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An entire u.s. city to go bankrupt? what happens now? >> well, first, as joe alluded to, the city utterly mismanaged its finances and ran persistent deficits all the way through. i will acknowledge it is hard to run a business when your customers are getting fewer and fewer every year, but nonetheless they ran $100 million plus deficits every year. they piled up as mika said, 16 or $17 billion in obligations, a little over half of that in debt, and the rest in pensions for city workers and in health care benefits for city workers and now they have to face the music. what does it mean for detro...

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Casablanca commenting on gambling in casablanca. but between now and then can we do business? to the extent the president took message from yesterday and decided to address things like spending and debt, we'd work with him. he wants trade agreement. happy to do that. there are things to do together and we'll see if the president takes the appropriate message out of what happened yesterday. >> bret: you heard what he said today. do you think he got it? >> i did not watch the press conference but my assumption is he like all of us reacted to the election is some degree of humility. we appreciate...

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