Page 36 - Patrick Morris News Today : Breaking News, Live Updates & Top Stories | Vimarsana

city there is nothing we can't accomplish. >> fox news reporting cities going broke. reporting from wall street in new york city here is bret baier. >> this hour we will take you inside an alarming trend. cities that have slid deep into debt. even bankruptcy. new york is not on the list today but for a number of other reasons we begin our report from this spot, america's financial nerve center. the first reason is simple. some of the nation's most desperate cities are in trouble because of the millions they have borrowed from wall street. we saw that 171 miles from here in a city bur...

>> why that is that not happened? >> it will happen under the guidance of chapter 9. >> in other words bankruptcy court. public sector unions are saying not so fast. they point to state precedent that suggests their pensions are untouchable. however morris is former judge believes in this unprecedented crisis the courts will allow them to modify some of their contracts. he is dealing with the day-to-day trials of the city gone belly up. >> you are paying cash for things. >> cash and carry. a>> a vendor may try to bring the equipment back. >> that is a daily thing. >> we deal with it daily. oo ...

On old route 66 san bernardino was the last stop before la. with three freeways and a major railroad station it was the ideal hub linking los angeles and long beach out to the rest of the country. san bernardino sim poll li symbolized the promise it held for middle class america. it was loetcation of the first mcdonalds. it is a short fall of $36 million over a quarter of the entire budget unable to find enough cuts to close the gap san bernardino on august 1st filed for bankruptcy. >> you have called this a stain on the city. >> patrick morris a democrat has been mayor of san bernardino since...

Yet? >> it will happen under the guidance of chapter 9. >> in other words, bankruptcy court. but public is sector unions are saying not so fast. they point to state precedence that suggests their pensions are are untouchable. however, morris, a former judge believes that in this unprecedented crisis the courts will allow cities to it modify at least some of their contracts. meanwhile, he is dealing with the day-to-day trials of a city gone belly up. >> now, you don't really have any credit. >> that's right. >> cash for things. >> carry.d kari. >> you vendors who leased equipment who may way to...

♪ get your kicks on route 66 >> on old route 66, san bernardino was known as the last stop before l.a. ♪ san bernardino >> with freeways and major railway station it was the ideal hub linking the ports of los angeles and long beach out to the rest of the country. san bernardino symbolized the promise that economic growth held for middle class america. it was even the location of the first mcdonald's. but today, this city of around 210,000 has a shortfall of $46 million. over a quarter of its entire budget. unable to fund enough cuts to close the gap, san bernardino on august 1 filed for ba...