Page 37 - Patrick Morris News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Into the predict ament? >> it was a perfect storm economically when this hit in 2006 and 2007 the bottom fell out. >> in the perfect storm, morris says san bernardino property values dropped by 65%. seven car dealerships shuttered and the city lost tens of millions of dollars of sales, income tax and tax receipts. >> we have major cash flow issues. >> he names a great recession. every city in california has been through the great recession. >> republican state assemblyman mike mor morrell rejects morri' perfect storm analogy at least that a sear reof factors came together to devastate the city...

Be able to afford this down the road? >> those are very problematic agreements that were made at a time when life looked rosy. >> morris admits it has been in good times and bad that san bernardino's public unions had powerful influence over the politicians. the politicians they help elect. morris says that is just the way its. >> in a blue collar city as old as we are unions have a presence in terms of funding for candidates for are city council and they are present at the table during labor negotiations. >> those negotiations in some cases have bound san bernardino to pay employees just as m...

at a city there's nothing we can't accomplish. >> fox news reports cities going broke. reporting from wall street in new york city here is bret baier. >> we are going to take you inside an alarming trend cities that are in debt we win with 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 borrow from wall street. we saw that in a city buried under decades of debt. >> you would think it would have been run by the keystone cops. >> what is the fiscal situation now? >> we are insolvent. >> ...

>> when we come together as a 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...

>> when question come together at a city there's nothing we can't accomplish. >> fox news reports cities going broke. reporting from wall street in new york city here is bret baier. >> we are going to take you inside an alarming trend cities that are in debt we win with 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 borrow from wall street. we saw that in a city buried under decades of debt. >> you would think it would have been run by the keystone cops. >> what is the fiscal situatio...