Mid-day Update

PODCAST: Detroit bankruptcy either a disease or cure

David Brancaccio Jul 19, 2013
HTML EMBED:
COPY
Mid-day Update

PODCAST: Detroit bankruptcy either a disease or cure

David Brancaccio Jul 19, 2013
HTML EMBED:
COPY

Detroit has worn many titles. Motor City. Motown. Now it’s adding another: the largest municipal bankruptcy filing in U.S. history. Detroit’s emergency manager Kevyn Orr is promising city services will continue, but cutbacks have been coming for years. For example, two of every five streetlights are out in what was once America’s fourth largest city. The Chapter 9 filing means Detroit will have extra trouble borrowing deep into the future. The bankruptcy could jeapardize city assets and union contracts. People retired from government jobs are watching to see what happens with pensions. 

Residents and small businesses are still trying to sort out what the bankruptcy announcement means. One of them is Ben Hall, owner of the Russell Street Deli in Detroit’s Eastern Market district.

And, Vanderbilt still has the poorest attendance record in the Southeastern Conference even though it’s coming off its best season in a century.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.