Richard Ravitch Dishes on Detroit, de Blasio & Fixing NYC's Finances

Municipalities that simply match their revenues with their expenses do not get into fiscal trouble, says Richard Ravitch, author of "So Much To Do". Ravitch says his role in saving New York City from bankruptcy in 1975 "changed his life". Ravitch is now focusing on resuscitating Detroit from its fiscal woes. He also says Wall Street remains vital to the fiscal health of NYC, but technology is loosening the tie. Finally, he says NYC has deep fiscal problems and the City's current Mayor Bill de Blasio should develop closer ties to the business community.