Detroit Deemed 'Financial Emergency'

    DETROIT, MI-  DECEMBER 16: The Detroit Free Press and Detroit News headquarters building is seen December 16, 2008 in Detroit, Michigan. The Free Press and News have announced that starting in the spring of 2009, the newspapers would deliver to homes only on Thursdays, Fridays and Sundays and emphasize the delivery of news online.  (Photo by Bill Pugliano/Getty Images) *** Local Caption *** Paul Anger;David Hune;Jonathon Wolman

    Bill Pugliano/Getty

    Motown's lost its mojo. Michigan Governor Rick Snyder is reportedly close to enacting a takeover of The Motor City following a team review—which he ordered—that claimed the city is in a state of "financial emergency." Detroit's sinking economy is nothing new, but after a myriad of attempts to pull it out of financial ruin, Gov. Snyder is losing patience. Detroit Mayor Dave Bing, who opposes the idea of an "emergency financial manager," said the declaration by the Gov.'s review team wasn't surprising. Still, he's reluctant to handover the reins to the powers above. If the team's calculations are right—claiming the city's deficit will reach $100 million by June 30—he might have no choice.

    Read it at The Wall Street Journal