What was once the wealthiest city in the United States is now $18 billion dollars underwater. It can't pay its bills. It can't pay out pensions to employees. And there is practically no income.
But hey! All is not lost! Detroit can simply have a "Save Detroit Telethon"!
How does a city as ruined as Detroit make a comeback? Getting rid of every vestige of its failed leadership would be a good start. But that alone isn't going to make up for all the damage that kowtowing to the unions (representing both government employees and private industry) has done.
Actually, to be honest: I don't know how a city like Detroit could recover. I believe it's possible, but it would take a very long time.
Expect all kinds of hell if the United States federal government gives Detroit a bailout. I have even heard some suggest that it was the bailout of GM which helped precipitate this bankruptcy. Now imagine that on a larger scale.
Gotta wonder how many other cities across this country are poised to go broke. Or even how many states...