Thursday, July 18, 2013

Detroit Files Bankruptcy

Well they did it. Not surprising, but sad. There are going to be serious ramifications even for people who don't own municipal bonds.


Stephen said...

Sad?? That's all you have to say? How about criminal? Duplicitous? Greedy? The end result of socialism? Like Maggie Thatcher said, at some point you run out of other people's money. Poster-child? - Detroit. So many feasting at the trough filled with other people's money. When will people learn that government is first and foremost bloodsucking.

Jon Marc said...

Of course it's not surprising - Governor Snyder appointed a bankruptcy guy and then, to everyone's shock, instead of working things out he recommended bankruptcy. It's the little people who will lose in all of this - if they liquidate the DIA the money won't be going to pensioners, that's for sure! (God grant me to be wrong!)