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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

Luckydog1 Wrote: Feb 20, 2013 2:28 PM
So what? I grew up there and am glad I left. They created this mess let them live with it. Let them revere Mayor Coleman Young of the 70s and 80s when he said "white's don't belong here" (he denied the quote...riiiiight!) They have to dig themselves out. This was once a proud blue collar city with car and steel plants everywhere. Then the Liberals showed up in the seventies. Now look at the mess that is Detroit.

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...