Who You Calling a 'Bailout'?
10:09 AM, Sep 27, 2013 • By GEOFFREY NORMAN
Detroit failed after years of one-party rule (guess which one), mismanagement, and corruption. Businesses closed down. Buildings were left derelict until they were torched for the fun of it. Feral animals roamed the streets as the people fled. After the usual protestations that it would never happen, city officials were compelled to declare the largest municipal bankruptcy in the nation's history.
And now, inevitably, Washington comes riding to the rescue.
So, as Reuters reports, the federal government will be spending public money to rescue a city from the consequences of its own misgovernment and profligacy. And what do we call that, children?
Well, we know what Washington does not call it.
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