Here's a short excerpt of a WSJ article on Bing that was a very interesting read.

"The fiscal mess puts Mr. Bing in a Catch-22. He can't cut the city's taxes because the short-term hit to cash flow would leave the city unable to pay its bills. But without tax reform the city can't lure businesses back. Detroit may simply not be viable in its current form. Political and economic leaders need to rethink the notion that the city can regain its former status as a major American metropolis capable of luring large companies with tax breaks—which was Mr. Kilpatrick's failed strategy.
Detroit now more closely resembles a frontier town that needs not flashy stadiums and art institutes but basic services: police, firemen and good schools. Mr. Bing needs to confront the hard reality that the city needs to pare back its liabilities, identify infrastructure it can no longer afford to maintain, and [[though this is anathema to Detroit's political class) perhaps auction off portions of its 140 square miles to neighboring counties, shrinking to a size that its diminished population base can support.
Short term, Detroit's best hope may be to go bankrupt. However, given Michigan law, which has never been tested because no city has ever filed for bankruptcy, it's unclear if even bankruptcy will fully release Detroit from the clutches of its unions and allow it to start over. The only thing certain is that fate is not kind to a city that allows unions to run amok."


http://online.wsj.com/article/SB1000...toWhatsNewsTop