Detroit Takeover: Michigan Governor To Name Emergency Manager of City Finances

  In a move that has very few precedents, Governor Rick Snyder has made a move to take over the finances of Detroit. The finances of the city are said to be in such a bad predicament, that a takeover is necessary. An emergency manager will be appointed to resolve the crisis, thus over-ruling all municipal authority. This person also will have the power to enact drastic cost cutting measures like voiding union contracts and selling public property.   This is a major development, and does not bode well for states that are in financial discord. Austerity is the movement...