joining us is dennis archer. he's mayor of detroit, michigan. we want to thank you for being here today. >> thank you very much for having me. >> is this a good thing for detroit? >> absolutely. when you consider that we're going to run out of cash, have no money to pay any bills by tend of this month or no later than january of 2014. there really was no choice. >> it will mean likely that those who have been holding onto some of these promises made to them will be left out in the cold. >> let me make this observation, from everything i know about the judge who have shared with me high regard of being very fair and thorough and very circumspect. when it's all said and done there's going to be high regard and respect shown to pensioners, creditors and bondholders. >> this is something the rest of the nation has been looking to. >> as judge rhoade said in his opinion, that the pensioners have a contractual right. what's been a discussion for long standing sense of issues come up. it's whether or not how they will be treated because in the state co