Long-suffering Detroit finally turns to bankruptcy
July 19, 2013 by Corey Williams, Ed White
DETROIT (AP) — At the height of its industrial power, Detroit was an irrepressible engine of the American economy, offering well-paying jobs, a gateway to the middle class for generations of autoworkers and affordable vehicles that put the world on wheels.
But by Thursday, the once-mighty symbol of the nation’s manufacturing strength had fallen into financial ruin, becoming the biggest U.S. city ever to file for bankruptcy — the result of a long, slow decline in population and auto manufacturing.
Although the filing had been feared for months, the path that lay ahead was still uncertain. Click here to read…