come to this. >> we did. in the first legalized it in colorado and washington, although legal abundance, is still illegal under federal law. melissa: what is going to happen? how you deal with this? >> it's a great question. the reason is that we see other instances where they're saying the obama administration may not enforce this law. does not the correct approach. so the correct approach in my humb opinion is have the states try to get wit the drug enforcement ainistration in washington, said down and tried to come to some workable resolution. melissa: what is the reason? montae in some cases saying that it is related to money laundering? >> i'm glad you're remded me. that's right. a lot of people watching this and saying that the feds are saying that these particular venues are fronts for other illegal activities, and if that's the case does legitimate.

i do large-scale marijuana cases. the reality is excessive money laundering and other things that issue, fine. if it is cracking down on legitimate medical marijuana that will be surprising. melissa: but there are those who are thinking that they're just using it as a front to crack down. using it as an excuse. we were talking earlier about the idea of going after halliburton as a way to get a fracking one as i seem to be a case. a lot of people think that they're coming in and claiming money laundering the really just trying to crack down. melissa: that is analogous to other areas. they fire you. tsa and because of this or that and then they say, no, we have a memo. that was a pretext. in other words, it's other activity. no, it's medical marijuana. the fact of the matter is that there really have to come to some resolution of the policy

center back in washington d.c. because it makes no sense to have conflict between state and federal law. melissa: in the meantime what to these dispensers to? >> well, there really have that choice. if i were advising them by would have t to say, look, it's illegl under federal law. under the supremacy clause in the constitution federal law overrides state law to the extent there is any conflict. and i have to advise you obviouslthe you can't do it. melissa: on a very basic level of something isegal in the state but illegal on the feral level who wins? >> that is exactly what i was thinking walking into speak with you. the point is from a constitutional standpoint the argument would be, when is something such that a state can regulate it? answer question. the reality is that from a straight line appointed the weather is a conflict between state and federal law, if a state said you have to file an income tax return, that's obvious because is pre-empted by federal law. here i think you're right.

it i different and the point is, why can't the state under -- to put in your formulation, pass along saying that medical marijuana is illegal. it is really just a simple constitutional law point. you teeseven wrigley you have to go to the source. melissa: we will certainly follow this. thank you. happy friday. here is our question. should the fed's be cracking down on illegal pot in washington state? who want to hear from all of you. follow me on twitter. i read all them. it may look like just a car, but city governments across the country seem like the ultimate gravy train. the money they are hauling in for parking tickets is sitting a proportions. if you don't hate them enough, it is about to get worse. it is sitting a breaking point with many residents. fox news is in los angeles with more. and i knew it. i knew there were looking at jobs sending out meter maids and

racking in the doe. >> some cities seem to be worse than others. i can name a couple. when you park there even if you feed demeter you have to go back to double check yourself. it's amazing. what is more amazing is some of the signees. an armored truck. everyone else is the fall of the size of figure how to park the car. >> to give me another ticket. melissa: expensive confines, confusing signs, and armies of meter maids. rolling in the doe thanks the parking violations cards to think of them as a new atm machine. melissa: parking tickets bring in three times more revenue than parking meters. >> they want them high enough that they make a lot of money on them, but low enough that you're going to say, it's not worth giving up and then going to court. >> says 2005 ticket prices have doubled and l.a., now starting a $63.

>> it's almost an entire day's wages from the low-wage employees. people an't afford that kind of thing. >> the same story and washington d.c. which handed down in the 2 million tickets and >> they substituted a parking tickets for the wcome mat. >> some cities even charge for sunday parking, including san francisco which sits at the top of the list of buys ticket prices to refinance just above the science. which ones? what exactly did any. >> i have a graduate degree, and i can read somof these. >> the signs are clear. according to a late barbara transportation and told us we recently have multiple parking regulations and require more than one sign. the public is responsible for reading all posted signs in complying with the regulations. the critics say there has got to be a better way for cities to raise money. >> it would be better for our democracy if this cits realistically said this is what is going to cost us to provide these services and other ways that we think we ought to raise

the money. >> here in los angeles and san francisco, a sry about a fire and have the cornish. now of course they have a credit card machines. even so these are being handed out in higher numbers than ever before. what makes it more difficult is a lot of the outsourcing of the collection goes to another company. one of our interest dollars to park near driveway, never know for parking narrow driveway. santana a contestant. so i've not heard back. assenting happen to me. i never heard back. i eventually had to talk to the city manager to look into it. a situation that a lot of cities are hoping people will to say forget it. i will pay it. melissa:n the meantime they say -- you get all these penalties. any of the city's a you were talking to, did they admit that they have more meter maids out there handing out more tickets in order to raise revenue?

i swear i see more cops out there on the be trying to hand out tickets whenever this city is behind. did they admit they do it that way? >> well, yes and no. there are two ways to let this. how lot of these ticket writers are actually working in city cars wearing city uniforms and are outsourced. is not necessarily a police officer. secondly, there is our representative here in los angeles. i once his name. he tell me on the telephone to make calls it legalized extortion. complete baloney. they are frustrated. ticket of the county facility.y. does to the city. doesn't even go to t county. melissa: complete baloney. i knew it. it is complete baloney. thank you so much. >> theive you tickets in front of your own house. >> you probably got one right now. waiting inside the house. you' in big trouble. >> there will pay for it.

melissa: i don't know. next, as if it wasn't tough enough. accused of stonewalling an investigation all over her roles of the state department and as a private contractor, had the same time making when more money. raising big questions are government workers, making "money" on the side. we will expln next. at the end of the day it is obviously all about "money." ♪

♪ melissa: so anthony wiener is all over the news, but behind-the-scenes h wife s at the center of a widening investigation. senator charles grassley says she is still mulling a pro been heard dual roles as the state department and a private consulting firm, but it is raising new questions about backdoor way is for countries to five companies to bank government influen. here to break this all down, public citizen, what start rupert government ethics and the joins me now.

i want to really spell this out for our audience in case they have not been following. while she was away on maternity leave she to on status as a special government employee which met when she came back to work to still have her job at the state department for which she gets 135,000. she was allowed to also take on outside work, and she is getting a salary for a part-time job of $355,000 from a public -- of surrey, a fincial consulting group. part-time work. if they're willing to pay her three year $55,000 a year for a part-time job you have to think that whatever consulting she i doing or whatever information she is sharing as a result of being part of the state department is pretty damn valuable to be whe my wrong? >> you are not wrong. this is an entirendustry has sprung up o capitol hill and all through washingttn in which

people who have access to of privilege to government information are very highly sought to provide that information for wall street trading activity. this is known as the political intelligence industry. it can consist both of lobbyists for wall street operatives to roll balls of congress trying to get information from ngressional staffers. right down to someone who is working within the department of sate. at the same time taking on clients. by the way, there is no doubt that that is a political intelligence firm. it claims to actually have insights into government information and wants to up with that government information with its stock trading activity. melissa: they say on their website that theyave a network of knowledge and influence a that they can't get you access and special information that of the people don't have.

this has a brother website. we a not just picking on them cause they happen to be married to anthony pro love of with the state department said, there are 100 such consultants said the agency that have the same status. there going to 100 other people who are doing the thing. to me that seems like i is an epidemic. is this something of we should be worried about? >> definitely be worried. by the way, that is a very understated figure. we actually don't even knowow big is political intelligence in this tree is because it is a ghost industry. we know it exists. we know isulling in money, but we don't know who they are or what they're trading on the stocc market. so the best estimates are anywhere up to about an industry that accounts f maybe 2,000, 3,000 traders bringing in $400 million a year.

and you know, they have access or had access to some very, very confidential information in the state department. she was deputy chief of staff originally. at that point she could not take on private clients. but when she changes that job status into a special employee, then she became a consultant to the government and could take on other plants as well. melissa: a special employee which is still a full-time job. she still makes $135,000. they say -- to me what you describe sounds like it violates the stock back to. they say that what they are allowed to do is forecast for cllents what could happen. i mean, to me that sounds very dangerous. coming and telling the world, based on my expert knowledge i have seen this go one inside the state department. i'm telling you as a result of believe that it means that this is going to become illegal or th we're going to go ahead and go into this country are spend money on this and here is how

you position yourself in order to take advantage of it. they say that the inverse does not happen. th are not supposed to lobby in the attraction. lobby the government on behalf of their clients, but how would anyone know? how would you possibly make that distinction? >> is very hard to know. it's also very difficult to know what kind of information they may be selling to their clients. the stock act by the way which oblige you brought out was just approved a one year ago. prior to then insider-trading laws did not apply to many people in washington d.c. in congress especially. so it is a new law, and the government is just now trying to figure out what it actually means. and what makes this so difficult, by the way, is we don't have disclosure. we know insider-trading laws are supposed to apply to everyone in government as part because of the stock act. but without disclosure as to what people are doing, we don't

know. it. lissa: i always wondered how people went to washington and took jobs making one of the $35,000 per year and then left loaded with millions and carrying live baton backs. is because they have these other jobs othe side that you did know about where there were taking advantage of the position in washington. there are thousands of them. thank you so much. sometimes there's an image that is so brilliant captured, as scandal, no words are necessary. this should be hung in a museum. we will show you why in "spare change" next. ♪ you can never have toouch "money." ♪

>> it is friday. it is time with the "spare change". get excited. >> i am going away this weekend. i am happy. >> check out the new cover of "the new yorker." that is anthony weeder on top of the empire state building to avoid what he does all the time which is sexting. >> he is making a very hard for himself.

thisuy likes punishment. [laughter] >> it is just like masochism >> i see his death more than i have seen mind. [laughter] >> i cannot believe that. >> my new name for him is he a dandy for the love of god put away your weeder. [laughter] >> it is enough. >> now i have to hide all the newspapers from my kids. i did not even know how to explain. >> does the child not know how to use the internet? >> just walk away. >> that was done now on to the many trade the mta about one dash mailed out corporate sponsors to rename the substation is and that's fabulous? i love it.

how do we pay for that? the mta will only consider bids from sponsors with a specific geographical ties to the subway stop. >> it is of great idea. >> that is what it is about did you have to clean up the subway it smells like somebody put out a sandwich here and left it out in the sun. >> it is time to start cleaning it up to have the naming rights. >> i want to go down and clean it up. >> it is capitalism at its finest. idle wanted to be the of victoria's secret stop.

[laughter] >> with parading around. [laughter] >> now having permission to be rude to the president? being rude was there an automatic criminal offense in france. a european court of human rights ruled it protester right to free speech he was prosecuted for calling the effort former presidents are cozy a jerk but all what a french men a jerks. [laughter] >> come on. >> they should be able to speak out to whomever they want to buy want to implement the law into my life especially with my difficult real-estate clients you can be a jerk

when everyone to be. >> you work with victoria's secret. [laughter] >>. >> now to have a gimmick cheating customers out of toilet t-shirts -- to the tissue by reducing the number of sheets. >> that is a load of crap. [laughter] >> that was a good one. >> in fairness they are arguing it is more effective toward the paper. >> tom sullivan will share week.houghts on detroit this >> the story that is sll being written will take years to stle the legal issues but everyone will

take a loss. bondholders even the city employers that were promised more than anybody could hope to pay but there is a group that is not on the list the people who made the poor financial decisions after years of mismanagement and corruption, the mayor and the city chose a members going back decades going back to the decision makers that took tat borrowed ney that they should have known they could not pay into bankruptcy there is a process -- a process called calling back and i would love to see the judge clawback the money paid to current and former city officials make them take the head. and to have a fiduciary responsibility to promise future benefits witut consequences. >> i loved th idea. be sure to watch a show this

weekend at 7:00 and 10:00 on saturday and 7:00 a.m. and -:00 p.m. on sunday. eastern. it. thank y for watching. appreciated. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. hn: for years piticians promised that they would fix deoit. >> detroit show again become the great city that is its destiny. john: instead >> they turned city hall into a den of bribes and kickbacks making themselves rich. john: is there hope for places like detroit? >> it will turn around the city of detroit. >>he