And now, The Inevitable

Out of town without even an American Express Card.

From the World Socialist Web Site...

Earlier this year,[Detroit's]Democratic Mayor Kwame
Kilpatrick announced a budget-cutting plan to
reduce the city’s $350 million deficit that
included the elimination of nearly 1,000 city
workers’ jobs, cutting wages and benefits and
ending 24-hour-a-day bus service. On April 12,
Kilpatrick announced further cuts, including the
virtual elimination of all subsidies for the
arts, zoos and other "non-essential" programs, as
well as cutbacks in firefighting and EMT services.
...
Detroit is following the pattern set by
municipal governments in New Orleans, Pittsburgh
and other major cities throughout the US. Cities
and states have to pay a fixed rate of interest
on the bonds, and are essentially betting they
can earn a higher rate of return by investing
their pension funds in the stock market.

(Notice the quotes around 'non-essential'. That's
because there are no non-essential programs in the
socialist mind.)

There was nothing in the article about why the
current taxes weren't covering the debt.

Think about it.

Were they bumping the upper limit of taxes they
were able to collect?

Wasn't that why the debt was acquired in the first
place?

Now the market is tanking and the fat lady's in
full voice.

I'm gonna contain myself here.

I'm tired of wiping coffee off my computer.

The article.