Motor City

Detroit filed for bankruptcy tonight, with the approval of Michigan’s Governor. Whoopee! Now we federal taxpayers get to fund the pensions for the municipal employees through the PBGC. Years of union greed and political malfeasance created this disaster. Chicago will likely be next. Don’t even talk about California.

Should be enough to drive the market to new highs tomorrow, especially when combined with big misses from Google and Microsoft. Remember, anything bad means more money-printing and that’s good.

if i had a city_0

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