I think the bankruptcy of Detroit is a fairly self explanatory result of big government and crony capitalism. It should also serve as a warning of what happens when the reliance is on other peoples' money, all the while continuing to ask for more. It is also stunning that the mayor, apparently like his predecessors, are continuing to beg for more. This time from the Federal government. It will interesting, to say the least, how the reorganization of the city's financing plays out. Despite the claims to the contrary, I m in Whitney's camp that more bankruptcies like Detroit will arise.
Counter to the claim made by the CNBC host, the real tragedy of the Detroit bankruptcy is that the economy and government finances would be on firmer footing if not for all the bailouts since 1971.
Counter to the claim made by the CNBC host, the real tragedy of the Detroit bankruptcy is that the economy and government finances would be on firmer footing if not for all the bailouts since 1971.
No comments:
Post a Comment