Usually, when the administration needs a distraction from just how broke and insolvent in reality the country is, it sends the stock market soaring higher. As such it is beyond ironic that as the S&P is set to hit an all time high, Detroit - that shining symbol of the Obama administration's bailout of General Motors - effectively goes broke. MICH. GOV SNYDER TO ANNOUNCE STATE TAKEOVER OF DETROIT More: Detroit Mayor Dave Bing says Governor Rick Snyder will announce a state takeover on Friday Detroit Mayor Dave Bing says Michigan Governor Rick Snyder will announce a state takeover of...