Detroit bankruptcy filing may come as soon as Friday

[ConcernedCanuk]

9. Won't happen - almost happened over 30 years ago to New York City.

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http://www.nytimes.com/2002/12/05/nyregion/recalling-new-york-at-the-brink-of-bankruptcy.html
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How close was New York City to bankruptcy in 1975?

So close that the city's lawyers were in State Supreme Court filing a bankruptcy petition.

So close that police cars were mobilized to serve the papers on the banks.

So close that aides to Mayor Abraham D. Beame had written a statement announcing the default along with an emergency effort to save the city's dwindling cash for vital services like police and fire protection.

That close.
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Think "Too big to Fail"

Cities, like many people, borrow money right to the edge of their budget,

Some, both cities and people borrow beyond their budget/income to repay previous debts.

Smartest move I ever made was in 1981 - cut up all my credit cards.

A couple of times I wished I'd had some, but now - grateful for my decision.

I owe nothing - what I have, is paid for.

And gonna stay that way.

CC