Tuesday, July 03, 2012

Slo-Mo-Town - Hit & Run: "Detroit has run out of other people's money": "Many cities across the country are facing unsustainable legacy costs. But Detroit is uniquely impervious to political solutions because the ratio of its public moochers to private producers is far higher than others. There are too few Detroiters with a vested interest in fixing the city and too many with a vested interest in sucking it dry. Only bankruptcy will convince them that there is nothing more to be milked."

Related - Doug Ross: "Good news: GM now owes taxpayers $35 billion."

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