Detroit has declared Chapter 9, per CNN.

[MoonRiver]

What does this mean for the rest of us, not to mention those poor city of Detroit workers? Are we Greece yet?

[wercal]

1. The rate for general obligation bonds for other cities could go up

Meaning that a wide variety of improvement projects would ultimately cost more.

[Purveyor]

2. Chapter 9 not 11. eom

[MoonRiver]

4. Both my husband and I heard chapter 11.

I will change if I know that is accurate.

[Purveyor]

6. CNN is rarely accurate. Here is a headline from the WSJ:

Detroit filed for bankruptcy protection on Thursday under Chapter 9 of the U.S. Bankruptcy Code

http://online.wsj.com/article/SB10001424127887324263404578614290110229034.html

[MoonRiver]

7. Thanks I changed.

[Purveyor]

8. Not a problem.

[MoonRiver]

9. Also it was good to read that the pensioners will keep being paid.

Still what a grim sign of the times.

[rdharma]

3. Looks like Mitt got his wish......

..... I wonder if he's happy now?

[MoonRiver]

5. Probably bouncing off the walls.

[reformist2]

10. I'm sure they already have blueprints on creating America's first fascist city!