Micheline Maynard has a good roundup at the link. It’s not looking good for the Motor City:
‘Legally, Chapter 9 would put the city into uncharted territory. Detroit would be the largest American city to seek bankruptcy, although it has happened in Harrisburg, Pa., and Orange County, Calif. The state legislature and Republican Gov. Rick Snyder have been discussing ways it can be avoided.’
New York City in the 1970’s was too big to fail, had friends in Congress, and other revenue streams coming in. It came really close.
An interesting post on municipal bond defaults.
Harrisburg, Pa has already declared bankruptcy, but had the incinerator and Wild West Museum boondoggles: Update And Repost: From Reason Via Youtube: ‘Is Harrisburg’s Nightmare America’s Future?’
Maybe at some shadowy date in the future, we’ll be talking about Silicon Valley this way…maybe that’s getting ahead of ourselves.
Related On This Site: What about the popular arts and culture?:Update And Repost-From Grist.Org Via The New Republic Via The A & L Daily: ‘Getting Past “Ruin Porn” In Detroit’…A Few Thoughts And A Tuesday Poem By Philip Levine
GM is not a municipality, but good money got put in, probably after bad and it reeks of politics: From The Detroit News: ‘How The Treasury, GM Stock Deal Got Done’