Shikha Dalmia on Detroit's Fiscal Crisis
A sigh of relief swept through Detroit recently after a judge threw out a legal challenge to the "consent agreement" the city just signed with the state to clean its books and avoid bankruptcy. The lawsuit, filed by the city's megalomaniacal legal counsel, represented a level of overreach ridiculous even by Detroit's lofty standards. But in the tragicomedy that is Detroit, it would have been better if it had succeeded and expedited Motown's rendezvous with bankruptcy. As Shikha Dalmia explains, if there is a cure for Motown's fiscal woes, bankruptcy is it.