Page 22 - Patrick Morris News Today

>> 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 rejects morri perfect storm an...

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 cities are in trouble because of the millions they have borro...

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 cities are in trouble because of the millions they have borro...

Renegotiated. >> you bet. >> why has that not happened 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 b...

Mayor of san bernardino since 2006. >> how did sweard ge san bernat into the predict ament? >> it was a perfect s 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 re...

>> generous, indeed. in 2010, a san bernardino $317,000rgeant maided 3 h in a city where the average household income is less than $40,000. but it is not just the top salaries that have brought down san bernardino. it is the average ones. >> san bernardino firefighters are making about $130,000 a year. police around $95,000. with pretty generous pensions as well. >> did anybody say hey, you know what, we are not going to be able to afford this down the road? >> those are very problematic agreeme...

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 entire budget. unable to fund enough cuts to close the gap, san bernardino on august 1 filed for bankruptcy. >> you called this a stain on the city? >> oh, yes. >> patrick morris has been mayor of san bernardino since 2006. >> how did sweard ge san bernat into the predict ament? >> it was a perfect storm economically when this hit in 2006 and 2007 the bott...

>> did anybody say hey, you know what, we are not going to 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...

>> did anybody say hey, you know what, we are not going to 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. elect.liticians they help 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 counci...

66. ♪ 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 ...