Portland may follow rusted, busted Detroit [View all]

http://oregoncatalyst.com/24515-portland-follow-rusted-busted-detroit.html

ALEXANDRIA, Va. — Detroit might have captured national headlines by declaring bankruptcy, but it is not the first — and probably not the last — city to face financial ruin.

It’s a fact even the mayor of Detroit, Dave Bing, acknowledged Sunday, when he predicted his city was the first of “many dominoes that will fall.”

The situation in Detroit is the result of a unique mix of civic corruption, poor financial planning and economic collapse. But one of the driving factors in Detroit’s bankruptcy is an unsustainable public pension crisis, similar to what many other cities are facing.

In which cities will the next dominos fall? It’s hard to tell exactly, but the signs are there.

(More at the link.)