On April Fool’s Day a federal judge ruled that Stockton, California could legally declare bankruptcy – allowing the city to default on its bondholders and restructure with the possibility of leaving pension plans untouched. Though city officials have seen decreases in police and fire personnel*, cut numerous other city jobs, and minimized employee benefits, they have … Continue Reading →
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For my money, Kevyn Orr represents exactly what Detroit needs.
There have been 641 cases of municipal bankruptcy since Chapter 9 was created. Not all of them are cities that are minority-majority cities. There is no Gary, Ind., Cleveland, Ohio, or Detroit, Mich., story to tell. There is no white flight or moving out of business and losing of the tax base. Cities can’t do … Continue Reading →
The city of Detroit is in the same condition that most cities in the United States are in today. It is in need of declaring bankruptcy. All the emergency manager talk and consent agreement means nothing. The country is in trouble because of the wars with Afghanistan and Iraq. The U.S. pulled out of Iraq after 4,487 soldiers … Continue Reading →