Detailed text transcripts for TV channel - FOXNEWS - 20120707:14:44:00
Stockton, california did the same thing. and both are part of a growing trend of municipalities filing bankruptcy under crippling debt. charles payne actually sees it as a good thing. explain. >> it the worst case scenario, but it's a good thing, the only way to break up a lot of obligations by both sides of the aisle and you can't base pensions off people retiring at 50, double dipping, and you think you're going to make 8% a year. i mean, all of it was completely outlandish and now-- >> now they're abrogating the contracts. >> there's no choice. some of these towns have no police and telling...
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