And so it goes - Detroit
Socialism and welfare - both Marxist ideas.
Detroit used to be Motor City until the leeches came for their little share.
From
The Detroit News:
State laying groundwork for managed bankruptcy for Detroit
Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.
The working concept, still evolving, assumes that the state's financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City Council would be unable to push through overdue restructuring, and that the process would culminate in appointment of an emergency financial manager under Public Act 72.
The case would be filed under Chapter 9 of the federal bankruptcy code, according to two ranking sources familiar with the situation, following efforts to reach prenegotiated settlements with as many key creditors � unions, vendors and pension funds among them � as possible before any filing.
I took the liberties of highlighting the two root causes.
As Maggie said, eventually you run out of other people's money...
Read the whole article -- one small taste:
A Chapter 9 filing for Detroit may be increasingly likely given the dysfunction and infantile posturing atop City Hall.
That smarts! The 200+ comments are a hoot.
Posted by DaveH at December 7, 2012 9:48 AM