Another rating agency downgraded $2.5 billion in Detroit bonds to junk status. That triggered a "termination" event related to swap agreements on the Pension fund bonds that will cost the city an additional $50 million per year for the next seven years. That's money the city won't have to light streets, pay cops or firefighters, or keep rec centers open.

Way to go knuckleheads on Council, in the Mayor's office, and the grape-throwers who are standing in the way of the State. By the time you're done "protecting" the city's jewels you'll be in hock so deep you'll have to pawn them all.

http://www.marketwatch.com/story/fit...ive-2012-03-22