July 23, 2013

Detroit, I refer you to California

Larry the Liquidator vs. Detroit
 
Detroit has now gone bankrupt, at least financially - it's been politically bankrupt for decades.  It has overtaken Stockton, California as the largest city in America to go bankrupt. 
 
Detroit, I refer you to California. While the prognostication of what would happen to California might have been off in terms of timing, or overall outcome (to date) the prescription I suggested is still valid.  My suggestion was to let California fail. My suggestion for Detroit is the same.
 
The fact is that California progressives don't get basic economics, and neither do (or did)  Detroit politicians.  Saving failing enterprises is a failing enterprise. That is as true of a government as it is of a private business. Just ask Larry.
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