Flashing across the wires:

The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.

The bankruptcy filing makes Detroit the largest city in U.S. history to do so.

No one could have seen this coming, except Dewey:

detroit_01_thumb10

Hmmm … this can’t be coincidence:

Most clueless Detroit bankruptcy tweet of the day:

Elsewhere:

Update:

Where have I heard this line before?