Analysis: Wall Street To Benefit From Detroit’s Bankruptcy, The Inevitable Upshot Of Six Decades Of Mistakes

“A number of issues exacerbated the problems the city is experiencing today, with white flight and widespread unemployment, to say nothing of the city’s inability to collect taxes, among the biggest. In February, the Detroit News reported about 47 percent of the city’s taxable parcels were delinquent on their 2011 tax bills, resulting in a $246.5 million hole in the city’s receipts. But another root cause of the Motor City’s collapse is the decades-long pattern of making impossibly extravagant pension promises to labor unions in the public sector.”

Analysis: Wall Street To Benefit From Detroit’s Bankruptcy, The Inevitable Upshot Of Six Decades Of Mistakes.