Friday, July 26, 2013

Here and no further

This headline was inevitable: "Unions ask Obama for Detroit bailout."
“Bankruptcy must not be used as a tool to impoverish city of Detroit workers or retirees. City workers have already made severe concessions to keep the city afloat,” the executive council said in a statement. “They are not to blame for Detroit’s financial problems, yet they have been making sacrifices all along the way to help the city out.”
Well, that's debatable since the now-imprisoned mayor a Detroit - presumably a city worker - is cooling his heels in jail for corruption.  Even Obama must understand the moral hazard in place if he bails out a U.S. city, much as he would like to.  Today, Detroit.  Tomorrow, California.

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