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Detailed text transcripts for TV channel - MSNBC - 20130723:11:24:00

I mean, is there a clear path here? i don t know and steve s far more knowledgeable about this than i am the legal and economic ramifications, but, you know, i think that a farsighted government that understands that, you know, cities today have the great potential to be economic platforms to create a place where young people and particularly knowledge workers want to gather. there s no reason at a time when other parts of the state of michigan are thriving and getting this right, taking advantage of the new manufacturing revolution, that detroit, you know, cannot be fixed. steve. i agree with tom in principle, but i think we have to recognize a couple things. the hold detroit is in is vast and deep where they have these $18 billion of liabilities. bankruptcy really was their only option. there s going to have to be a lot of pain. the problem you have, without getting technical about it, is that the ways they have of reducing these liabilities put 8 80% of the costs onto the ....

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Detailed text transcripts for TV channel - MSNBC - 20130723:11:25:00

Workers and onto the retirees, and i think that s politically going to be very difficult. and secondly or thirdly, detroit needs a major reinvestment program. they have some investment money built into their new plan. i don t personally believe it s enough. i think there s such a deep hole. they ve got a long way to dig out. and i think it s going to require significant help, not just self-help, but help from michigan, help from washington. but the last thing i d say, tom, to echo your hopeful note, the state of michigan has more engineers than the other 49 states and canada put together. there is a lot of talent there. there are signs of a little bit of a renaissance in downtown detroit because, obviously, offices are cheap, and loft buildings are cheap. and i do see a few people, dan gilbert of quicken loans being the most notable, starting to move back into the center. so it s not without hope. but they are so far behind now in the process of adjusting their economy that i think it ....

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