Who's next? LA, Oakland, or ???
Mish's Global Economic Trend Analysis: Detroit Files Chapter 9 Bankruptcy; Oakland, LA, Others on Deck; Pension Promises vs. Bondholders in Spotlight; The Bright Side: "Clearly this is not a surprise. Nor did the stock market treat it like a surprise. What's going to be a surprise . . . is when Oakland, LA, Houston, Baltimore, and numerous other cities declare bankruptcy to escape untenable pension and health-care promises." (read more at link above)
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