[catfish1957]

I seem to remember back in the '70's NYC either filed for bankruptcy or was close. I also seem to remember them getting bailed out, or was floated a loan to recover.

Afraid the precedent has already been set. Problem is that money should be used to doze the dump, instead of a recovery try.

[GeronL]

just to keep the poop floating a little longer

[Jimmy Valentine]

Actually that went the other way President Ford told NYC to take a hike. A special board was put together to oversee NYCs finances and they worked their way out of trouble. This happened in Wash DC with the Control Board. Both cities avoided bankruptcy. Predictably the screeches of racism were everywhere. This tells you how far gone Detroit really is

[Fraxinus]

What most people outside MI do not know is that Colman Young and his cronies helped to create a toxic relationship between Detroit and rest of the state, especially the northern suburbs of Detroit. The emergency manager was Detroit’s last chance at a bailout from the state.

[cripplecreek]

NY got $12 billion in “loan guarantees”. They’ll tell you its different but it had the same effect of kicking the can down the road and today they have over $100 billion in debt.

Detroit is a problem that we need to deal with right here in Michigan.