What happens next in San Bernardino after their bankruptcy filing…and what about the other California cities filing?
The first thing it means a downgrade by Standard and Poors on the city's bonds to Double 'C.'
Officials are also trying to find out what assets they can sell to cover payroll..
San Bernardino has about 150 thousand dollars in the bank....for a city of 210-thousand residents.
Joining us is UCI Economics Professor Peter Navarro.
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