Is municipal bankruptcy Detroit's next step?

We talked throughout today's Stateside about what an emergency manager might do when they first come to Detroit.

Daniel Howes, business columnist at the Detroit News, joined us as he does most weeks.

In his column today, he wrote about bankruptcy being Detroit's next step.

That's even after the appointment of an emergency manager.

Howes broke down for us how a municipal bankruptcy for a big city differs from a business or personal bankruptcy and what a bankruptcy would mean for the city of Detroit.

Kevin Orr, Detroit's new emergency manager, said today he hopes he doesn't have to use the 'cudgel' of bankruptcy. He instead hopes to get consent in a financial turnaround.

Listen to the full interview above.