Detailed text transcripts for TV channel - FOXNEWS - 20130402:13:10:00
California cities, san bernardino mammoth lakes. they could go the chapter 9 bankruptcy route to get out from under their pension problems. you mentioned the bondholder problem. that is huge problem to people that lent money to cities like stockton because they will take a haircut. they may get less money back than they actually put in. that is the first time that ever happened. so there is precedent on two fronts. the bond holders, they lose and maybe the pensioners, certainly the pension fund, that will lose and the ripple effects are spread out all across the country, certainly across calif...
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