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Weekend Reading: WSJ’s Saving Detroit from Itself

Posted by Larry Doyle on July 27, 2013 5:58 AM |

The Wall Street Journal writes today that there should be no federal bailout of Detroit.

The AFL-CIO and its friends are mourning Detroit as a victim of capitalism, claiming the government has a moral obligation to rescue the bankrupt city. This is a nice political fable, but the hard truth is that Motown is a victim of its own political vices and a bailout would merely forestall the necessary rehab.

For lots of informative details adding up to a whole lot of sense on cents:

Saving Detroit from Itself


  • DeadlyClear

    Detroit is just one of many cities that got suckered into buying unregulated securities. The spotlight needs to focus on the fund managers and what they were sold by the investment brokers. Did they know the assignments of mortgage documents would never be made to the trusts before they closed?

    It appears there are documents that say they knew that the trusts would remain empty… if that’s the case – all hell should break loose.

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