Detroit is now free to nullify any city employee union contracts that burden it. No city deserves to be a permanent hostage to union greed. It is also free to implement its long-discussed downsizing plan. I sure hope they take my initial analysis seriously and go for as much permaculture as space will allow. The sad recent spectacle of Detroit fast-food workers agitating for higher wages was comedic. Those folks won't be laughing once their fast-food joints are bulldozed for farmland but they will certainly be eating healthier.
I have no sympathy for any investor who bought Detroit municipal bonds. The handwriting for bankruptcy was on the wall for a very long time. Bondholders will get nothing.