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Friday 19 July 2013

Today The City Of Detroit Declared Bankruptcy, The Largest City In U.S. History To Do So.

The folks at the Overpass Light Brigade have this to say:

"Back in March, the people of Detroit had their democratically elected government besieged by Michigan Governor Rick Snyder, who appointed an "emergency manager" with unchecked powers. Today, that same emergency manager declared the city bankrupt, proposing the city "...pay most of the money owed to secured creditors while pension funds, unions and unsecured bondholders would receive, in some cases, 10 cents on the dollar."

Just another bailout for the 1% on the shoulders of the 99%.

From The Detroit News: http://www.detroitnews.com/article/20130718/METRO01/307180103#ixzz2ZRMJKEtk

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