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Santelli Exchange Extra: Detroit Bankruptcy

Many financially challenged cities across the country got a wake-up call after a judge ruled Detroit can proceed with its historic bankruptcy.

Bond holders were also placed on warning.

CNBC's Rick Santelli digs down with Matt Fabian of Municipal Market Advisors on how the municipal bond markets were affected by the Detroit bankruptcy ruling.

And click here to watch Rick and Holman Jenkins Jr., the Wall Street Journal business columnist, discuss the bankruptcy decision and what other cities can learn from the ruling.

(Read more: Detroit's next bankruptcy battle: Who foots the bill?)