. >> one detroit. >> one detroit. >> one detroit. >> one team. >> one detroit. >> this season, the detroitset, tom lewand. >> there are some cities that are sport cities, where the city lifts up the sports teams and the sports teams do the same. philly's that way. boston. man, detroit, unbelievable history here between the red wings and the lions and -- goes on and on. >>cy gri grew up a red wings fa. to see what our sports teams do for our city and what we can do -- what our teams can do for the city is special. especially now with the kind of tough times. there is an opportunity for us to be a catalyst in a way that i think other industries can't. especially with our ownership. obviously owned by the ford family. and the nexus that they provide between what's going on in the business community, what's going on in the sports world and what's going on in our overall community especially. >> it's kind of your turn, right? >> it's been our turn for a while. >> yeah, yeah, right, phil, you look at the detroit tigers too -- >> it's amazing, i think at a time when detroit is having such a tough

you killed detroit. you killed detroit. you killed detroit. killed detroit. [ cheers and applause ] now nobody gets a car. well, actually you do but it's a more affordable car imported from countries like. ♪ japan and. ♪ korea where the cars are cheaper because the prices aren't pushed up by things like. ♪ higher labor costs look, these musicals are catchy. that's a fact. i don't want to argue about it. folks, if everyone created this mess, who ultimately is going to pay the price for it? will it be, a, vulnerable working class retirees. or will it be, b, it's a. >> workers are bracing for what could happen to their pensions and health care. >> the real victims are going to be people who are essentially going to see their contracts with detroit broken. pensioners, public sector workers. folks in unions. >> i get it. so detroit's auto industry was too big to fail but detroit's public sector workers are just small enough not to give a [bleep] about it. here is how crazy this story is is. we all detroit to emerge from bankruptcy okay, but we migh

. >> stephen: speaking of institutions that have outlived their usefulness-- detroit. >> now detroit has fallen on such hard times the city is filing for bankruptcy, becoming the largest u.s. city to do so >> move is unprecedented. the biggest municipal bankruptcy in american history. a major u.s. city officially declaring it cannot pay its debt estimated at $18 billion. >> stephen: $18 billion! and detroit borrowed those billions from some pretty serious people. if they don't get paid, they've thrented to cut off michigan's thumb. ( laughter ) now, it turns out, robo cop was an optimistic view of detroit's future because the numbers tell the story. the city's population has dwibdle twd 2 million to 700,000. detroit has the highest unemployment rate in the nation, and at 73,000 abandoned buildings. knowing how far the city has fallen would have henry ford rolling over in his grave and somehow blaming the jews for it. notice, there are a lot of theories out there, about what caused detroit's decline-- manufacturing jobs going overseas. corrupt politicians. but the easiest explanation

we're all about detroit today. what do you think detroit's best export is? music, cars, hockey, all kind of stuff. tweet us #waytooearly. we'll have the best ones later in the show. i have one i love coming into my inbox. can you say inbox on twitter, jen? still ahead on "way too early." shocking revelations and a new report about aaron hernandez. the alleged drug use and which specific drug he was using that may have played a part in the downfall. >> also the sound of detroit. it's fantastic. we'll take you to the motown museum to show you how one man's vision turned into the musical revolution of an entire country. that when we come back. [ male announcer ] come to the golden opportunity sales event to experience the precision handling of the lexus performance vehicles, including the gs and all-new is. ♪ this is the pursuit of perfection. is that true? says here that cheerios has whole grain oats that can help remove some cholesterol, and that's heart healthy. ♪ [ dad ] jan? it's delicious. so now we've turned her toffee into a business. my goal was to tak

we today make detroit work. detroit is the face of michigan. and we would be job one to wring back jobs to the state and in particular to detroit. i got to tell you, with all due respect to the governor, this is not sour grapes. until this bankruptcy, we haven't seen any action in detroit. there hasn't been a focus on detroit. the governor who said over and over again that everything he did would be seen through the prism of all jobs created for the state, i don't know of one job he brought to detroit. the first thing he did is destroy the movie credit which was bringing move oes and businesses, studios built in the detroit area. he wiped that out as job one. >> he has no plan for detroit. he has no plan and now he is blaming it on the last 60 years. i think that's very profound. >> exactly. >> michael, we did something for wall street. isn't there a main street? detroit we can help? what about this? is race an issue in this? >> absolutely, right, ed. i want to first say i join in with the mayor there, because your opening sermon was so powerfu

you detroiters are proud of detroit. the outside workers look at detroit and says, "what a mess?", you guys say, "maybe it hit bottom, maybe it will be okay." >> this week is a good example, you said it $390 million. 50% better than moment superbowls generate. in there be up 10% from a year ago. that's a microcosm for the improvement we are seeing in detroit. i'm an investor, i think that detroit is a low discounted value stock. cheap stocks can stay cheap for a long time. importantly in 2014 the more catalysts are there to see if detroit sees a rebound after 30 years of secular deline. >> the class half full look stays can't get worse. >> they are stabilizing. >> when i look at the combination of job and income growth, compared to the u.s., 12 to 13 quarters, we have been growing faster. our debt is rated ccc minus by standard & poor's, the same rating from moody's is stuck at a depressed level. we have a long way to go. the catalysts are there for improvement. this is a tip-off to what can happen. >> there's one trick. you say metropolitan detroit. if you take the city out some

our first home was in detroit. our oldest children were born in detroit. have seen and lived and held its good and its bad, and there are lots of both. and you have no doubt heard lots about the bad, but you haven't heard, i'm sure of it the love story. there are lots of us who love detroit bruises and all, and today there's are signs of life green shoots rising up a phoenix rising from the ashes. joining me now from detroit is mark binelli, author of a terrific new book "detroit city is the place to be." mark, thank you so much for joining us inside "the war room." >> thanks so much for having me. >> jennifer: you bet. i thoroughly enjoyed for those of you who aren't so familiar with detroit, let me start with the obvious, how has the auto industry's come back played a role in the city's rebirth? >> that's where the book started. it was originally a story for the rolling stone, which i went back to cover the auto industry in 2009 which as you know was a very dire time. the city had become sort of the poster child of the recession, and really for three day

detroit. that's because it's sending the dollar up against canada's currency. that matters for detroit which sits on the detroit river between the united states and canada. detroit is an international trade hub linking both countries with the rest of the world and canadian's decline against the u.s. dollar has negative implication force american businesses for detroit and beyond. americans and canadians regularly cross the international border to visit each other and to shop. >> believe me, the timing between the two is generous on both sides. they come here and we go there. >> visit tours detroit has been bolstered by a strong canadian dollar. >> we do get a lot of canadian traffic that come here and spend the day here, which is great. they make it an outing. >> but that could change. the canadian dollar is weakened some 10% in the last year against the u.s. dollar with many predicting that it will weaken further in 2014. in border cities across the u.s.-canada boundary think seattle or buffa

. >> take him to detroit. >> no! not detroit! >> i love you, detroit. >> massive unions, massive pensions. >> yes, lavish pensions. on average $19,000 a year which detroit now says they will pay 10 cents on the dollar. >> when union membership goes down, so do middle class wages. >> then the unions came in. then the democratic machine came in. then the drugs came in. >> every politician who puts their hand on the bible and takes the oath of office has a duty to this city and to manufacturing in this country. >> it yields a cat like kid rock. it must have good stuff in it. but the dems ran it into the ground. >> they don't have a fiscal problem, steve. they have a cultural collapse. >> see all those people in those pictures? have you ever seen so many americans be a failure at so many things? here we go again. i will not let this story go. there is more evidence detroit is truly, truly a conservative utopia. yes, i'm not going to get off this story. and it is something this country needs to pay attention to. conservatives keep bla

. >> breaking news out of detroit right now. >> no, no, not detroit! no! retirees marched in it front of the courthouse in protest. >> there are no surprises in that ruling. >> this was a difficult and painful decision. >> so business as usual in detroit. >> a chance, i think, to move forward with a clean slate. >> lots of misinformation surrounding this story. i'm setting the record straight here. >> have a human dimension, because there are pensions, retiree issue. retirees, pensioners. >> citizens are customers. >> rick, have you ever heard the expression, the customer is always right? >> i don't look at -- >> the consequences could be devastating, if you care about people. >> you know, when i said i was very pleased, i very specifically stayed away from the, you know, word "happy." >> good to have you with us tonight. thanks for watching. what happened in detroit today is not american exceptionalism. something that the republicans and conservatives love to talk about all of the time. no, today is a failure. today is a managed failure. but i want to poi

it is january 2015, what will be different for the city of detroit? >> detroit, the miracle city. it has come back. it is bigger, it is better, it is stronger, it is greater, it is better than it has ever been. >> i have a clear plan of what i want to do. we are going to get the police to show up. we're going to cut that response time so people feel safe. we're going to demand accountability for the streetlight repair crews so we can stop living in the dark. we are going to start to take these abandoned homes. if we do that, we can bring the neighborhoods back. the other thing i will do, similar to do at the mc, i want -- dmc, i want to start a city auto insurance program. >> that will have to be the last word here. we have time for closing statements here. , you go first. >> it has been almost one year since i left dmc. i have campaigned in every corner of the city. i have been campaigning living room to living room, backyard to backyard, church to church. i have been greeted with warmth and kindness in every corner of this community. there have been tough times as well. every pl

those that are in detroit? >> the big three rose on detroit.sentially right now, the auto industry is not the most important employer in the metropolitan area anymore. city government employs many more detroiters than general motors and chrysler. there's only one plant fully within the boundaries of the city of detroit today. chrysler's jefferson road plant. there's a plant that straddles between detroit and one of its suburbs. >> what can they and should they do for detroit? this is motor city. >> the auto industry continues to have much of its white collar work in the city. general motors is headquartered downtown. but ultimately the auto industry is not going to be the savior of detroit. yes, it should invest more in plant and infrastructure in the city. and maybe it will. because the jefferson avenue plant is very profitable right now. in the end, the solution is going to have to be bigger than reindustrialization, which is not likely to happen in the near future. >> we are both lovers of the great city of detroit. i thank you for your pers

detroit files for bankruptcy. what's next for its residents including thousands of city employees and retirees. and what does it say about the plight of america's cities in this fragile economic recovery? we'll hear from the current and former governors of the state. the man now in office, republican rick snyder and his predecessor, democrat jennifer granholm. plus insights and analysis from david brooks of "the new york times" and nbc's chuck todd. >> announcer: from nbc news in washington, the world's longest-running television program, this is "meet the press with david gregory." >> good sunday morning. a week after the not guilty verdict for george zimmerman, justice for trayvon rallies held outside federal buildings yesterday in 100 u.s. cities including new york, here in washington, chicago, los angeles, and dallas. the message of rally organizers, trayvon's death should focus more attention on race, crime and justice in america. and that's where we begin this morning. we've got a special group assembled to

he is headed to detroit, michigan. we are expecting the president to celebrate the american workforce while actually talking about the u.s. economy. all of this just days before that major speech on jobs and the economy. nbc's kristen welker joinings us live from the white house this afternoon. kristen? >> reporter: hi there, craig. that's right we expect the president to speak momentarily. white house officials tell me he'll be talking about the importance to have middle class in terms of strengthening the middle class as part of this recovery. we expect him to put pressure on democrats and republicans to get behind that big jobs plan that he's going to unveil on thursday. we don't know exactly what's going to be in that plan. i can tell you that some of the things have have been considered are investing in infrastructure, extending the payroll tax cuts as well as giving tax breaks to companies who hire new workers. as you mentioned he's going to be spooking before a crowd of thousands today. union workers this is of

>> detroit needs help. we're headed there actually, to do our show live there, to take a look at the problems firsthand. also to look at the city's incredible history, joe. >> all right, thanks so much, mika. we're at the top of the hour. thank you so much for being with us. we really appreciate it. have a great weekend. stick around right now because chuck todd is next with "the daily rundown." >>> the motor city stalled. detroit becomes the largest municipal bankruptcy filing in u.s. history. a one-time iconic city can no longer pay its debts. estimated at $18 billion. also this morning, a house call. the next few months will decide what the 2014 battle will be about. we'll talk to the point people on both sides about the race to frame the fight for control of congress. and from 2014 to 2016 the woman who might be speaker again makes her hopes very clear. she's all aboard the hillary clinton train this time around. by the way, on the republican side, guess who's in iowa today. >>> good morning from washin

from detroit.ite we're in detroit today to setbackate the graduation of small business owners from the inaugural class of goldman sachs 10,000 small businesses in southeast michigan a $20 million program to spur small business growth. the graduates of the program have good reason to be optimistic. detroit can make a historic come back and that makes it one of the most exciting places to be opening a business. a lot going on there. >> a lot of stuff going on, ron fournier you were tough on both sides. you go after republicans, you go after democrats. be just as impartial looking at detroit. >> i can't do that. [ laughter ] >> all right. talk about what you're seeing here. when you come back home what a change, right? >> yeah. i'll tell you what i see. two faces to the city. i started my day yesterday from the airport, went to my old neighborhood on the northeast side of detroit. and i saw what looks, what has looked like a war zone. there's neighborhoods still that are, houses nearly burnt to the gr

that wasn't truth detroit. as you pointed out to brian, cities need to diversify and bring new industry in. that's going to be the challenge for detroit. they can't be a one-industry town. certainly not the auto industry. >> just a memory of things past, remember the super bowl ad with clint eastwood about detroit and chrysler and the whole notion that we were going to see a revival. and we did see a revival in the auto industry but as you point out, there's just fewer people needed. want to ask you about chicago. shawn had a downgrade and layoffs. city employees and more than 1,000 teachers apparently as well sp well. so chicago has its challenges. >> a lot of that is the same issue with, public pensions. irresponsible politicians made irresponsible commitments and didn't fund them and now the due bills are coming. the chicago schools face i think it is a $600 billion liability, maybe more and the rating agencies were responding to both the cities -- to the various city pension problems. we have a state legisl

so detroit -- detroit was particularly hit hard because detroit used to raise its own taxes. now through the state legislature through lansing, we can't do it anymore because we were revenue sharing with the entire state and withheld a third of the revenue from the city which forced us into bankruptcy. so they are direct lir responsible for it and they should be directly responsible for give us that money back so we can ghof vern ourselves. we have a in mayor and city council and what we don't need are more layers of government from vat corporations like kevin or paying lawyers $$900 afternon hour to -- 900 an hour to do the same job. >> this money they agreed to pay the federal government and they still may face other charges but the $13 billion they agreed to pay, how about we free it up to cities like detroit and lansing and other cities that have been paying the price? it's middle class america we're the ones that have had to cut back services because there's no money available. our businesses are suffering. main street is suffering. this has been a welcome-way transfer f

we had first the white of detroit leading detroit and then the black leading detroit, their tax basicallye manufacturing sector basically falling apart and they don't have jobs. it's a very bad situation that's been a long time in the making and it's going to be very hard to solve. >> charles? >> it's sort of a classic example of a city that was once as its peak and has taken all of the success and to get away and decline has not been able to adopt. it was a thriving industry, obviously the auto industry was running the world in the '60s after the second world war when there was no competition. they got used to the great union benefits, the retirement, health care, they got used to all of the other handouts and money from the government and when hard times arrived, it was impossible to, in the end, do anything because it would be seen as a cruel reduction of x, y, and z and now they wind up in a place that everyone is going to get a haircut, the bond holders and the citizens. the question is, that started in the united states which dominated the world economically, created all of these pr

, as you pointed out the automobile created detroit and also destroyed detroit in a lot of ways so that is sort of one lesson, you have to stay focused on economic development you look at pittsburgh that lost the steel industry but today is doing quite well as a city because they found other things to do, the second lesson you have to learn is integrity in government, detroit had a series, the current mayor is a good guy but they had a series of corrupt. >> rose: the previous one went to jail. >> went to jail, mayors and the citizenry didn't really do anything about that and thirdly we have to be careful about the promises we make, and there is no question that detroit made promises to its workers, borrowed money for other projects that it just simply never could have responsibly repaid. >> rose: and the way, in a way this is kind of a reflection of america, because of its manufacturing base is being eroded? >> the as reflection of america because already so many -- >> rose: the rust belt as they say. >> there are so many aspects of this that resemble america, as i said in an enlarged w

he thinks detroit can save itself one neighborhood at a time. what he's doing could be an inspiration for struggling cities everywhere. what happens when social media uncovers unheard, fascinating news stories? it drives discussion across america. share your story on tv and online. can you say stocktopussy? [[voiceover]] every sunday night, al jazeera america city to file for bankruptcy protection. the people living there have had to deal with problems like burned out streetlights that aren't replaced. garbage that's picked up intermittently, vacant homes, all kind of problems. where many see a dying city, this detroit entrepreneur sees opportunity. this motown maverick believes detroiter s save the city one neighborhood at a time. our patricia sabga explains. >> yo you could call him a hand on entrepreneur. >> i work with concrete, metal, wood. i stay away from electricity. way. >> he buys old buildings in detroit in disrepair, fixes them up and starts businesses. right now he's working on his latest venture, pony ride, a collective of almost 4

. >> when you say -- >> that was detroit mayor dave bing speaking on the ruling moments ago that detroit can file chapter 9 bankruptcy. he'll be joining us later this hour. but first "twelve days of christmas" and only eight days of congress. it's december 3rd and this is "now." don't call it a comeback. house of representatives back in washington this week presumably to resolve pressing legislative issues but more likely to waste taxpayer dollars fighting over the same old stuff they have been fighting about all along. as typical congress has given itself very little time to get anything done. the two chambers are in session together for just four more days this year. that is 96 hours to broker a budget deal before the december 13th deadline, not to mention the dozens of other bills that the republican-led house either ignored or rejected including but not limited to comprehensive immigration reform which passed the senate over five months ago ending employment discrimination, which more than two-thirds of the country supports and a farm bill which the house gop used to slash food assis

the government hasn't put money back in detroit which it owes detroit.he hypocrisy, ed, they passed a law overnight saying that even though we are in bankruptcy that the detroit institute of arts and joint zoo is untouchable. in other ward, we want to have picassoor people. you can skamt picasso but you can tax pensioner answers retirees. you can invest in other areas but can't put money into the development of communities. one of the problems we had is that the money goes into the state does not come to the city. the state is using money to plug up their own holes. we have demolition going on and homes rehabilitated. come to my neighborhood. >> okay. i'm going to do that. >> come take a bite of detroit. >> i'm going to take that as an invitation. i have been there before. i spoke it a church group a little over a year ago. there was a tremendous amount of angest in the community. reverend, what about them picking an choosing houses. the government tagging homes, and state government, tagging homes without input from the community. how can anybody suppor

left in detroit. the answer to poverty and unemployment is not another government stimulus. it's simply leaving more money in the hands of those who earned it. today i'm here to introduce something i call economic freedom zones. this is a bill that will be introduced next week in washington. these freedom zones will dramatically reduce taxes and red tape so detroit businesses can grow and thrive. freedom zones are similar to an idea jack kemp introduced a couple decades ago. kemp loved figuring out ways to empower people, real people, regardless of race or family background. he called his plan a conservative war on poverty. it's time we revisit some of these ideas of jack kemp and expand upon them. i told somebody recently, this is jack kemp's enterprise zones on steroids. the bill that i will introduce will introduce these and empower and begin these economic freedom zones. this bill will lower perm and corporate income taxes in detroit to 5%. my bill will also lower the payroll tax 2% for the employ

bring people to detroit, to do what? if it is a hope that these people will be entrepreneurs, it's called the entrepreneur visa, and perhaps they could try to access that. >> a lot of immigrants talking about the united states is the ultimate dream instead of places like germany, explain why. >> the united states has the advantage for all the people who vie for the same people for the very best. the reason why they come to the united states is because they have an opportunity to get the best returns on what they have put in themselves, into their own human capitol, their education, their experiences. in no other places can you see returns that are massive and quick. immigrants at the high end go to places where interest are other immigrants of the same type. there is an immigration affect that greats greater opportunities for all involved. >> this is certainly interesting discussion. thank you for joining us on "real money." >> the winter olympics in sochi has put russia in the global spotlight, but in the business world

detroit? >> detroit ran out of money. it's that simple.thing about detroit that makes it different is it shrank so fast and lost its tax base so fast. the issue now is who's going to pay for this money that was promised in the past? they didn't have the money in the past. they just promised that it was politicians no longer on the job. this has been a big problem throughout the country. that's why we're going to see these blisters popping up where this problem continues. now the question is, who's going to pay? are they going to have to raise taxes even more on a city that can't afford it, where people have fled because of taxes that are already too high? are they going to say the money has to come from pensioners who got promises for future pensions, future retirement costs, and they're going to say we just don't have the money so it's got to come out of you. what about the bondholders? how much money are they going to lose? the whole question is, who pays? >> to that point, you have folks who worked and saved their whole lives kind of co

you said they were average everyday detroiters.ters, they are all very special as part of that larger aretha franklin family. but what about the weather, if i can ask you, ron, is it still pushing up there in the high 90s or is it cooling off at all? >> reporter: it's very, i would say, perfect. unlike earlier in the week, when it was sizzling hot here in detroit. just great weather. this is a funeral, we're saying goodbye to an american treasure. but this is a true celebration. once those gospel songs get going, you can't help but move your feet. that's the kind of spirit she carried for 76 years. and again, you know, she was one of my favorite singers and had that kind of voice where you heard one or two notes and you knew instantly who it was, you stopped what you're doing and cranked the volume up. that body of work she left us, we will of course get to enjoy for a very long time. and you mentioned those pink cadillacs, they're just off our camera position this way, there must be 115 of those cadillacs down there, we're all jok

detroit doesn't need a handout. look at the proud history of detroit. we were the industrial giant of the world, detroit was the greatness of america. government didn't do this. you did this. government didn't discover, create, motown greats like smokey robinson or diana ross. we need to look at ourselves. we need to look in the mirror and we need to allow ourselves the freedom to create and innovate. you have leaders. think of dan gilbert of quick and loans they are pouring their hearts and souls and money into detroit. quick and loans have spent more than a billion dollars in detroit and moved 3600 employees into the city, creating thousands of jobs. quick and loans and center companies have 12,000 employees working in detroit. quick and loans is proving all the nay sayers wrong. go to quick and loans and you'll get a glimpse of detroit's future. detroit situation is a result of a corrupt marriage, a big government and big labor and big business that has worked against the city of detroit for decades. the result has been a defective government, declin

that's not just detroit. republicans are doing it just as much as democrats. >> labor leaders are signing off on deals that they maybe ultimately can't deliver. >> that's true. it is all short-term politician. >> there was some contention that maybe detroit sort of experienced this auto boom and thus promises were made thinking the manufacturing would continue. >> the promise was thinking somebody would save their butt and stay in office. >> we saw how that ended. you. it is a fascinating, on some levels tragic, but perhaps hopeful story about a great american city. by will continue to follow it. >>> darrel issa. next on "now." all this produce from walmart and secretly served it up in the heart of peach country. it's a fresh-over. we want you to eat some peaches and tell us what you think. they're really juicy. it must have just come from the farm. this right here is ideal for me. walmart works directly with growers to get you the best quality produce they've ever had. what would you do if i told you all thi

around 30% of detroit is vacant.

it's happening in detroit. and the fate of those people, their story, is coming up. >>> but first i want to share the three awesomest things on the internet today. we begin with a microblog's twist on one of the summer's most shared photo trends. behold the hot dog legs tumbler. a site that asks the viewing public to determine whether you're looking at a selfie taken on the beach or two frankfurters like a pair of legs. some are calling it the tumbler of the summer. either way, the man is trying to co-opt the trend, fat cat hot dog conglomerates are guessing the game. as for this broadcaster, when it comes to legs and hot dogs, i always prefer hot dogs that have legs. second awesomest thing on the internet today, a video going viral on youtube which features the gospel choir of an unidentified church giving the congregation very healthy advice in this age of social media. ♪ ♪ yes, keep your business off of facebook. it's advice we could all stand to listen to. some of us more than others. and the third awesomes

the city of detroit is where our story begins. detroit was once the economic envy of the world. the people of detroit help to power america to its position of global dominance in the 20th century. [crowd boos] [applause] >> thank you. thank you very much. when we were governed by the america first policy, detroit was absolutely booming. engineers, builders,laborers, shippers, and countless others went to work each day, provided for their families, and lived out, totally, lived the american dream. but for many living in this city, that dream has long ago vanished, when we abandoned the policies of america first. we started rebuilding other countries instead of our own. the skyscrapers were not in beijing and many other cities around the world while the factories and neighborhoods crumbled right here in detroit. our roads and bridges fell into disrepair, yet we found the money to resettle millions of refugees at taxpayer expense. today, detroit has per capita income of under $15,000, about half of the national average. 40% of the city's residents live in poverty. over 2.5 times th

bridging in 10 nouz -- bringing in 10,000 people a year in detroit to do what? is it the hope that people will be entrepreneurs, there's a different visa, the entrepreneur visa, perhaps they can access that. >> i was going to say, i understand that a lot of immigrants talk about the united states being the dream and goal as opposed to germany and europe. explain why. >> the united states has a prohibitive advantage of all the people vying for the talent pool, the best. >> the reason they come to the united states is they have an opportunity to get the best returns on what they put into themselves in no other places can you get returns that are significant, massive and gik. >> immigrants at the high end go to places where other immigrants are of the same type and natives of the same time. there's an immigration effect creating greater opportunities for all involved. >> certainly it's interesting. we appreciate you joining us on "real money". . >> thank you. >> the winter olympics in sochi put russia in the global spotlight. in the business world russia earned a p

of detroit. the citizens of detroit deserve better than they're getting today, in addition to dealing with the crushing debt question. we went there all the other processes we could. there were no other viable options. once you go through every other option, then you should consider bankruptcy. we're at that point. i believe it's the right thing to do now, because the focus needs to deal with this debt question, but even more importantly, david, the citizens of detroit deserve better services. 58-minute response times on police calls is unacceptable. >> 50% of the parks closed since 2008, 40% of the street lights don't work. how have politicians let the motor city down? >> well, again, this is 60 years of decline. this has been kicking the can down the road for 60 years. my perspective on it is, enough is enough. there needs to be more accountability in government. let's stand up and deal with this tragic situation and take care of the citizens. that's what this is all about. this is drawing that

the city of detroit? >> the city of detroit. i mean, a lot of this debt, the practices that i put forth in my june 14th report that talked about deferrals, unfunded obligations, borrowings, addiction, the debt, even a level of corruption from 2002 to 2008, which was significant, have created this problem. >> chris: let's talk about that. steven ratner, the former car czar for detroit wrote a story this week. he says that he believes -- an essay -- that he believes washington should help. let's put up on the screen when he says. he writes the 700,000 remaining residents of the motor city are no more responsible for detroit's problems than were the victims of hurricane sandy for theirs, and eventually congress decided to help them. question, do you agree? is what happened to detroit like a natural disaster? >> well, no, natural disaster and acts are god, you can't plan for them. some of the situations we're in have been coming for 60 years, certainly more acutely in the past 10 years. i'm sympathetic to the sentiment that somethin

want to go to detroit. we are actually going to detroit next month. there and look at these issues. city officials have officially filed for bankruptcy protection. known as the birth place of the american auto industry and the iconic motown records the city has racked up at least $18 billion in debt. listing more than 100,000 creditors. it now becomes the largest city in u.s. history to file for chapter 9. it is a stunning but not entirely surprising turn of events. detroit's population soared during the rise of the auto industry in the 20th century, peaking at around 1.8 million back in 1950. now the population has fallen to just over 700,000 people. a 26% plunge in the past decade. the unemployment rate over 18%. and the city never really recovered from the housing crisis. for now the future of detroit remains far from certain with no clear road map to how the motor city survives. the bankruptcy will impact the 9500 city employees and 20,000 retirees, many of whom could face cuts to pensions and other city programs. and joe, moving forward, there's

ourcity of detroit is where city begins. detroit was once the economic envy of the world. the people of detroit help to america for the position of global dominance in the 20th century. [crowd cheers] thank you. thank you very much. when we were governed by the detroitfirst policy, was absolutely booming. engineers, laborers, shippers and countless others went to work each day, provided for families and lived out, out the american dream. many living in this city that dream has long ago vanished. we abandon the policy of america first, we started countries other instead of our own. skyscrapers went up in beijing and many other cities around the world while factories and neighborhoods crumbled right here in detroit. roads and bridges fell into disrepair, yet we found the money to resettle millions of refugees at taxpayer expense today detroit has a per capita $15,000, about half of the national average. resident live in poverty. times -- over 2.5 times the national average. half of all detroit residents do work. detroit tops the list of the most dangerous cities in terms of

images of detroit. the great heavyweight champ, the wonderful murals, and the rapper driving down a main thoroughfare of detroit, a black gospel choir rising in song and eminem pointing at the camera saying this is the motor city. i choked up seeing that ad. i was born in detroit and it got me thinking what detroit gave america and how i could write about that. >> you focus on the year 1963. tell us why. >> this was a period when detroit was booming. and there are four main themes or threads of the book. auto industry, obviously, music, motown, the soundtrack of my generation, the labor government in america, the united auto workers was really the heart of the labor movement, and civil rights. detroit was key to civil rights during that period. so that allowed me to focus intensely on those themes. i set up an oil rig somewhere and dug as deeply as i could, and that allowed me to show what detroit gave america but also the seeds of its collapse. >> this was one of the golden years for detroit, but the c

poppy harlow is live in detroit. see the governor and city's emergency manager sitting there waiting. i think they were doing a mike check, i know you have new information for us now. >> reporter: hi there, carol. it's interesting, you point out the auto makers. but this city has been in decline for decades. it's not just about the automakers coming back. actually a lot of the auto plants and jobs are based outside of the city of detroit. this has been a result of corrupt politics for many, many decades. the city has gone from 1.8 million people to 700,000 today. many fewer people paying taxes. the city has an abysmal record at even collecting taxes. on top of that, you have the decline of the auto sector. even though it's back, it's not where it once was. the big deal is for city workers. the city workers, retired and current, their benefits could be cut dramatically. that's the big question right now i just talk to janet willisen, she's worked here for 32 years, and she's fell up. she's actually suing the governmen

even if it's not sort of made wholly in detroit. it's made enough in detroit! open more manufacturing stores like this, more manufacturing outlets like this. there are niche products that people want to buy. so why not supply those consumers who want these goods? and why not have these goods come from detroit? >> reporter: the shinola brand seemed to enjoy goodwill among locals we bumped into. would you get a shinola watch? are you interested in them? >> i got two shinola watches. >> reporter: you do? >> two of them. >> if they have good quality that says that detroit has quality workers, then people will buy them and bring detroit some more shine. >> i wanted to get one of the bikes but they're kind of expensive. it's detroit though, you know? >> reporter: what that ultimately means, only time will tell. for the pbs newshour i'm roben farzad reporting from detroit. >> woodruff: now, to the 2016 campaign for the white house as we get closer to the national party conventions. impressions of both hillary clinton and donald trump have begun to take hold in the min