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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

Kimbery Wrote: Feb 20, 2013 11:33 AM
You saw them removed from the culture not removed from the dependency. Every nation in Africa has an Army. Why do all of those countries make Detroit look nice?

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...