Pension fund, union and debtholders scrambling for their cut afte the city declared itself bankrupt. But what is haening in detroit may not stay there. It could have big implications for the rest of us. With us now from the froline rategy company and with yard advisors. Am going to start with you, this is onof the most talked about baruptcies before it even happens and certainlyhe largest that happened not too long ago. Wh do you make of this . It is a tale of twoities if you dont mind me. Stockton was a perfect storm of a very intense time of overspending, overpromising and under developing where troit is a systematic breakdown what would have been progressive polici in the socialgenda front. I grew up south of detroit in ohio, went to the city on a regular basis. It was a magnificent place. To see it deteriorater you have a a huge pension obligatio, the fact the tax base has left metropolitanar, buildg up over the las15 to 20 years, it is the perfect storm. Gerri here is what ck snyd
What is left of detroit. Pension fund, union and debtholds scrambling for their cut after the city declared itself bankrupt. But what is haening in detroit may not stay there. It could have big implications for the rest of us. With us now from the frontline rategy company and with yard advisors. Am going to start th you, this is onof the most talked about bankruptcies before it even happens and certainly the largest that happened not too long ago. At do you make of this . It is a tale of two cities if you dont mind me. Stockton was a perfect storm of a very intense time of overspending, overpromising and under deloping where troit is a systematic breakdown what would have been progressive polici in the socialgenda t. I grewp south of detroit in ohio, went to the city on a regular basis. It was a magnificent place. To see it deteriorater you have a a huge pension obligatio, the fact the tax base has left metropolitanarea, buildg up over the last 15 to 20ears, it is the perfect storm. Ge
Also a new wrinkle to the General Motors ignition switch recall story. There are, of course, congressional hearings. Now a criminal investigation. But because gm has gone through bankruptcy, it will not be civilly liable for any accidents that happened before june 2009. Well get the latest from phil lebeau and speak to legal pros on if this will hold up even if the company is found to be criminally negligents. Thats a fascinating wrinkle. Also a cnbc exclusive, rock legend neil young, that neil young, joins us coming up on the closing bell today. Neil is not happy with the sound of Digital Music right now, and he has used crowd funding to do something about it. Its a new Music Service which sounds so good they say its like being in the Recording Studio with them. Neil will be here to talk about that and his plans to make new music. Hes still working very hard these days. Hes been touring. He has a new album out. More plans for more music down the road. Do not miss the great neil young
Dropped 5, held up in part by a rally in ge and honeywell. The nasdaq dropped 23, held back by disappointing earnings from google and microsoft. The s p gained 3 points. Gold moved up 11, and Oil Pushed Higher above 108. A google mystery unfolds this week as the tech giant reveals a new product wednesday. The oddson favorite is that a new tablet will be unvieled. And, sakes for sale shares zipped up 8 friday on a report the retailer is attracting several bidders. A judge is giving the okay to toyotas settlement payout of 1. 6 billion for 2010s sudden acceleration problem. Tim mulholland of chinaamerica capital is here to get our week started. Good morning to you. Good morning, angela. What will traders Pay Attention to this week . What matters most . I think that this should be a fairly quiet week, because next week is going to bring the unemployment report, and i think that will be a real big focus of the market. But this week, durable goods is probably the main economic report, along
I want to urge you all to access that report when we make it public mar. The Federal Reserve convention requires that i issued a disclaimer, which is that i only speak for the Federal Reserve bank of dallas. Not for any other association with our Great Central bank. This is usually abundantly clear. [laughter] but i have to say that. In many matters we entertain opinions that are very much different than those of our esteemed colleagues. I was the fourth my sentiments freely and without reserve on the issue of too big to fail. I mean no disrespect to others to harbor different views. Everyone and their sister knows that the Financial Institutions that are too big to fail are at the epicenter of the two thousand nine financial crisis. They are known as islands of safety. They became agents and fight agents and enablers of the financial tsunami. We at the dallas fed said mitt they are the key reason that the accommodative Monetary Policy and Government Policies have failed to adequately