Portside

Detroit’s bankruptcy is, at its core, a cash flow problem caused by its inability to bring in enough revenue to pay its bills. Detroit’s bankruptcy was primarily caused by a severe decline in revenue and exacerbated by complicated Wall Street deals that put its ability to pay its expenses at greater risk.

“These are more than just remedies that didn’t work. They are part of the problem because stadiums don’t address the central issues of falling population, falling tax base, declining wages, unemployment and the underfunding of schools.”

In Richmond, California, home prices plummeted 58 percent since their peak. Now the city is trying out a new way to help homeowners refinance—and halt the slide into foreclosure.