Seems to me Detroit's declaration of bankruptcy — like Stockton's and San Bernardino's — is a threat to the very foundation of the nation.
Remember the words in the Declaration of Independence: "Governments are instituted among Men, deriving their just powers from the consent of the governed"?
What happened in Stockton and Detroit is the people consented to government that promised things they couldn't afford. Politicians appeased the voters and the employees without regard to consequences.
It matters little that some of those politicians were ignorant and others were willful. They were all elected.
If people don't involve themselves in government — don't read the boring parts of the newspaper and the voter information pamphlet, don't work to elect candidates who will tell them unsavory truth — this is going to happen over and over until democracy collapses of its own mismanagement.
It will be like Enron, or the Soviet Union or Rome.
Sorry. This is not a happy day for me.