Nolan Finley thinks Detroit hasn't sufficiently paid for the sins of filing bankrupt.

[bailey]

If anything, what Nolan wrote is like a reverse psychology fluff piece. The main "takeaway" is that Detroit really screwed those poor banksters over. We should be happy.

Well, in the short term sure. But next time Detroit needs to borrow to fund something, will there be any capital available at anything approaching reasonable terms? Something lost in the hackishness of the article is the very real problem of very little structurally changing.