Quote Originally Posted by Eber Brock Ward View Post
Bingo. I don't buy a "degradation of services" argument, either, since most services are at a bare minimum, anyway.

Under BK, most services you and I see will remain more or less unchanged, but the BK judge could get the fiscal house in order.
Exactly, and that's because the BK Judge can declare a moratorium on all debt payments [[half of Detroit's budget goes to debt obligations) until the banks realize they're only getting 5% to 20% of what they're owed.

There would still be budget cuts, no doubt. Of course, they wouldn't be NEARLY as severe either. The grant-funded DDHWP been dissolved either [[which the dissolving of that department went against the city charter).

Also, the unions would still be able to negotiate a new contract.

As far as the bond ratings for the state of Michigan or the surrounding communities, the interest rates on your debt payments may go up a little bit. Big deal. Detroit has been allowed to falter for 40 years, partly because it was deprived of capital from your fleeing to the suburbs and your encouragement of urban sprawl. [[something the vast majority of city centers in other states haven't had to contend with nearly to the extent Detroit has).