Detroit

Rotting, Decaying And Bankrupt – If You Want To See The Future Of America Just Look At Detroit

http://michaelsnyder.mensnewsdaily.com/2013/06/rotting-decaying-and-bankrupt-if-you-want-to-see-the-future-of-america-just-look-at-detroit/

Excerpt: Eventually the money runs out. Much of America was shocked when the city of Detroit defaulted on a $39.7 million debt payment and announced that it was suspending payments on $2.5 billion of unsecured debt, but those who visit my site on a regular basis were probably not too surprised. Anyone with half a brain and a calculator could see this coming from a mile away.  But people kept foolishly lending money to the city of Detroit, and now many of them are going to get hit really hard. Detroit Emergency Manager Kevyn Orr has submitted a proposal that would pay unsecured creditors about 10 cents on the dollar. 

This is why I'm getting out of the Chicago area as soon as I retire. ~Bob