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: "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. The Bright Side - Taxpayers should be fed up with ever-escalating property taxes, sales taxes, and fees to pay ridiculous retirement plans for unappreciative public union employees, especially police, fire, and teachers' unions." (read more at link above)
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