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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

Kimbery Wrote: Feb 20, 2013 11:43 AM
The reason is culture. ANY form of government can succeed if the people involved are decent and moral human beings. Communism is the ideal form of government on paper. It fails in reality because of corruption. The same goes for socialism. Capitalism is the only system that can overcome human corruption enough to benefit a vast majority of the population.

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...