you know, reveals very clearly. jim, katrina brings up the point about sort of what s happened to detroit. this is not necessarily a story of bloated pensions, although pensions and the problem with finding enough money to fund these pensions, however small they may be, is an issue across the country. the other part of this is the declining work force in detroit. if you look at the city employment in 1951, there were 30,000 employees. in 2013, there were 10,500. the unemployment rate in the city is 18.8%. you re a bankruptcy attorney. what happens next here, if, in fact, detroit is able to file for chapter 9? how rosy or what is the picture of this city in the years to come? well, the real success of this, chapter 9 is just a process. it s a way of reducing debt to what is sustainable and affordable. what we really need to do, especially with the workers, is to have buy-in because you re going to need the workers and the citizens and retirees going
they re not just here in the united states but abroad. but specifically here since 2007 both gm and ford closed 25 plants. jobs have been cut. that is not good news for people losing their jobs and it adds to the overall unemployment rate but car jobs lost since 2008, ford has cut 42,000 jobs. gm has cut 31,000 jobs. salaries by the way are lower as well, starting salary now for a job in a car industry is about 14 bucks an hour. used to be about twice that. health care costs are lower. when costs are down, profits are way up. so car companies have a lot more money. ford has made $32 billion in profits over the past three years. gm has made 18.8, almost $19 billion in profits. so, their profits are up. they have a lot more money. instead of just going out and partying they re spending it on cars, making better cars, jon. jon: so is there any slowdown possible? i mean what could slow down car sales? one of the other things that
gang violence? well, i really feel that the stop and frisk is if it s already working, why take it away? if that was possible in chicago, maybe our daughter would still be alive. peter: let s look together at the murder rate in chicago as compared to new york city for 2012. out of 100,000 people, the murder rate is 18.8 in chicago. and in new york city, 5.0. mrs. pendleton, your daughter was an incredible singer, athlete, baton twirler and honor student, a model girl and she was cut down in a park, allegedly by people who were part of a gang. what lesson is there for us out
2,000 women out of northern europe. doctors say the benefits of radiation, though, still outweigh the risks. the dow is looking to extend its nine-day winning streak. that s the best in 16 years. jackie deangelis is here with what s moving your money. seven of the days have moved the dow deeper into record territory. what s fueling the gains? a few things. strong corporate earnings and concrete signs that the economy is slowly improving. like last week s monthly jobs report and yesterday s retail sales report showing that consumers are still spending despite the 2% payroll tax hike. keep in mind that valuations are telling investors that equities are not overpriced. based on the s&p 500, it s 16. that s below the average that we ve seen since 1988 of 18.8. there s still stocks out there that are cheap. a word of caution, when the market runs up, analysts predict
infallible. andre agassi the tennis player has problems. high fundraising expenses. 18.8% and low accountability. they did call back and say this isn t true. where did they get these numbers. bill: they are denying. what does he raise money for. his charity goes to foundation for education. education in the inner city. bill: okay. inner city. we want to note that agassi s people are denying there is a problem there now, outside of navigator, you locked in on jay-z, our pal jay-z. that s right. bill: what s he up to. is he a great rapper. he has made a cool half billion from his talent. he gave just $6,400 to his own charity. so we contacted them and the sean carter, that s his real name scholarship fund says hey, his mother offers extra time, computers, accounting at no cost to the charity. and jay-z contributes in other ways. bill: in other ways. with 6400 bucks to his own