Teresa Ghilarducci on The Diane Rehm Show: Detroit's Financial Crisis And Its National Implications

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Kevyn Orr, Detroit's emergency manager, cancelled a bus tour scheduled for today. He had hoped to give some of the city's creditors a first hand look at just how dire Detroit's situation had become. Most declined. It's one more sign of the many challenges he faces in trying to reach a deal among the city's bondholders, government retirees, and other creditors. Years of mismanagement, a shrinking tax base and groups of willing Wall Street investors have left the city on the brink of financial collapse. Bankruptcy remains an option.

Demos Distinguished Senior Fellow Teresa Ghilarducci joins the show's guests to discuss Detroit's financial crisis.