Wall Street Journal on Chapter 9 for Detroit

[Dexlin]

I'm not sure why no one ever mentions that something like half of the liabilities are attached to the water and sewerage department, which is practically a seperate entity. The City of Detroit, by itself, isn't on the hook for the entire thing, yet it gets reported as if it is. Detroit's debt problems are bad, but they aren't nearly as bad as potrayed when you take into context who some of the liabilities actually belong to.

I, for once, still support a municipal bankruptcy if for no other reason than that a political solution is practically impossible given how far the parties are apart. But, it's absolutely necessary that we get the facts right.