This is so sad. Sad for those who trusted the unions and the government.
Obama, and Jarret, said, “Nyet!” to a bailout.
Lordy...he does love the citizens of Detroit...doesn’t he?
He was bragging about saving it during the last election.
Detroit going bankrupt is a function of unsustainable union and pension obligations. Chapter 9 bankruptcy is a great tool to renegotiate those contracts, as happened in Stockton.
Detroit’s actually on a rebound, thought it is and does need to shrink. This was a move made by the state-appointed emergency manager because it is the only option that will give him sufficient leverage to renegotiate union deals.