Friday, July 19, 2013

Stunned Public Learns Detroit Wasn't Bankrupt Until Just Now

By James J. Hamilton
DETROITThe city of Detroit filed for Chapter 9 bankruptcy yesterday, completely and utterly shocking millions of Americans who had been under the impression that Detroit had gone bankrupt a while ago. Victoria Sullivan of Toledo, Ohio expressed her amazement that a city with 78,000 abandoned buildings and $18 billion in long-term liabilities had actually been in a position to meet its obligations to creditors up until yesterday. "I couldn't believe it," said Oliver Burke of Tampa, Florida. "I mean, you saw 8 Mile, right? That came out over ten years ago. How can they just now be running out of money?" 

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