|Once the engine of democracy; Detroit is broke today|
The fight over the few assets left in Detroit's balance sheet will probably get nasty. Unions, municipal employees, pension funds, bureaucrats, and little-ol grandmas who lent the city money will duke it out in front of a national audience.
If things get too rough, other cities facing the same problems may opt for increasing taxes; an option that Detroit didn't have since tax payers had long left the city, leaving behind only those who live from the state.
|Launch CNBC's The Kudlow Report |
on Detroit's Bankruptcy
Let's see what comes out of this circus while keeping an eye on our wallets.