Detailed text transcripts for TV channel - FOXNEWS - 20120627:11:05:00
Stockton, california a few years ago, the housing was -- they were building these track homes and then the bubble burst and suddenly all that tax money, the property tax money stopped flowing in in stockton, california, had a gigantic negative cash flow in the last three years, they've cut the police by 25%. they've cut the fire department by 30%. last night, they had a dire city commission meeting where they decided they would seek bankruptcy protection in the courts. this is the largest city in american history to declare bankruptcy, 300,000 people live in a town that is out of cash! >> it's...
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