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Business alert Detroit becoming America's largest city to file for bankruptcy.
-- -- Cincinnati from the Fox Business Network has more on the -- good morning Ainsley and patty and while the motor city is now LaBroque city.
Andy Troy is the largest municipal bankruptcy in American history.
Detroit's finances have been in decline for more than a half century and now utterly unable to pay its bills.
Detroit -- nearly twenty billion dollars in debt owed to 100000.
Governor Rick Snyder told us what went wrong on special report last -- take -- listen.
And fortunately in Detroit there was a lack of contribution there -- multiple cases of mismanagement.
That went on for a long period of time with respect to pension liabilities and Detroit.
His some of those.
Creditors were asked to take ten cents on the dollar of what this city owed them but other things went wrong TO Detroit's population shrunk from its peak.
A nearly two million in 1950.
To about 700000 today.
The city's unemployment rate has nearly tripled since the year 2000 and it's more than double the national average.
To -- homicide rate is at the highest level in nearly forty years.
And -- -- has been named one of the most dangerous cities in the U west for the past twenty years.
-- -- almost an hour for police to respond compared to the national average of eleven minutes nearly half of the city street lights don't work.
Officials including the governor and bankruptcy expert Kevin -- a -- to twitters that it's business as usual for now paychecks will go out.
Services will continue and the White House says this.
That quote the president and to the president and members of the president's senior team continue to closely monitor the situation in Detroit.
They have to -- -- is the same fight going on in cities across the country and -- way to trade deals with this one.
Can very well set the precedent here at -- -- right thanks so much Lawrence and Eddie lack from the business network thanks --
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