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Migration From Paris

Fred_PA_2000 Wrote: May 16, 2013 2:58 PM
A better move would seem to be bankruptcy and re-organization -- perhaps within new city boundaries. And the people who are owed money / pensions / etc. they were promised by the old Detroit will simply have to recognize that they foolishly bought the promises of someone who could not pay. (And the new city will, we hope, not be able to sell such empty promises to a new group of employees.)

Yesterday, Dave Bing, NBA legend and very successful businessman announced he's not seeking a second term as mayor of Detroit. The Bing news is not necessarily shocking but points to what has become, in the eyes of many, a hopeless situation. The state has taken over the city and the guy combing the books says it looks dismal.

Migration Series Jacob Lawrence

At this point it would seem some kind of bankruptcy is in the offing. But problems don't go away with such a decision. And while there will be debates over where money...