that is a symptom of the problem. >> and the corporate tax welfare that helped to bankrupt the city. you have retired who worked and save and about to lose that 19,000 pension that is theirs and have that stolen from them and yet at the same time we are building a 233 million stadium? >> solutions. >> we have to getrid of the corporate tax weare system. >> you are talking about increasing corpote taxes. >> i think there has to be a balance. and detroit doesn't have the balance when it comes to providing welfare. president obama in the opening clip said we will not let president obama go bankrupt. it was the companies. talk show host >> i got to get to wayne. wayne, jhgs a mu said raise corporate taxes. does that work anywhere? >> no. it is idiotic. and that is part of the problem. they drove all of the private enterprise out of detroit. let me come back to manage. talking about privatize. a now years ago. city of scotts dale, arizona privatized the fire department and listed as one of the highest and best fire risks in the united states. you can privatize the entire city. jonathan is

do you have any solutions for bankrupt cities around the country? >> i agree with john on that point. i think they need to get rid of anti-business policies. they have the highest taxes for commercial properties and they have $13 minimum wage. you can't have policies and expected businesses to come in. if we want businesses to be there, we need to lower the regulatory burden on entrepreneurs and also lower taxes. >> eric: so we're here to solve the problem. you are bringing the liberal point of view. what should detroit do? >> i'll stay away with the pointing of fingers. calling these workers parasites. >> eric: i don't want to be mayor. here is the point. they are making positive recommendations. >> i thought it was positive ones. we together federal government and say 11 million undocumented immigrants in this country who are let's give them a program that fast tracks their citizenship if they move into detroit. detroit already has one of the most diverse immigrant populations and they are helping the communities they are in ways that are absolute

planning, corrupt management and the natural forces of capitalism, this city will be reduced to a bankrupt cityting side note there. those children are now 75, and the city is waving howdy doody to their pension. we'll be right?ç?çwóóo?ó?o?ówçwo )bb0f[p"p"4dpÑ [ cheers and applause ] >> john: welcome back to the show. time now to check in with everyone's favorite frequent non-flyer, edward snowden who was last seen at the moscow airport subsisting entirely on duty free food. but snowden's airport vacation might be coming to an end. >> snowden's lawyers say he could leave the airport in the next few days after some paperwork has been cleared up. just a fun fact. the u.s. does not have an extradition agreement with russia. >> john: fun fact? that's not a fun fact. that is pertinent information. a fun fact would be more like cows can't walk downstairs or... that's a fun fact. if it's something people care about it, you can just call it news. you don't need to be embarrassed about reporting it. anyway, paperwork for the russian government, i mean i'm going to guess that that is a complete nightmare

city. okay, detroit is broke. belly up. busted. bankrupt. largest city in the history of the u.s.o file for chapter 9. but a city the size of significant of detroit doesn't go straight to chapter 9. for over 100 years, detroit has been the leading edge of trends in america. chapter 1 was the birth of the automobile and creative geniuses that invented the combustion engine. much faster than horses and much more individually than trains. and chapter 2, was when henry ford conceived a new method of manufacturing the car that would revolutionize the making of cars. cars became a you bick wit to us figure. was detroit saving america? it was precisely the motor city's prowess of turning steel, rubber into transportation to making tanks and trains and ships that gave us the tools to win world war ii. without detroit, we might all be speaking german or japanese. americans should never forget chapter 5. chapter 5 is that after the war america unleashed it's magic turning the post war era into a nation of -- and whose heavy lifting created the happy days into which baby boomers like me were

cities of red. michael disagrees. i think whoever bankrupted the cities, they are responsible.heir pensions. the responsible party should be investigated. we also ask the this on gerriwillis.com. 68 percent said yes. government workers to lose the pension. 32 percent said no. the sure to log on to gerriwillis.com for our on-line question every weekday. does it for tonight and "the willis report." thank you for joining us. have a great night. breezy being here. ♪ lou: good evening. thank you for being with us. america creating new enemies in the middle east. kiki -- key congressional into teeseven reignited the of obama administration efforts to arm syrian rebels fighting the regime. the obama administration has been widely criticized for is the from behind policies in libya, egypt, afghanistan, now providing small arms and ammunition to some of that 1200 different rebel groups that have been identified in syria. we don't know which groups the united states will arm, but we do know -- excuse me. we do know groups and elements of the opposition you d

this time obamacare used as a bailout for bankrupt cities. also, union leaders still fast-food workers to go on strike. what is really behind the effort to get 15 dozen dollars an hour for flipping burgers. and it is money-saving monday. the simple tricks to get the best air fares this fall. we're watching out for you tonight on "the willis report". ♪ gerri: the bankrupt motor city detroit has found a way out of its sky high health care costs for public service workers. obamacare. according to he new york times detroit is considering pushing its younger retirees on to the obamacare exchanges to release some of the pressure of the 5 billion the city as a retiree health costs. sticking it to you, the taxpayer. with more on this, president of the american action forum. i don't know how many times i talked about the unintended consequences of obamacare. this pretty much stops the mall. what. gerri? >> this is a case of unintended consequences. obamacare is average pilot subsidies. anybody in financial trouble is going to try to find a way to get

city. okay detroit is broke. belly up. busted. bankrupt. largest city in the history of the u.s.o file for chapter h?÷9. but a city the size and significance of detroit doesn't go straight to chapter 9. for over 100 years, detroit has been the leading edge of trends in america. chapter one was the birth of the automobile, then the engine and harnessed its power much more than horses and more than trains. two, when henry ford conceived of a new method of manufacturing the car. chapter three was that mass manufacturing that made the cost of a car affordable for the masses and cars became a fixture in american life as well as a symbol of upward mobility. chapter four was detroit saving america. it was precisely the motor city's prow es at turning steel chrome, aluminum and rubber. without detroit we might all be speaking german or japanese. america must never forget chapter four. chapter five is that after the war, detroit once again unleashed its magic building post war america into a nation of industrial workers who made good money and machines and whose heavy lifting created the

. >>> and motor city is now a bankrupt city. financially troubled detroit throws in the towel. captioning funded by cbs financially troubled detroit throws i >>> this is the "cbs morning news" for friday, july 19th, 2013. good morning. good to be with you. i'm vinita nair. a large dangerous wildfire is creeping closer to major resort area east of los angeles. firefighters say they're making progress, but thousands of homes are still threatened. the blaze is now two mimes away from palm springs. teresa garcia is in one town where everyone was told to get out. >> reporter: closed signs and empty streets show the impact of the mandatory evacuations in effect for the small town of idylwild. >> it's very somber. >> reporter: mary is one of the few remaining holdouts. neither sheriff's deputies nor the pleas from her friends can get her to leave. >> i think the people who call me scare me more than being here. >> reporter: the fire has consumed thousands of acres and destroyed at least a half dozen homes. hotshot crews are using chain saws and rakes to clear out brush and build fire

looking to score points at your expense, just figure out the economics of doing business in a bankrupt cityu pay taxes? the same taxes as anybody else? what do you pay? >> the same taxes anybody else pays and our business model wasn't predicated on receiving any benefits or discounts so we are proud to be in detroit and happy to be here. stuart: you make watches in the $900 range. >> absolutely. we assemble the movements in the fort and assemble be whates there. stuart: what is your progress over the last 2-1/2 years? >> fantastic progress. we are proud to call it home and set up a factory that has capacity to make 500 units a year. we began manufacturing and dissembling bicycles in detroit as well. stuart: what is it like doing business in a place that is bankrupt? when we see video of the middle of detroit it looks flat out that the station. what is it like doing business there? >> we haven't funded to be more difficult than doing business anywhere else. we have enjoyed being there and there's a giant creative arts movement that we wanted to tap into that energy and be a part of and we fo

thailand wants to outlaw big coins i was out while the internet they are here to stay and the ward is bankrupt city in america is two for no one whether we're speaking with lou rockwell or richard wolfe the decline of detroit is obvious as the framework for a big sound beck says and confuses the masses while the senate banking committee is grilling regulators over mitigating systemic risk it seems the separation embedded in the proposed volcker rule is a fun see as those various separations imbedded in our founding documents so here is a human history thanks for tuning in and will be back tomorrow from everyone at prime interest i am perry and boring have a great night. that judges a sense on some. children the streets. that women kidnapped and converted to islam. will be another year of moses for the coakley christians of egypt to their constant. future victims. the way of the cross. to. choose your language calling for we could go in the federal system still some. choose the consensus you. choose the opinions that you the great. choose the stories that impact the. truth you access to. little. lit

a small sign of relief for pensioners and people with disabilities in detroit with the bankrupt city saying their benefits are safe at least for the next six months the city wants the jewel of american industries gone bust with more than eighteen billion dollars worth of debt but as artie's a mirror david explains next it's the chance for a new beginning rather than a painful end. it's something that i think a lot of people in detroit aren't incredibly surprised to hear that the city has been in decline for many many years all of my life since i've been born at least but i think what you're seeing really is just this sort of vicious cycle that the city has not really been able to get out of you know you have high unemployment because you have high unemployment you have thousands of people that are just leaving the city in droves to find economic opportunities elsewhere when you have people leaving the city you're obviously producing less tax revenue you have to tighten the budget and not to mention that when you have more unemployment you have more issues like crime and then that's ju

to outlaw big coins i'll let you out while the internet they are here to stay and the ward is bankrupt city in america is two for no one whether we're speaking with lou rockwell or richard wolfe the decline of detroit is obvious as the framework for a fix that beck says and confuses the masses while the senate banking committee is grilling regulators over mitigating systemic risk it seems the separation embedded in the proposed volcker rule is a fun see as those various separations imbedded in our founding documents so here is a human history thanks for tuning in and will be back tomorrow from everyone at prime interest time period boring have a great many. wealthy british style it's time to. market. find out what's really happening to the global economy for our no holds barred look at the global financial headlines tune in to gaza reports on our t.v. . well all told you my language as well but i will only react to situations i have read the reports so i'm likely to put the no i will leave them to the state department to comment on your minor point. or carry out a car is on the job here no

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. >>> the city of detroit may be bankrupt, but the city seemed ready for some lavish spending. until you hear on what and ♪ humans. even when we cross our t's and dot our i's, we still run into problems. namely, other humans. which is why at liberty mutual insurance, to policies come with new car replacement and accident forgiveness if you qualify. see what ee comes standard at libertymutual.com. liberty mutual insurance. responsibility. what's your policy? stadium on ice. they're moving ahead for a $440 million arena for the red wings despite the financial crisis. >>> where is the money coming from? >> the legislature approved the funding for the arena. advocates say the project will attract investment and jobs to downtown detroit. critics argue a city in bankruptcy should not spend more than $400 million on a hock a arena. should detroit build a $440 million hockey stadium? go to greta wire.com and vote a, it's insane for a bankrupt city to sfen this money on a hockey arena or yes, it would be a great stimulus to create jobs. go to greta wire.com and vote in our poll. we're b

bankrupt. >> i agree. he's talking about the detroit automakers, not the city. >> we refuse to let detroit go bankrupt.dn't mean what he said? >> the auto makes. >> i've been to detroit where it looks like a war zone. watch out the rest of the country. >> wait a minute. here's where i disagree with you. i agree on the catching line, but the fundamental problems with detroit, they've had massive population losses in detroit for the past plus years. >> why would that be? >> a, they have massively concentrated industry. >> i do not -- you are too sensitive about that. i do not play it on dook. they had concentrated strins. low skilled work force and they have very cold weather. these three things combine do not bold well. >> that's why. it's the weather's fault. >> do i need to tell you that the sun belt has -- >> we need to focus on red america where rick perry is working, john kasich in ohio is recovering and in trite america they're failing. it's kind of responsible for the president to give an hour and a half speech at nond give support. with the backdrop of this collapse city behind him. it's sort of

the bankrupt city is moving fu steam ahead on a new $444 million hockey stadium. xpayers 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

bankrupt. kevin ore is city's emergency financial manager, appointed by fwn gn republican governor rick snyder. he's tasked with turning around detroit's money problems. he was asked yesterday by "detroit free press" whether the city would file for bankruptcy within the month, and he said, "to be honest with you, this week, this week, is pretty crucial. detroit owes creditors between $16 billion and $18 billion and finds itself in a position that anyone has ever found themselves in the quicksand of too much debt can relate to. the city is fending off demands for higher interest rates. has to decide whether to make the choice to default on some of that debt and all the while is making brutally difficult triage decisions on which spending to cut. it's led detroit mayor david bing to cut city spending by $172 million a year since taking office in 2009. the less the city spends on basic services, the less people want to live in detroit. the city's population has dropped by 5% since 2000. around 30% of detroit is vacant.

this time obamacare used as a bailout for bankrupt cities.l fast-food workers to go on strike. what is really behind the effort to get 15 dozen dollars an hour for flipping burgers. and it is money-saving monday. the simple tricks to get the best air fares ts fall. we're watching out for you tonight on "the willis report". ♪

city. detroit is broke. belly-up. busted, bankrupt. rgest city in the history of the united states to foil for chapter nine. but a city the size of detroit doesn't go straight to chapter nine. over a hundred years detroit has been the leading of trends in america. chapter one was the birth of the automobile and the creative genius who created the combustible engine and harnessed it to get people faster than horses. and henry ford concieved of a now method of revolutionizing the car and economy. chapter three. mass manufacturing that made the cost of a car affordable for the masses and cars in american life and the symbol of upward possibility. and chapter four, was detroit saving america? it was the motor city's prowess in turning chrome and aluminum and making planes and tanks and ships and gave us the tools to win world war ii. without detroit, we might all speak german and japanese and america must never forget chapter four. chapter five, after the war detroit unleashed its magic in a nation of industrial workers who made good money

this time obamacare used as a bailout for bankrupt cities.ders still fast-food workers to go on strike. what is really behind the effort to get 15 dozen dollars an hour for flipping burgers. and it is money-saving monday. the simple tricks to get the best air fares this fall. we're watching out for you tonight on "the willis report". ♪

one of the sources, an official close to organized labor cautioned a bailout of the bankrupt city seemsnlikely because administration officials believe there's no traction for what would be a highly unpopular move. administration officials stress any such conversations are just running through scenarios, today white house press secretary jay carney poured cold water on a possible bailout, but didn't completely rule it out. >> we have no plans to provide the kind of assistance you're talking about, the city has to and state have to work that out with the city's creditors. >> reporter: no plans gives the white house some wiggle room to help detroit down the road, though a democratic source close to the white house says administration officials are concerned the public is so sour on bailouts that backing another would overshadow mr. obama's planned series of speeches on the economy, which starts wednesday and teed up at an event with supporters last night. >> the idea if you're willing to work hard, if you're willing to put in the effort, willing to sacrifice, make hard decisions and delay

city. detroit is broke. belly-up. busted, bankrupt. rgest city in the history of the united states to foil for chapter nine. but a city the size of detroit doesn't go straight to chapter nine. over a hundred years detroit has been the leading of trends in america. chapter one was the birth of the automobile and the creative genius who created the combustible engine and harnessed it to get people faster than horses. and henry ford concieved of a now method of revolutionizing the car and economy. chapter three. mass manufacturing that made the cost of a car affordable for the masses and cars in american life and the symbol of upward possibility. and chapter four, was detroit saving america? it was the motor city's prowess in turning chrome and aluminum and making planes and tanks and ships and gave us the tools to win world war ii. without detroit, we might all speak german and japanese and america must never forget chapter four. chapter five, after the war detroit unleashed its magic in a nation of industrial workers who made good money

cities are in. it will happen. they are the most likely to go bankrupt and they will go bankrupt. can you say that? how the city of detroit goes, it will either encourage or discourage other cities from taking that then you. stuart: how about school districts? we invented the top three that are in the worst shape. >> new metrics, it has demonstrated quite convincingly that the school districts are in much worse shape. you have two dynamics that are really going against school districts in the state of michigan. one is a declining population. the other is the climbing property values. the school districts have been late to the party. stuart: i have to have your judgment here. at the end of the day, do you think we will have more declaring bankruptcy in michigan? >> to the extent that bankruptcy is a good venue and they cannot do it on their own by bringing the parties to the table, that is true. bankruptcy is a failed negotiation. stuart: our viewers do not care. they want to know bankrupt yes or no. your answer was a tentative yes; correct? >> yes. stuart: thank you very much, indeed. the dow is do

, largest city in america, now bankrupt. >> a complete absolute result of complete democratics what i turned around in new york city. one of the reasons i ran for mayor is i saw a city that was being governed by principals that were heading it for bankruptcy. >> let me show you what and obama were saying on the campaign. watch this. >> when my opponents and others were arguing that we should let detroit go bankrupt, we made a bet on the american workers and american workers, and today our auto industry is back at the top of the world. we refuse to throw in the towel and do nothing. i bet on american workers and three years later that bet is paying off in a big way. >> they refused to let detroit go bankrupt. we are not getting $50 billion back from the car companies, that is a gift and detroit is bankrupt. >> what he did was ruin the bond holders in order to favor the unions in saving the car companies. it's in any event, once again, this is another obama campaign promise. and the reality is, when you listen to his speech the other day, it's sad. we are -- we are -- this is if

. >>> people are reacting to the news that their city has gone bankrupt. our correspondent has the details. >> reporter: overnight it was pitch dark in detroit simply because the city does not have the money to pay for its electricity bills. detroit was once a thriving metropolis. you can see the headquarters of general motors back there, that world renowned automaker, the heart of the american auto industry. i asked people what they thought about the bankruptcy. >> that it's got on the a point where people got tired. we're paying services that we don't get. >> had no clue and i didn't know it was that bad here. i mean, i thought it was going to get a little bit better. >> i feel it's a good thing. the city needs to turn itself around. it's got start someplace. and this is what has to be done. >> reporter: people are naturally disappointed, but most know that something has to be done in order to make the city livable again. this may provide detroit with just enough breathing space to start rebuilding. reporting for nhk world, detroit. >>> the people who run

coming up next abby martin looks at what's in store for the once prosperous and i bankrupt us city of detroit that scene now breaking the scene. i've talked with your many times about the absurd things going on all around us like kids being thrown out of school because they had a gun that shoots bubbles or various people getting punished for their tweets and facebook posts it's all really abstract it's hard to truly get angry over until you see the results or playing a stupid video game just carter sarcastically said to someone who called him crazy or here i really messed up in the head i'm going to go shoot a bunch of kids at school l.o.l. j.k. and for this bit of sarcasm he spent quite some time awaiting trial in a texas prison not only that according to his father he was being attacked brutally on many occasions leading to baltimore concussions and black eyes and in the end he had to be thrown into solitary confinement for his own good you see this is the ugly reality of those who for the better. outside of political correctness you know i don't talk about these stories just for fu

a sales tax on the ballot in california may be a saving grace for the bankrupt city.ect as early as next april. the company going head to head with taiwan -based china airlines. take a look at hawaiian air. the stock right now trading flat. that is your west coast minute. how many of you like to bike, swim, do you like to run? i have been training along with two of my colleagues. we call ourselves team fox business. we will be competing as a relay team. there we are on the hudson. i took a long fox business cameras to the site of the swim. we are on facebook. we are on twitter. getting race participants ready for theebig day. the response has been amazing. like i said, we are doing this for a great cause. these are amazing, brave men and women. they gave their all. join us on donate, building homes for heroes.org is the website. the white house turning up the pressure on house republicans. one of the president top advisers will be joining adam and lori next hour. the gop grapples with the big issue of border security. we will be right back. ♪ (announcer) at scottrade,

. >> are they bankrupt? the cities they moved to are they bankrupt? no, that's the point.ld detroit rather have the jobs back? >> not the wages they are paying in the south, no. >> isn't this a case that the automotive industry is actually doing fairly well. it is the city itself that is falling apart under the weight of all of the other obligations that it has. so many properties have been abandoned. the city got too big. we can shaw reng the city and do some sort of homestead act type of thing and require people to clean up the properties and get them -- >> the idea is the strike by the united autoworkers caused this is ridiculous. >> here is what happened. the detroit population grew to two million people in 1960. then when the unions did this game they played, the auto industry left because it is too expensive to do business there. and then the city infrastructure for two million people that shrinking to 700,000. i'm sorry. >> greg? >> i will say what the problem is and tell you the solution. in the 2012 election 98% voted for obama and 2% for romney and it wasn't even

bankrupt? >> the cities they moved to, are they bankrupt? >> at $7.40 an hour, no. >> do you think detroit would rather have jobs back? >> not at the wages they're paying them in the south. >> isn't it the case, eric, that automotive industry is actually doing fairly well. >> right. >> it's the city itself that is falling apart under the weight of all the other obligations that it has. and part of that role is there's so many properties that have been abandoned. and the city got too big. >> yes. >> i think maybe one of the things you do is geographically then shrink the city, do some sort of new kind of a homestead act type of thing and require people to clean up those properties and get them back -- >> i think because of the strike by the united auto workers caused all of this is just ridiculous. >> 100% right. detroit population -- detroit population grew to 2 million people in 1960. and then when the unions did this little game they played, the auto industry left because it was too expensive to do business there. and the city and infrastr

detroit city council members, some of whom helped bankrupt the city don't want to give up much of anythingernor offered to have the state take over bell island park, local politicians screamed. >> you may not take over bell island! it's not for sale, it's not for lease. it's not forgiveawgive away. it belongs to the people. >> it belongs to the people, not you. >> this will create a lot of jobs and opportunity. right now detroiters don't have any hope for the future. this would create that hope. >> this could save detroit by bringing in new ideas and people and money? >> i believe so. it would be our singapore or as hong kong is to china. >> i wish you luck. thank you, rod lockwood. >>> did you know detroit has thousands of valuable paintings? but it won't sell any. i'll confront one of the politicians who says no, next. you know throughout history, folks have suffered from frequent heartburn. but getting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning. 2

city has declared bankruptcy with devastating human costs. maybe pump the brakes on the pun mobile a little bit. because if chicago went bankrupt, would you say, oh, the windy city just let out its final fart? no, no, you wouldn't. if houston had a devastating earthquake, would you start the story with, houston, we have a problem? of the problem is your buildings are collapsing and there are hundreds of people trapped under the rubble. no. this is no place for jokes and puns, apart from this one. because that's topnotch. that's why. and this is our job. ♪ pnc virtual wallet®. for seeing the big financial picture. for knowing the days your money is going out, and when it's coming in. for having danger days, to warn you when you're running a little low. for help seeing your money in a whole new light go to pncvirtualwallet.com and see everything pnc virtual wallet® has to offer. pnc bank. for the achiever in you®. >>> the leader of the free world was upstaged briefly today by the future king as the president was on stage in illinois, the duke and duchess of cambridge unveiled is the name of their newborn son. it is george alexand

can detroit's big three save the bankrupt city?next. >>> welcome to "worldwide exchange." i'm karen tso. these are your headlines from around the world. shares of facebook surge after the social networking giant reports better than expected earnings. and demonstrates that it has figured out how to extract revenue from mobile. >>> hedge fund under fire. reports say the u.s. dwoft is expected to file criminal fraud charges against sac capital today. the combination of its long running insider trading case. >>> and a raft of earnings fails to lift european markets with stocks mostly tracking in the red. credit suisse is lower despite the ceo telling cnbc he's happy with the bank's results. >> it was a strong result for us in the second quarter, even given particularly in context of the volatility in the market. so a billion five in pretax, up 38% from where we were a year ago. over a bill in net income and that was a 10% return on equity. >>> at least 78 people have been killed after a train derails in northwestern spain. and 140 peop