O'GRADY: And one of the reasons they did it was because they expected a bailout. And I think that it is very dangerous to perpetuate that idea.
GIGOT: Steve, how many other cities are in danger here with pension obligations and debt that -- I'm not saying they are going to file bankruptcy but they have real troubled finances.
MOORE: Yes. Detroit may be the canary in the coal mine here. You've probably got, in my opinion, Paul, about a dozen cities around the country that are in severe financial trouble. Again, that doesn't mean they are going to go bankrupt. But you are talking about my hometown or Chicago. You are talking about a lot of cities -- by the way in California, cities like Oakland, San Bernardino that are in very severe problems. And by the way, the trouble in all of these cities is exactly the same. They have these incredible pension programs that they can't pay for. And that means they have to cut fire service and police service and schools. That is a big problem.
And by the way, let me say this. I actually think that bankruptcy is, you know, not a bad option here for cities like Detroit. It is a way for them to hit the restart button and maybe, you know, start over again. I'm actually optimistic about American cities. If they can start over, get rid of these huge debts. You know, many people are moving back to cities like Chicago and so on if they can get those debts under control.
FREEMAN: Really, what Steve is saying, same thing when the governments start bailing out companies, bankruptcy is a way to revive an institution that's over borrowed.
MOORE: Right. Exactly.
FREEMAN: So this is the beginning of Detroit's rebound if they have --
GIGOT: If they are willing to -- and willing to get all of the liabilities on the table, not just bond holders.
We have to take one more break. When we come back, "Hits and Misses" of the week.
GIGOT: Time now for the "Hits or Misses" of the week.
FREEMAN: Paul, this is a miss to the ownership and management of the New England Patriots football team. This is for saying again and again how shocked they are that their player, Aaron Hernandez, has been charged with a crime. A terrible tragedy. He has been charged with murder. Certainly, everyone deserves their day in court. But there is a reason that no other team in the National Football League drafted him until the Patriots raised their hand in the fourth round a few years back. Even though everyone agreed he was a blue-chip talent, there were big, big questions about him. So a miss to the Patriots.
GIGOT: All right.
O'GRADY: Paul, this is a miss for the United Nations agency known as UNESCO, which has announced that it will preserve in its Memory Register the life of works of Ernesto Che Guevara, otherwise known by Cubans as the ruthless partner to Fidel Castro who was responsible for a lot of executions during the Cuban Revolution. Thankfully, the U.S. has dropped out of UNESCO funding but the Obama administration is trying to restore it.
GIGOT: All right.
MOORE: It was exactly 20 years ago that Jimmy Valvano, the former NCAA basketball coach who won a national championship at North Carolina State, riddled with cancer, gave his famous and emotional speech saying never give in to cancer. And he started a foundation called the "V" Foundation, which has raised tens of millions of dollars for cancer. He said in that speech that that money won't save his life but it could save the lives of our children. The great news of this story, Paul, is that, 20 years later, the survival rate for cancer is 80 percent.
GIGOT: All right.
That's it for this week's show. Thanks to my panel and to all of you for watching. I'm Paul Gigot. Hope to see you right here next week.
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