thank you for having me. all right, so nobody knew that the obama administration was offering to bailout detroit, should we be thinking of bailing out detroit? should americans care more about what happens in a big city? indeed, america should care about detroit. america should care about all the cities in the country if they re not struggling with pension liabilities and health care liabilities, we believe that detroit is ground zero with the question of how the government should respond to cities in financial crisis. we must care about detroit. there is an issue going on here that all of the things that helped to hollow out detroit and make it difficult for detroit to have an economic base are the same things that are happening in other municipalities around the country.
understand detroit is a precedent. the minute you step in to bailout detroit, you ll have every city line up with a tin cup. even this administration, even this administration is going to hold back from doing it. i m not saying we need to bail out detroit, not saying that s the right answer. we have to know problems in detroit are deeper than any party. i put the blame on obama for embracing austerity politics. in the 50s, 56% of jobs were in the city. by the 90s, 18%. we have had six decades of did i vestment. detroit as a city spent 100 million more than they were bringing in for nine years. that s not necessarily austerity. next up, national implications of a tight virginia governor s race that could have impact around the country. crash]
60s the crown jewel of american manufacturing. and there was one event, there s one cancer that started that spread. and it materialized and it ended up killing detroit yesterday. it was the 350,000 gm workers that walked off the job. they walked off for 67 days. they got their wages increased by 30%, but they realized their might, their muscle. so the uaw basically started it right there. it s been a 40-year decline, ended up with a bankruptcy yesterday. the population of detroit s crashing and burning. but we can do something, we can fix it. we can make detroit a symbol of how not to run a government, how not to run a city. union lover ricky bobby, what do you say? first of all, you are sitting in a city here we bailed out. you remember jerry ford got beat in the presidency because he said new york drop dead, well, the government came in and bailed them out. we absolutely should bailout detroit. first of all, they had every right in the world to go on strike. that s the whole id
60s the crown jewel of american manufacturing. and there was one event, there s one cancer that started that spread. and it materialized and it ended up killing detroit yesterday. it was the 350,000 gm workers that walked off the job. they walked off for 67 days. they got their wages increased by 30%, but they realized their might, their muscle. so the uaw basically started it right there. it s been a 40-year decline, ended up with a bankruptcy yesterday. the population of detroit s crashing and burning. but we can do something, we can fix it. we can make detroit a symbol of how not to run a government, how not to run a city. union lover ricky bobby, what do you say? first of all, you are sitting in a city here we bailed out. you remember jerry ford got beat in the presidency because he said new york drop dead, well, the government came in and bailed them out. we absolutely should bailout detroit. first of all, they had every right in the world to go on strike. that s the whole id
megyn: one of the largest banks in the nation announcing a massive new round of job cuts. citigroup said it plans to eliminate more than 11,000 jobs worldwide. that is about 4% of the workforce. most of the jobs involve people who work at bank branches or handle things like your checking account. more people doing things online and other trouble with citigroup. a detroit city council meeting brought concerns about federal bailout. this time for the cash-strapped cities and states that voted for obama by huge margins. just one in this particular case. a detroit city councilwoman making the bones about it. saying that the citizens support a president obama was enough reason for the president to bailout detroit. he went to washington dc back with some bacon.