Detroit Is Bankrupt

By
The General Motors (GM) world headquarters building stands tallest amidst the Renaissance Center in the skyline of city's downtown on November 21, 2008 in Detroit, Michigan.
Photo: Spencer Platt/Getty Images

The city of Detroit filed for bankruptcy today, making it the largest city in U.S. history to do so. If you're really into municipal finance, here's the Chapter 9 filing. If not, this video about Detroit's decades-long descent might be more your speed. Either way, it's a sad day for the Motor City, though a bankruptcy proceeding will allow the city to shed some of the billions of dollars of liability it has and get something close to a fresh start.