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And that could be good. now, look could it lead to bailouts from the federal government. you're not a person and change the bankruptcy law for people and it's harder to go bankrupt now. it should be harder for cities and towns. they can raise revenues and raise taxes and don't have to throw up their hands and maybe we can't pay for this, a few years ago. >> gary k. what do you think about this? >> i think tobin and gary b, so right. all roads are going to lead to the taxpayer and the state arbitrarily changed their own laws and harrisburg couldn't file for bankruptcy and they're going to pick ...

>> instead of laying off more companies cutting company's hours and tobin, you say this is the best free market solution to high unemployment? >> it is, and you can go to germany which developed this and it wasn't the german government. it was the german companies. small to mid sized company in manufacturing. and they know that there's two types of capital. financial capital and human capital. if you lower the investment in human capital by extended layoffs they-- that human capital and they have the best economy in europe for it. >> jonas, isn't this under employment. people who want to work ...

Bears, let's get to it. gary b smith. tobin smith. jonas max ferris, and the economic policy institute's kristin dorsey. welcome gary k will the triple whammy whack the economy back into recession. >> i'm going to be the the scrooge here, i think so. there's just a lot of things happening all at once that tell me, there's a problem ahead. number one, we're looking at european interest rates to skyrocket and there's no absolutely no confidence there, the numbers out of asia now, particularly china have been headed south and then you add to our 15 trillion of debt, which is, i believe, crowned a...

Coming out of bankruptcy and the lean eest budget. and the programs are cut down to the bone and the city is thriving and doing well. it can work for harrisburg, but the government won't let it. it's silly. >> brenda: tobin? >> no question, this is the act of a guy coming in basically, you know what, i think there's a bigger pocket we can go after, the federal taxpayers, let's not take the medicine, let's not let the system work, but let's go to the taxpayers, because the taxpayers can pay it, why not? >> jonas is this the free market, bankruptcy? >> the government protected you from creditors...

jonas max ferris, and the economic policy institute's kristin dorsey. welcome gary k will the triple whammy whack the economy back into recession. >> i'm going to be the the scrooge here, i think so. there's just a lot of things happening all at once that tell me, there's a problem ahead. number one, we're looking at european interest rates to skyrocket and there's no absolutely no confidence there, the numbers out of asia now, particularly china have been headed south and then you add to our 15 trillion of debt, which is, i believe, crowned at the private sec torques i think we've g...