It's a sad day for Detroit and a sad day for anyone who remembers the golden age of America.
But it's one happy day for all those hedge funds who have been accumulating Detroit Municipal bonds for pennies on the dollar. They'll be hounding the carcass of the great city of Detroit through the court system for the next twenty years.
You'll hear lots of gravely intoned bullshit about the sanctity of the lender-debtor contract.
And all of that sanctimonious twaddle will be coming from a species that would have died off en masse at the hand of their own greed and over-reach had the tax-payers not bailed them out.