In response to:

Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

RiffRaff Wrote: Feb 20, 2013 4:03 AM
Don't hold your breath. Apparently McCain went home and faced some angry crowds yet refused to accept the will of the people. It's McCain's way or the highway. And that's what's wrong with our Congress.

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...