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Bloomberg on Bankruptcy

New York City Mayor Bloomberg reminded us in a recent speech that NYC and Detroit aren't so different after all. His city nearly went bankrupt in 1975 with $14 billion in debt and a deficit of about $2.2 billion. But then they avoided it thanks to $2.3 billion in short-term loans and dramatic fiscal restructuring. So maybe in 40 years we'll be just like NYC in all the important ways, like being home to a Shake Shack or a Momofuku. [The Detroit News]