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It could affect investors in state bonds. but supporters of bankruptcy options say this is more than just a budget problem. some states have really, really revere problems that are sucking up money for education and health care. supporters also warn that it could be a matter of time before states look for federal bailout. with us now financial consultant the author of "master your debt," live with us this afternoon. jordan, good to see you. there are no good openings but if you change this thing to a bankruptcy process, everyone is going to get a little and no one will be happy, right? >>guest...

It's just misallocated. the average teacher retires on a pension of 60 or $70,000 a year. the net present value is $2 million. i ask the viewers of the show, do you have $2 million in your 401(k) plan? probably not. the mention payments are lavish. they're preventing us if hiring young talented people who want to teach. >> david: e-mac, it's the 3 million hours spent on nothing but the union activities. the tax dollars are paying for union, not for the real work in the classroom. >> that is right. hours and hours spent by the way, bargaining and haggling over pension pay-out. there is a reason...