I would be surprised if he says, ‘Yes I always knew we were going to file for bankruptcy and that’s why we filed for bankruptcy.’ I will eat my hat if that occurs.

Nathan Bomey’s ‘Detroit Resurrected’ is the most thoroughly reported account of the largest municipal bankruptcy in American history. It also stands as a valuable work of urban policy. The overarching theme of the book is how Detroit turned to bankruptcy to restore the social contract.

You’re not at the penny-ante table, you’re at the high-stakes table. But you’re playing with somebody else’s money. If you lose, you’re providing a net loss to your beneficiaries, people who are dependent on you.