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dave bing is the outgoing mayor. >> the only way we stayed alive, quite frankly, is through cuts.e cut everything that we could. unless there is more investment coming into the city, and a new stream of revenue there was no way, i guess, to fix the the problem. now with bankruptcy emanant i think that debt off of our balance sheet will be less than it is today. that will be positive in a going forward basis. >> the judge restored essential services like basic ambulance, fire and police protect. the city's public workers and retirees will bear some of the brunt of the cuts. a rare decision as benefits are typically cleaned untouchable, protected by the michigan state constitution. kevin orr is detroit's emergency manager. >> there is not ruc restructur ing. >> bisi onile-ere is covering the bankruptcy for al jazeera. >> the judge has given orr until march to submit a restructuring plan for the city. this is a report that the emergency manager said he will complete within the next couple of weeks. this is when we'll get a good idea of how deep orr's cuts will go, and how he plans to

dave bing is detroit's mayor. >> there's going to be pain that goes around, and we've got to figure out how we can mediate the least amount of pain for any one individual. >> about half of detroit's debt is related to pension and health care costs. >>> asian markets were mostly lower ahead of the u.s. jobs report due out later this week. tokyo's nikkei dropped more than 2%. hong kong's hang seng lost more than half a percent. >>> here on wall street the markets are pulling back after eight weeks of gains. the dow shaved 94 points on tuesday, and the nasdaq finished the day off at 8. >>> cyber monday was the biggest online shopping day in history. shoppers spent $1.74 billion. that's 18% more than the monday after thanksgiving last year. and that figure does not include purchases from mobile devices. >>> november was a strong month for auto sales. overall they rose 9% from a year ago led by small suvs. chrysler was up 16%, gm gained 14%, and ford sales increased 7%. >>> the u.s. postal service expects to deliver 15 billion pieces of mail this holiday season, and it's announced mail-by da

. >>> outgoing mayor dave bing says it's a chance to put the city on a new course. >> we're going to have to fight. our fight has to be together. if we have a future as far as our children and grandchildren are concerned, we have to fix the problem now. we can't continue to kick that can down the road and not make tough decisions. >> those tough decisions include the city's pensions. the judge ruled billions of dollars in pensions could be cut even though michigan's constitution prohibits cuts to pensions. the state's largest employee union already filed an appeal. the ruling could have implications across entire country for retirees already struggling to make ends meet. >> we have the american dream that if you work long and you did the right thing, you would end up being able to live comfortably. what he's done now, i don't even know how i am going to exist after january. it's already the fact i have to sit around and make up my mind whether to take my medicine or eat. what do they want me to do now? >> detroit is now the largest public bankruptcy in u.s. history. now on the topic

dave bing is detroit's mayor. >> there's going to be pain that goes around and we've got to figure out how we can mediate the least amount of pain for any one individual. >> are you loosening up, dave? >> reporter: david allen was a firefighter for 20 years before a roof collapsed on him and left him disabled. he receives $3,000 a month from the city-- for now. >> i'm getting better with the therapy that i'm taking but if they were to cut out my benefits as they're talking about doing i can't afford it, i won't be able to afford it. >> reporter: actually, a financial consultant for the city said pensioners may get as little as 16 cents on the dollar. that would leave allen with about $400 a month, and he is one of 23,500 city retirees. do you feel betrayed? >> i feel betrayed, i feel shortchanged, i feel angry. >> reporter: but to do nothing would worsen a situation in a city where there's little money even for the basics. the short handed police take 58 minutes on average to respond to a call for help here. the national average is 11 minutes. there were 15,200 violent crimes last year

later, retiring mayor dave bing called for all parties to work together. >> we have got to start changing conversation and we can't think that bankruptcy is the worst thing that ever happened to us. it can help us now because it will allow us once again to deal with the things that should have been dealt with over the last 20 or 30 years. the city cannot go forward with the kind of debt and liabilities that we have on our balance sheet. >> >> ifill: detroit's emergency manager, kevin orr, has said the city is now using 40 cents of every dollar collected to pay its debts. he warns that figure could rise to 65 cents without bankruptcy relief. >> major cuts in retirement benefits for thousands of state employees, and retirees, the legislature approved a bill that also raises the state retirement age. it is the latest effort to help erase the state's $100 billion pension shortfall. boston in the nation, the governor said he will sign the bill. >> the the house voted today to renew a long-standing ban on plastic firearms that can evade metal detectors and x-ray machines. the republican-sponsor

the mayor who presides over detroit's bankruptcy filing is dave bing. if the waning days of his term he spoke this afternoon and tried to put the best face on things. >> i know there are a lot of people that are upset that are concerned about their futures, but we are now starting from square one. >> reporter: but under the situation now in detroit, the mayor has almost no power. it's all been delegated now to an emergency manager appointed by the state. his name is kevin orr, a bankruptcy lawyer by training. he, too, said today's ruling means detroit could get a fresh start. >> come with us, take this opportunity even in the process of litigation and appeals to try to get at the sorely needed reform that this city has got to achieve so we can move forward into a new day. >> orr got some criticism from judge steven rods who said he did mislead the public about the pension situation and the unions are seizing on that within moments of rode's ruling detroit's largest union filed its notice of appeal. about the open thing they say could head that off is if

earlier today, the mayor, dave bing, said that it's a sad day for workers in detroit and the city. >> it's very, very important, i think, that we respect the fact that the emergency manager has the key to the city at this point in time. i know there are a lot of people that are upset, that are concerned about their futures. but we are now starting from square one. it's a process that i think we need to take a lot of care, because there's going to be pain for a lot of different people. but in the long run, i think the future of the city will be bright. >> i offer to you tonight, this is unnecessary pain. there is a way out. kevin orr now holds the keys to the city of detroit. this guy, not an elected official, is apointed. he was hand-picked by republican governor rick schneider, to oversee detroit's bankruptcy. earlier today, orr said that pensions are going to be cut, and public workers, their pensions are going to be on the table. >> approximately 40% of every dollar that the city takes in the general fund goes to paying legacy dead. pension obligations, some of which are unfunded,

outgoing mayor dave bing says it's a chance to put the city on new course. >> we now have to fight. if we have a future as far as our children and grandchildren are concerned, we have to fix the problem now. we can't continue to kick that can down the road and not make tough decisions. >> those tough decisions, the judge ruled billions in pensions can be cut even though michigan's constitution prohibits cuts to pensionings. the city's largest employee union fwoild an appeal. the ruling could have implications across the country for retirees already struggling to make ends meet. >> we have an american dream that if you work long and you did the right thing, that you would end up being able to live comfort annual. what he's done now, i don't even know how i'm going to do this after january. it's already the fat guy has to sit around and make up my mind whether to take my medicine or eat. what do they want me to do now? >> detroit is now the largest public bankruptcy in u.s. history. >> can we just point out to people there is something tragically sad and obscene about that ruling wher

there were a lot of us that did not vote for dave bing. a lot of us did not vote for kilpatrick.ikelywho are illiterate and we do have our facts straight. we believe in math and science. host: what do you do in detroit? caller: i am a scale house operator where are way in big trucks and i drive a school bus. host: do you drive for the detroit public schools? caller: no. i drive for a contractor, a vendor. we service those schools and other districts also. host: you're a large-scale -- what is that? caller: they are called gravel trains. lers with about 150-k on them. they are big trucks. i work with all types of guys, republicans, democrats, independents. they are all good guys. they stand by each other. they know what it is to make a dollar. they are some strong, good men. host: thank you for your time this morning. i have to get to another call. i appreciate hearing your story. linda in south carolina, myrtle beach. caller: hi. i just wanted to say, this democratic party is not my father's democratic party. i was 18 and registered as a democrat because he was a democrat. i am 7

. >> when you say -- >> that was detroit mayor dave bing speaking on the ruling moments ago that detroitter 9 bankruptcy. he'll be joining us later this hour. but first "twelve days of christmas" and

that's the mayor of detroit, dave bing, and we've had reaction already from the union side, an afscmey for detroit, and that they will appeal this decision. in the meantime, we try to make sense of what judge rhodes wrote. >>> we want to bring ceo of zillow, steve rascoff. what advice does he have for other companies recently going public and the ones that aspire to? this is the million-dollar question, i guess. >> you know, the biggest thing companies need to keep in mind firstly is an ipo is a means to an end. it's not an end in and of itself. it's a step along the way. a financing event, just like a private venture capital round. at zillow, we make sure employees don't focus on the stock price. it's not that important in the near term. what matters is building the company for the long term. >> did you give them options? >> all employees have stock options in the company, absolutely. so creating an incentive for them to care about the long-term value of the company is very important. we try very hard to make sure that employees don't focus on the near term stock price, because we wa

spirit behind giving tuesday, today, a new global campaign to crete a dave charity and voluntarism following a consumer spending binge spearheaded on www. giving tuesday.org and endorsed by the obama administration. we are encouraging people to donate. >> very nice. doing good this holiday season could make you $7,000 richer. go to our facebook page and take the pledge. with each pledge we will donate a dollar in your honor to the feeding america food bank and up to $7235,000. everyone who takes the pledge will be entered to win $7,000. the winner is announced december 19th. spread the love. help us give where you live. >> coming up, a possible chew to why some people suffer from migraines. the every day product that could be the culprit. >> an incredible story of survival, a man found alive at three days trapped in a sunken ship on the ocean floor. >> hundreds of children will take part in a toy festival part of the firefighters' toy give away. santa will be there and along with mayor lee. the department of child support services will help hand out toys to more than 1,200 kids the program is funded by donations. >>

dave and the sister restaurant to joe beef. >> i think we compen sate with over abundance of food because of our insecurity of not being good cooks. >> you know what? it's a coop bingeshe amount of food, perhaps. >> first course -- >> gravlax of char. >> salman gundi. >> look at that. unbelievable. look at the aspic work. >> this has potatoes inside. salmon pastrami. >> wait a minute, this is super classic. >> and oueff engelee. classically garnished with white ham, tarragon leaves, black truffles. >> oh, my god, i was pretty sure i would live the rest of my life without ever seeing this again. delicious. but tonight after a full week of franco-canadian full-on assaults on our livers and delights, they thought it would be delicious and merciful to take advantage of the insanely delicious fare by their brilliant chef, omar, who's from pakistan. amazing, authentic pakistani food. >> what do we have here? >> butter chicken crack, tikka, a little mushrooms, rabbit korma, fingerling with fenugreek and fennel. this is donkey hanarri. >> yes, he did say donkey meat. is there something wrong with that? the dishes continue, a pakistani gumbo with okra and coriander, a says my