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Detailed text transcripts for TV channel - FOXNEWS - 20130807:13:48:00

People are watching detroit. we never had a city this large go through chapter 9 bankruptcy. a lot of people are watching what orr, the guy basically running this will do. look at chicago, for example, 2008. they sold off the parking meters for over a billion dollars to private investor. they have had issues with that because it was actually worth double that. you will see a lot of cities privatize, whether airports, suage or water rights just to bring in cash. longer term this may not be the best move. bill: what do you think the judge in detroit does or, perhaps an arbiter in any of these other cities including chicago if it reaches that point about the unfunded liabilities they re on the hook for right now for all these union contracts that go back decades? unfortunately for the union workers i think they will actually get rid of some of these contracts because they will never make up the unfunded liabilities in my mind. there is too much out there. detroit, 3.5 billion, plus 5.5 ....

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Detailed text transcripts for TV channel - FOXNEWS - 20130722:15:26:00

Would violate the state s constitution to use bankruptcy to try to reduce the pensions which are poise ily r supposedly guaranteed to the workers. the judge ruled in favor of the workers. the state is appealing. what do you think? is it legal to use bankruptcy to negotiate pensions? certainly. it has been used before. chapter 9 bankruptcy, patti ann, is not use ad lot but specifically designed in reference to municipalities government entities such as this. what happened on friday, the judge on friday was a state court judge i understand, before that ruling came in they filed a chapter 9 bankruptcy. that gives preemptive right that is congressional right they have through the chapter 9 bankruptcy code. what you re going to see in this type of thing everybody is posturing from the pension holders to the bondholders, to concerns of public employees, the unions. it will be a major chess game all i which plays out of course in the court of law. patti ann: and those taxpayers ....

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Detailed text transcripts for TV channel - FOXNEWS - 20130722:03:04:00

Breathtaking corruption at its local government and by union demands for a bigger piece of a shrinking pie both in the public and private sector. the city s government didn t have the will to reign in the corruption nor the guts to say no to the unions and that took them to chapter 9 bankruptcy. the saddest part of the detroit story, is not that it s the story of a failed city who couldn t, it s the story of one of the world s great and most successful cities who could and who did great things. but then was willing to sell its soul for lesser things and to tolerate unthinkable things. its unemployment rate is triple since 2000, twice the national average. it s street lights don t work a whole lot more regularly than its people. 40% of its street lights stay dark and for 20 years it s been considered one of america s most dangerous cities. it takes the police in detroit ....

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Detailed text transcripts for TV channel - MSNBC - 20130719:13:06:00

Appointed earlier this year, he was finally fed up. so he brought the decision to governor rick snyder. we re told on tuesday, and the governor thought about it for two days or so before finally giving his blessing and having it moving ahead yesterday. there had been rumors all week. what happened yesterday was actually quite interesting. these pension boards had actually tried to block any type of bankruptcy filing. you know, tried to file something in the county court in lansing and tried to block the governor from doing this, but right before hearing was set to start on that motion around 4:00, the city filed for chapter 9 bankruptcy. unprecedented. the largest municipal firing in u.s. history. the question is what happens next. what happens to city services? many are distressed about what could happen over the next year or so. the emergency manager seems to ....

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CNN The Situation Room July 18, 2013 21:01:00

A imagine americ a major american city, detroit, has just declared bankruptcy, the largest municipal bankruptcy in the history of the united states with huge financial implications. let s go to poppy harlow. it came a little earlier than a lot of us expected. i think a lot of us were expecting this possibly tomorrow. it came at 4:06 p.m. exactly eastern today. the emergency manager, the man put in charge in march to take over the city of detroit, get its finances in order, his name is kevin orr, he along with the republican governor of michigan, rick schneider, filed for chapter 9 bankruptcy. this is so big because it s symbolic of the woes detroit has had. behind it you have stockton, california, a city of about 300,000 people. that was the biggest until today. detroit is a city of 700,000 people with $18 billion in debt. that is what drove it here. how did we get here, wolf? ....

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