Detroit Is Ruled Eligible for Bankruptcy: Who’s Next?

When will we realize that it is government and not the free market that is causing this economic crisis? We have to stop limping along like this and just unleash the free market.

Of course, we won’t and this sorry ship will just run aground, just like Detroit.

Detroit is eligible to shed billions in debt in the largest public bankruptcy ever in the United States, a federal judge ruled Tuesday, while also finding that the public pensions could be reduced during reorganization despite a provision in Michigan’s Constitution.

via Detroit Is Ruled Eligible for Bankruptcy – NYTimes.com.