Bloomberg says 'avoiding the hard choices is how Detroit went bankrupt'
New York Mayor Michael Bloomberg talked about Detroit once being an "economic powerhouse." He said there are some important lessons in Detroit's bankruptcy filing.
New York Mayor Michael Bloomberg said every U.S. city needs to heed the lesson of Detroit's recent bankruptcy filing and urged cities to diversify their economies. 'Avoiding the hard choices is how Detroit went bankrupt. And it's the road to ruin for any city,' Bloomberg said in a speech today in New York.