Detailed text transcripts for TV channel - FOXNEWS - 20111015:15:31:00
Wayne, start with you. should local governments go bankrupt in >> absolutely. that's what the bankruptcy code isule about. file chapter nine if you are a municipality. bankruptcy law was designed for these kinds of things and allows the body to reorganize and pay the creditors in a certain structured way . that's the best thing for cities to do because you are end up bailing out everybody. you can't bail out the world. >> john, this question to you. do you risk rolling the financial markets if you set the principle. >> that's the argue from the governors. governor brown, one of the worst state...
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