So Detroit filed for bankruptcy

[rjamz]

Wow. I didn't even know a city could do that. Ok, I did know they technically could, but I never thought it would happen

www.nytimes.com/2013/07/19/us/detroit-files-for-bankruptcy.html?hp&_r=0

[Deleted]

Crazy eh?!

[sunshineluv]

Didn't California file for bankruptcy at one point? I don't understand all this stuff.

[rjamz]

Only 60 cities/towns/etc have filed for Chapter 9 since the 50s. Their debt amount is astounding. It's so interesting (in a bad way) how such a thriving city that was once the center of American industry could fall so low.

[rjamz]

Jul 18, 2013 17:05:34 GMT -5 sunshineluv said:

Didn't California file for bankruptcy at one point? I don't understand all this stuff.

I think they ran out of money but never actually filed for bankruptcy in the courts.

[mumegs]

I didn't know a city could file for bankruptcy. Hopefully it will be a good thing, the city politicians have been so corrupt for so long something needs to be done to overhaul everything. I think those in charge are in denial about how much the population has shrank and is probably never going to be as high as it once was.

[hass2001]

"The label sticks with us, unfortunately,” said Daniel E. Keen, the city manager of Vallejo, Calif., which filed for bankruptcy in 2008."

Vallejo is like right next to me. Stockton is a couple hours away. CA is so broke!