Detroit To Be Taken Over By The State

Zero Hedge – by Tyler Durden
Usually, when the administration needs a distraction from just how broke and insolvent in reality the country is, it sends the stock market soaring higher. As such it is beyond ironic that as the S&P is set to hit an all time high, Detroit – that shining symbol of the Obama administration’s bailout of General Motors – effectively goes broke.

• MICH. GOV SNYDER TO ANNOUNCE STATE TAKEOVER OF DETROIT

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Detroit  Mayor Dave Bing says Governor Rick Snyder will announce a state takeover  on Friday
Detroit Mayor Dave Bing says Michigan Governor Rick Snyder will announce a state takeover of the city of Detroit on Friday.
Bing says the governor told him his decision during a phone conversation this morning. Bing was talking with reporters following a speech before the Detroit Regional Chamber at the MotorCity Casino.
The city will have 10 days to appeal the decision to the governor.
7 Action News has teams working the story to get more details.

If only Detroit had gone all in the stock market when Bernanke made it his life’s crusade to take the Dow to 36,000 and blow up everyone else, trying…