Largest Municipal Bankruptcy in History: Detroit Filing for Bankruptcy Protection

Detroit’s emergency manager has filed for bankruptcy protection for the city. This makes the Detroit’s filing the largest for a municipality in US history.

In June, the manager released a plan to restructure the city’s debt and its financial obligations that would leave many creditors with much less than they are currently  owed. At that time the manager, Kevyn Orr, warned that if negotiations could not get beyond an impasse he would move quickly to seek bankruptcy protection.… [Read more]

The EuroZone Depends On Spain. Here’s Why…

Before tackling how and why the EuroZone’s well being is linked to Spain, some quick background is necessary. The EuroZone became such when the nation states decided after World War II that adopting a single currency for the region would be best. This was legislated in 1992 with the parameters that each nation had to adopt the Euro and drop its respective currency.… [Read more]

Thanks A Whole Lot, S&P!

I’ve been watching the news and the reports are saying things to the effect of now that Standard & Poor’s  (S&P) has issued their report, the ‘dust can settle’.  REALLY?!?  How can anyone say that in the face of the stock market tanking like it has over the past several days?  Thanks a whole lot, S&P!!… [Read more]