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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

rhinegarten Wrote: Feb 20, 2013 5:55 AM
Detroit, like Stockton and pretty much the entire state of California, along a few other left wing managed cities, will not go broke. The federal government will bail them out with even more printed money in order to try to save the failed concepts tied to liberalism (Marxism lite). This will add yet another huge nail in the country's financial coffin.
Simplecaveman Wrote: Feb 20, 2013 6:06 AM
And when they get their money (From us), they will all go back to doing the same damn thing. Socialism always fails, but here liberals are doing it differently!

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...