It is so sad to watch one of America's greatest cities die a horrible
death. Once upon a time, the city of Detroit was a teeming metropolis
of 1.8 million people and it had the highest per capita income in the
United States. Now it is a rotting, decaying hellhole of about 700,000
people that the rest of the world makes jokes about. On Thursday, we
learned that the decision had been made for the city of Detroit to
formally file for Chapter 9 bankruptcy. It was going to be the largest
municipal bankruptcy in the history of the United States by far, but on
Friday it was stopped at least temporarily by an Ingham County judge.
She ruled that Detroit's bankruptcy filing violates the Michigan Constitution
because it would result in reduced pension payments for retired
workers. She also stated that Detroit's bankruptcy filing was "also not honoring the (United States) president, who took (Detroit’s auto companies) out of bankruptcy",
and she ordered that a copy of her judgment be sent to Barack Obama.
How "honoring the president" has anything to do with the bankruptcy of
Detroit is a bit of a mystery, but what that judge has done is ensured
that there will be months of legal wrangling ahead over Detroit's money
woes. It will be very interesting to see how all of this plays out.
But one thing is for sure - the city of Detroit is flat broke. One of
the greatest cities in the history of the world is just a shell of its
former self. The following are 25 facts about the fall of Detroit that
will leave you shaking your head...
For the rest of the story: http://theeconomiccollapseblog.com/archives/25-facts-about-the-fall-of-detroit-that-will-leave-you-shaking-your-head
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