Ouch: Detroit files for biggest municipal bankruptcy in U.S. history « Hot Air: "It’s happened. The long and defiant march of progressive policies has finally succeeded in fully transforming Detroit from a mid-century bastion of middle-class prosperity to one of the biggest and brokest cities in America. After a review declared the city to be in a state of financial emergency earlier this year and Gov. Rick Synder invoked a rule allowing him to appoint an emergency manager to try and pull Detroit back from the fiscal abyss, they’ve spent months trying to negotiate a way out of it — with creditors to accept fractions of what they’re owed, with unions to cut benefits, and etc — but alas, it was too little, too late for the financially beleaguered city."
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