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Old 07-19-2013, 09:35 AM
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Mary Pat Campbell
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
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Detroit's financial decline that led on Thursday to the biggest U.S. municipal bankruptcy filing in the country's history can be traced back to the waning days of long-time Mayor Coleman Young's administration (1974-1993), when the city was already deep in debt and struggling with a budget deficit.

Both Young and the Michigan state treasurer raised concerns over potential bankruptcy. Moody's Investors Service cut the city's debt rating into junk in July 1992.

- Mayor Dennis Archer's administration (1994-2001) brought a mini-renaissance, as new developments, including casinos and baseball and football stadiums, bolstered the city's budget. Credit ratings rose to solid investment-grade levels.

- Budget deficits and late financial audits popped up during Mayor Kwame Kilpatrick's term (2002-2008), prompting city officials to fret about a potential takeover by the state of Michigan. Credits ratings on some of the city's bonds fell again into the junk category.

- In September 2008, Kilpatrick left office after pleading guilty to obstruction of justice charges, and City Council President Kenneth Cockrel became interim mayor.

- Dave Bing won the May 5, 2009, election for mayor. The prospectus for a March 2010 Detroit bond sale aimed at reducing the city's $326 million cumulative deficit laid out bankruptcy risks for potential investors. All of the city's credit ratings were in the junk category.
....and it just goes on from there.

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