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Bottom fell out. >> in that perfect storm, morris says that san bernardino property values dropped 65%. seven car dealerships shuttered and the city lost tens of millions in sales -- real estate and income tax reach the receipts. >> we doubt have a lot of long-term debt, but we have major cash-flow issues. >> he names a great recession. every city in california has been through the great recession. >> mike morel represents portions of san bernardino, he rejects the perfect storm analogy to the extent that it suggests a series of unexpected factors came together to devastate the city. >> they h...

A frait train fueled by public salaries and benefits. it hit town right on schedule. >> 75 percent of the budget goes to fire and police officers. they are not going to be able to pay those pensions nor are they going to be able to pay the salaries. >> we have historically been generous on labor contracts. >> generous indeed. in 2010 a police sergeant made 317,000 dollars in a city where the average household income is less than 40,000 dollars. it's not just top salaries that brought down san bernardino it's the average one. >> san bernardino firefighters are making 130,000 dollars a year poli...