Quote Originally Posted by river rat View Post
Bailout! Hell no. Detroit needs to declare bankruptcy, because it is. The court needs to appoint a bankruptcy master who will then void all obligations and debts and pay the creditors on a rational basis. Of course, this will mean a lot of pain for a lot of people [[think Greece). The bond holders will get a few pennies on the dollar. The mayor and city council will not be paid and will line up with all the creditors. Everyone will take a big haircut. All the years of financial mismanagement and corruption will fall on the people that deserve it; the electorate of the City of Detroit. We are the ones who elected the buffoons that brought us to where we are. This thread will be replete with screams about the Republicans and inadequate state funding, the economy, the needs of the poor, crime, bad infrastructure, on and on....

The problem is clear and it is us..
Everything you posted looks good but if you think a municipality like Detroit could file for bankruptcy and not get a bailout you need to go back to 2009.