BANKO!

That would be the once great city of Detroit, MI that filed bankruptcy yesterday, declaring almost $20 billion in bad debts. I have written several times about Detroit's trials and tribulations, but financial gravity finally caught up with the bedraggled city and it hit the ground with a resounding splat.

It will be interesting to see what happens from here on out, but I suspect that municipal bond rates just went up for the rest of American cities. This will come back to haunt all of us taxpayers as - yup, higher taxes for such things as school and road bonds. Did I mention that Detroit has been run by Democrats and unions for decades? Any place else that you can think of that fits this same description?

townhall.com/columnists/richgalen/2013/07/19/detroit-bankrupt-n1644599