Quote Originally Posted by professorscott View Post
No matter who comes in as EFM - and that is certain to happen - I think the bigger question is, can Detroit be saved from receivership at all? What can an EFM do - even if the "new" EFM law stands, which it might not - that will be enough to prevent some sort of municipal bankruptcy? Detroit, even if it stops operating every single department right now, even if it lays off every police officer and firefighter and bus driver and bureaucrat, doesn't bring in enough money to pay bills it already owes for things which were done [[or agreements which were made) in the past.

I hope I'm wrong, but I don't think I am.
I think it is a foregone conclusion that Detroit will have to file for bankruptcy via the state. The reason why no one wants bankruptcy is that every city, town, county in the state will be on the hook to bail out the 18th largest city in the United States when that happens. A EM can cut and cut and cut and cut but.....as long as no money is coming in and the EM will need to spend money to operate the city, Detroit will never get out of the hole.