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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

Ken6226 Wrote: Feb 20, 2013 8:51 AM
"Sir Robin ran away! Sir Robin ran away! When trouble reared its ugly head, Sir Robin turned his tail and fled! He ran and ran and ran...."

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...