Detroit's Bankruptcy: A Political Decision?

Detroit is bankrupt. The city filed its ch. 9 paperwork on Thursday afternoon after Kevyn D. Orr, the city’s emergency manager, and Governor Rick Snyder deemed that to be the only “viable option” left. This is a fascinating situation, given its magnitude (this is the largest municipal bankruptcy ever) and political implications (who is Orr really answering to?). Stay tuned.

[youtube https://www.youtube.com/watch?v=xtDJhdxCvtE]

UPDATE:

woah RT @igorbobic Detroit’s back! RT @lindarothcnn BREAKING Judge orders Detroit to withdraw bankruptcy filing; says it is unconstitutional

— Lucas Puente (@lucaspuente) July 19, 2013

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