what was the economic climate when kwame kilpatrick, mayor of detroit made this deal?uld he have made such a deal? >> well, in 2005, 2006 no one saw the crash of 2008 coming. well, maybe some people did, but not to the extent that it hit detroit. within this deal detroit really got hit twice. first we got hit with the housing crisis itself that led to so many foreclosures, so many vacancies, so many blighted properties and it's had a huge affect on the bankruptcy because of the loss of revenue from that. it also caused this pension swaps deal to happen and the refinancing in 2009. >> and nathan, so what would detroit look like? let's just say this all goes through, would this mean that detroit could, in theory, emerge from bankruptcy as early as this fall? >> yeah. the city's goal is to emerge from bankruptcy by october 15th with dramatically less debt and less liability chshgs would allow the city to start reinvesting in serviceses such as police, fire, and start removing so much of the blight that caused property values to be so low in detroit, and also implement deb

sweeping impact for the republican party anymore than, you know, when the mayor of my hometown kwame kilpatrickof legal challenges, and the fact that he was a democrat did not have sweeping impact on the democrat party. so i don't expect this to impact the midterms in the republican ability to hold on to the house and do well in the senate. >> but it will impact the ability to hold on to this seat, and gives the democrats a big opening. >> yes, that remains to be seen, and time is going to tell what the ultimate impact there is going to be, but it does not jeopardize the ability for the house to hold on for the republican party. >> and also, vance mcalester who has been nicknamed the kissing congressman, and trey adelson who has stepped down after being caught with crack-cocaine, and so when they are in this situation, should they step down or what is the strategic move? >> well, i think it is a mess for the republicans. it creates a seat that is going to be open for the democrats. the republicans say they have a zero tolerance for ethical issues, but nothing for congressman grimm, so there is