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And that could be good. now, look could it lead to bailouts from the federal government. you're not a person and change the bankruptcy law for people and it's harder to go bankrupt now. it should be harder for cities and towns. they can raise revenues and raise taxes and don't have to throw up their hands and maybe we can't pay for this, a few years ago. >> gary k. what do you think about this? >> i think tobin and gary b, so right. all roads are going to lead to the taxpayer and the state arbitrarily changed their own laws and harrisburg couldn't file for bankruptcy and they're going to pick ...

Should people in oklahoma, wind up picking up the tab for these guys in harrisburg, i mean, this is a local-- >> they're not they're going to pick up the tab in pennsylvania. >> well, fine, i live in one part of pennsylvania and now i can pay for my brother in harrisburg because he made a dopey decision? and the local and the way to do that is bankruptcy. >> do you see, gary b there might be a difference between vallejo and harrisburg? yfrjts he, there's a difference in why the foundation is absolutely, as christian pointed out and it doesn't matter why they can't pay the bills. the bottom lin...

Bears, let's get to it. gary b smith. tobin smith. jonas max ferris, and the economic policy institute's kristin dorsey. welcome gary k will the triple whammy whack the economy back into recession. >> i'm going to be the the scrooge here, i think so. there's just a lot of things happening all at once that tell me, there's a problem ahead. number one, we're looking at european interest rates to skyrocket and there's no absolutely no confidence there, the numbers out of asia now, particularly china have been headed south and then you add to our 15 trillion of debt, which is, i believe, crowned a...

9% unemployment and to think that this is all fear-based. we're talking reality here and for me, the unemployment looks to be 12 to 15% and i don't think you can get away with that and when you see grosse pointe woods numbers at 2%, you might as well as be flat because in the numbers, a lot of statistics like inventory that doesn't matter to me that much. i just think, we're already on the cusp of it and just think we're getting close here with what's happening in europe and nothing getting done here. >> hold on. >> the inventory-- let me just skip to gary b. gary b? >> gary k makes the argume...

>> jehmu, please, i'm sorry, please, we've got to-- please, i'm sorry, i'll give you all the time i can. gary b, quickly finish, i want to get to matt, too, don't have much time. >> we last had economy killing tax rates back then in the '70s and the economy was dead for nearly 20 years. if jehmu wants that kind of society, great. well then no-- >> i'll give you the last word, jehmu, matt. >> and quickly, you talk about hitting the 68% is actually what it could move up to margin marginal tax rate and remember from obama's campaign, we're not going to raise taxes on the middle class, this is dir...