The bankruptcy of Detroit, confirmed in 16 pages filed at 4:06 p.m. Thursday, marks an epic fall for an iconic American city even as it opens a new chapter whose ending is decidedly uncertain, writes Detroit News columnist Daniel Howes.
"No one really knows how the largest municipal bankruptcy in the nation’s history will end and when — not Emergency Manager Kevyn Orr, who recommended the step Tuesday, not his lawyers, and not Gov. Rick Snyder, who said he approved the filing “as a last resort to return this great city to financial and civic health for its residents and taxpayers.”
“This decision comes in the wake of 60 years of decline for the city, a period in which reality was often ignored,” the governor wrote in his authorization. “Without this decision, the City’s condition would only worsen. With this decision, we begin to provide a foundation to rebuild and grow Detroit.”
"The move carries enormous risks for the first-term governor, whose mantra of “relentless positive action” will be sorely tested by contentious court proceedings, public and political backlash, and the scrutiny of a national news media that poorly understands the depth of Detroit’s problems."
