In response to:

Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

Jon Russo Wrote: Feb 19, 2013 11:44 PM
Wherever socialism rears its ugly head, destruction follows. This is what happens when a govt runs out of people to loot. Congratulations, Democrats, you destroyed a perfectly good city.
Chicken George Wrote: Feb 20, 2013 1:02 AM
Regardless of what country it is, when that country adopts socialist,welfare policies, it is doomed from that point on. The founding fathers knew this was antithetical to freedom and liberty. Why? Because you always run out of other peoples money.

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...