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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

ColdWolverine Wrote: Feb 20, 2013 7:00 AM
There are even more parallels to the national story. In 1974 a guilt-ridden white majority elected an angry black man to be mayor of Detroit. That mayor gets a lot of blame for what happened to the city, but the stage was all set when he arrived, and a LOT of people of all colors cheered him on. He didn't drop the bomb -- he just rode it.

What happens when a city government tries to tax, spend, and borrow its way to prosperity? Hint: it goes broke:

A state-appointed review team has determined Detroit is in a financial emergency, paving the way for Republican Gov. Rick Snyder to appoint an emergency manager who would need to come up with a new plan to get the city out of its fiscal crisis.

The team released its findings Tuesday, saying in a report to Snyder that "no satisfactory plan exists to resolve a serious financial problem."

The review team pointed to the city's ongoing cash crisis, which have threatened...