he has characterized the general obgation bondss being unsecured creditors of the city, and i alwayselieved and i think the market believes the past 100 years they are obscured by the municipality. very dangerous precedent he is trying to set here. chyl: emergency ty manager is proposing bondholders get cents on the dollar. >> the same thg in the stockton case earlier th year where they basicallyided with the city and calpers, thearge pension fund for state workers in the state of cifornia. of course the bondholders get a haircut and the problem is you have to find some sort of equity or penalty here. if they got the bondholders, who is going to invest in cities and municipalities if they know they will get i gerr detroit has been a mess. the city in big trouble, some people have left, population declining. u cannot even get a cop or a famine to your house inside of an hour. the problems go way beyond muni bonds, right? >> absolutely. they are just the finymptom of the collapse it detroit is a mess, it has been a ms, on trial for everything wrong with urban america. your heart has to go out