Michigan Taking Control of Detroit

    DETROIT - NOVEMBER 20: A man rides his bike past the shuttered Michigan Central Railroad Station November 20, 2008 in Detroit, Michigan. An estimated one in three Detroiters lives in poverty, making the city the poorest large city in America.  The Big Three U.S. automakers, General Motors, Ford and Chrysler, are appearing this week in Washington to ask for federal funds to curb to decline of the American auto industry. Detroit, home to the big three, would be hardest hit if the government lets the auto makers fall into bankruptcy.  (Photo by Spencer Platt/Getty Images)

    Spencer Platt/Getty Images

    If Detroit wasn’t in dire financial straits before, it is now—officially. The Midwestern city is being forced to cede power to an emergency manager of Michigan Gov. Rick Snyder’s choosing—which ultimately will lead to cuts and sales of city assets that the mayor had been hoping to avoid. “I believe it’s important to declare the city of Detroit in financial emergency,” Snyder announced at a press conference Friday. Not everyone is pleased with the decision to appoint an emergency manager, and members of the Detroit City Council are even considering pursuing a lawsuit against Snyder’s decision. Detroit’s mayor and council members were absent from Snyder’s press conference, where he stood in front of a banner that read “Detroit Can’t Wait.”

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