Page 19 - Patrick Morris News Today

Into the predict ament? >> it was a perfect storm economically when this hit in 2006 and 2007 the bottom fell out. >> in the perfect storm, morris says san bernardino property values dropped by 65%. seven car dealerships shuttered and the city lost tens of millions of dollars of sales, income tax and tax receipts. >> we have major cash flow issues. >> he names a great recession. every city in california has been through the great recession. >> republican state assemblyman mike mor morrell reject...

Be able to afford this down the road? >> those are very problematic agreements that were made at a time when life looked rosy. >> morris admits it has been in good times and bad that san bernardinos public unions had powerful influence over the politicians. the politicians they help elect. morris says that is just the way its. >> in a blue collar city as old as we are unions have a presence in terms of funding for candidates for are city council and they are present at the table during labor neg...

at a city theres nothing we cant accomplish. >> fox news reports cities going broke. reporting from wall street in new york city here is bret baier. >> we are going to take you inside an alarming trend cities that are in debt we win with americas financial nerve center. the first reason is simple some of the nations most desperate cities are in trouble because of the millions they borrow from wall street. we saw that in a city buried under decades of debt. >> you would think it would h...

>> when we come together as a city there is nothing we cant accomplish. >> fox news reporting cities going broke. reporting from wall street in new york city here is bret baier. >> this hour we will take you inside an alarming trend. cities that have slid deep into debt. even bankruptcy. new york is not on the list today but for a number of other reasons we begin our report from this spot, americas financial nerve center. the first reason is simple. some of the nations most desperate c...

>> when question come together at a city theres nothing we cant accomplish. >> fox news reports cities going broke. reporting from wall street in new york city here is bret baier. >> we are going to take you inside an alarming trend cities that are in debt we win with americas financial nerve center. the first reason is simple some of the nations most desperate cities are in trouble because of the millions they borrow from wall street. we saw that in a city buried under decades of debt...

>> why has that not happened yet? >> what is the fix? >> when we come together as a city there is nothing we cant accomplish. >> fox news reporting cities going broke. reporting from wall street in new york city here is bret baier. >> this hour we will take you inside an alarming trend. cities that have slid deep into debt. even bankruptcy. new york is not on the list today but for a number of other reasons we begin our report from this spot, americas financial nerve center. the first ...

Yet? >> it will happen under the guidance of chapter 9. >> in other words, bankruptcy court. but public is sector unions are saying not so fast. they point to state precedence that suggests their pensions are are untouchable. however, morris, a former judge believes that in this unprecedented crisis the courts will allow cities to it modify at least some of their contracts. meanwhile, he is dealing with the day-to-day trials of a city gone belly up. >> now, you dont really have any credit. >> th...

Road? >> those are very problematic agreements that were made at a time when life looked rosy. >> morris admits it has been in good times and bad that san bernardinos public unions had powerful influence over the politicians. the politicians they help elect. morris says that is just the way its. >> in a blue collar city as old as we are unions have a presence in terms of funding for candidates for are city council and they are present at the table during labor negotiations. >> those negotiations...

♪ get your kicks on route 66 >> on old route 66, san bernardino was known as the last stop before l.a. ♪ san bernardino >> with freeways and major railway station it was the ideal hub linking the ports of los angeles and long beach out to the rest of the country. san bernardino symbolized the promise that economic growth held for middle class america. it was even the location of the first mcdonalds. but today, this city of around 210,000 has a shortfall of $46 million. over a quarter of its ...

>> when we come together as a city there is nothing we cant accomplish. >> fox news reporting cities going broke. reporting from wall street in new york city here is bret baier. >> this hour we will take you inside an alarming trend. cities that have slid deep into debt. even bankruptcy. new york is not on the list today but for a number of other reasons we begin our report from this spot, americas financial nerve center. the first reason is simple. some of the nations most desperate c...