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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

Red Spot in a Blue State Wrote: Feb 20, 2013 6:31 AM
I think it's going to be worse than Greece. The sense of entitlement of Detroit residents is massive. I think Detroit will burn to the ground once the cuts start. I can't wait to watch. I'm SO sick of hearing about this every morning on the way to work.. I can't WAIT til all those self-entitled vermin start eating their own.

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...