Well, it finally happened. Detroit officially filed for bankruptcy a few minutes ago.
The state and federal governments can't bail it out. Neither can the labor unions.
Only the private sector's success can make that happen, and Detroit and the auto unions killed that possibility years ago.
Who will loan money to the city in the future and at what interest rates?
Who will pay the pensions to retirees?
How will city services be provided?
How many people will leave the city for greener pastures?
Where will the money come from to keep Detroit afloat?
Lots of pain ahead for Detroit.
At this time, that's about all we do know for sure.
Stay tuned.
Thanks. Bob.
No comments:
Post a Comment