Every time I have seen a situation similar [[although admittedly not as large) it never seems to deter the creditors from loaning money. They just alter the terms to their favor even more.

Here they will write off any losses and loan, loan again. It's what they do.

It's like a rapist. A rapist doesn't stop raping just because he rapes the wrong person and gets a disease. He goes to the doctor and then goes back to raping. He'd even rape the same person again.

Let's hope that when all is said and done Detroit actually learns a lesson about how to operate fiscally.

My big fear is that Orr will do his job and do a damn good one, leaving the city stable. Then the same old people who have been running the same old game for the last century get their hands back in the cash drawer and get to start with a clean slate. If the city is forced to liquidate assets, then we may be left with a city in good financial standing, no assets such as the DIA, and a corrupt group passing out credit cards to their friends and family all over again. Rinse, repeat.