Posted on 07/20/2013 8:56:28 AM PDT by rhema
“of course Obie will bailout DET-roit”
Perhaps, if so, he can point to the NY City 1975 precedent and several others.
http://www.propublica.org/special/government-bailouts
During the 1970s, New York City became over-extended and entered a period of financial crisis. In 1975 President Ford signed the New York City Seasonal Financing Act, which released $2.3 billion in loans to the city.
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