The Detroit City Council finally and reluctantly recognized reality and agreed to enter into a consent agreement with the state. The hope is that this will avoid an emergency manager and/or bankruptcy. NYC had something similar in the seventies I believe.
But Detroit is not NYC and my fear is that this is about a decade too late. Time will tell. No one wants an emergency manager because there is a $500 million penalty owed to creditors should one be appointed. And it's unclear as to whether the state would be on the hook for that money.
It won't be easy and there have been and will be a lot of insults traded back and forth. Time will tell.
"When the snows fall and the white winds blow, the lone wolf dies but the pack survives." Winter is Coming Now this is the Law of the Jungle—as old and as true as the sky; And the wolf that shall keep it may prosper, but the wolf that shall break it must die. As the creeper that girdles the tree-trunk, the Law runneth forward and back; For the strength of the Pack is the Wolf, and the strength of the Wolf is the Pack.
