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Back in force lawlessly. and that is something that's not being mentioned. >> so you have an emergency manager now named kevyn orr. >> yes. >> he is the one who's been quoted in the papers, he's the one charged now with the state, with trying to negotiate a fiscal solution for the city. what is he doing now that you think, that you would be doing differently as the autonomous city government of detroit? >> one of the things that should be noticed is that the importance of renegotiating the debt load is something that city council members, like myself, talked about, urged to be put in place to ...

>> the debt load young people are carrying grows as his earning potential shrinks is what you're saying. >> absolutely. the president has been buying lower unemployment rates by providing cheap student loans and keeping people out of the labor market. when they finally enter, they enter at low wages and part-time employment. we have the kind of problem spain has but the president has been papering it over. >> exactly. cheap student loans keep people out of the labor market. peter, that's a lucid explanation of a very troubling trend. we appreciate it. thanks a lot. >> take care. this just in...

Destroying output, it could happen here. it terrifies me. >> what would trigger it would be sharply higher interest rates when people -- in order to buy our debt. not talking about just a few points here but dramatically higher interest rates where it's impossible for us to pay our entire debt load. then becomes a point where we reach financial collapse. >> neil: when people don't trust their financial institution. but when it's your bank bank, your passbook savings account, that is called into question, that galvanizes. then what? >> here's the thing, neil. that almost happened in the past an...

There is any room for revenue at all. >> this is what you do when there is a mistake in a game. you call time-out. i am sick and tired of hearing the republicans saying that the president got new revenue. that was the expiration of the bush tax cuts. everybody with a brain knows that. that's not new revenue. that doesn't take us beyond the rates that we used to have. but this is the republican strategy. you have to negotiate with them on their terms or you're not going to save jobs in america. john boehner isn't even concerned about the immediate loss of jobs from the sequester. >> do you have...

But in this case, i don't think there is any room for revenue at all. >> this is what you do when there is a mistake in a game. you call time-out. i am sick and tired of hearing the republicans saying that the president got new revenue. that was the expiration of the bush tax cuts. everybody with a brain knows that. that's not new revenue. that doesn't take us beyond the rates that we used to have. but this is the republican strategy. you have to negotiate with them on their terms or you're not going to save jobs in america. john boehner isn't even concerned about the immediate loss of jobs fr...