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Detroit—The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.
The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.
Gov. Rick Snyder’s office was making plans this afternoon to hold a Friday morning news conference at the Maccabees Building, 5057 Woodward in Midtown, according to a source. It’s the same location where the governor declared a financial emergency for Detroit on March 1.
Originally posted by Senduko
Just made the exact same post in other current events. Ya beat me to it.
This is just terrible news
reply to post by xuenchen
Yeah.. Tenth was so kind to remind me i was 30 seconds to late lol.
But doesn't matter, So what happens next? Marshall Law?
I would think the renegotiation for all the union contracts will be hit the hardest.
Being as I live here I am a little concerned as how this will effect "first responders"
And in an example of absolutely sublime timing, Uncle Warren's Moody's just hiked its oulook on the US from negative to stable. It is unclear if the opinion included the following line: "AAA+++ utopia; would gladly accept more bribes from any time", but it contained the following piece de resistance:
MOODY'S: U.S. Aaa SUPPORTED BY SECURE STATUS OF U.S. DOLLARS
One can't make this stuf up.
Originally posted by tothetenthpower
reply to post by Helious
I was in Windsor a few months back, the difference is startling.
Windsor remains one of the least homicidal communities in the country, says Statistics Canada — while just across the border, Detroit continues to earn its dubious title of the most dangerous city in the U.S.