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That are in severe financial trouble. you are talking about my hometown of chicago. talking about a lot of cities in california, cities like oakland, san bernardino that are very severe problems. the trouble is exactly the same. they have incredible pension programs that they can't pay for. that means they have to cut fire service and police service and schools. that is the big problem. by the way, i think bankruptcy not a bad option here for cities like detroit. it's way for them to hit the restart button and start over again. i'm actually optimistic about american cities if they can start ov...

Years later under carter with the extension. the investment in that city lead to jobs being built. more businesses that came into the city, into midtown manhattan again. more condos being built, rented and sold. >> i'm so sick of liberals throwing around the term investment and not understanding what that means. detroit for 50 years tried to invest in their education system and now 47% of adults are functionally illiterate. stop tosses around the world investment as if it's something you throw money at. yes other cities invested but they also looked at their pension programs and brought in new...

Years later under carter with the extension. the investment in that city lead to jobs being built. more businesses that came into the city, into midtown manhattan again. more condos being built, rented and sold. >> i'm so sick of liberals throwing around the term investment and not understanding what that means. detroit for 50 years tried to invest in their education system and now 47% of adults are functionally illiterate. stop tosses around the world investment as if it's something you throw money at. yes other cities invested but they also looked at their pension programs and brought in new...

Pensions they might have in other communities? >> other communities in california? probably not. but other communities, other parts of the country, definitely. and we, you know, greta, we have some of the most generous pensions in the country here in california. >> if there's no way to sort of renegotiate these pension programs and are these pensions just untouchable? >> that's what's going on right now in court. and the bond holder will lose a lot of money in the bankruptcy and they're the creditors now and won't get paid everything they're owed are saying well, the city should actually stop ...

Pensions they might have in other communities? >> other communities in california? probably not. but other communities, other parts of the country, definitely. and we, you know, greta, we have some of the most generous pensions in the country here in california. >> if there's no way to sort of renegotiate these pension programs and are these pensions just untouchable? >> that's what's going on right now in court. and the bond holder will lose a lot of money in the bankruptcy and they're the creditors now and won't get paid everything they're owed are saying well, the city should actually stop ...