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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

Anyone else recall that Detroit where LBJ kicked off his "Great Society," predicting that the city would become an exemplar of the results of his version of social engineering. Worked out well, didn't it?
rhinegarten Wrote: Feb 20, 2013 6:00 AM
True. The problem is that once the concept failed miserably the liberals simply kept pouring money into it instead of pulling the plug. And here we are.

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...