Some would tell you that it hasn't really happened. While Detroit's government has filed for bankruptcy, there are signs that the city is still a vibrant place to live, these folks say. I've never heard anyone, however, say that Detroit's best days are ahead of it—although Felix Salmon points out that global warming could make it a nicer place to live.
The question facing us now is: what's next? Should the federal government step in to bail out Detroit? What would a bailout mean in this context? Do the bondholders get paid? Or just the pensioners? Will any of this actually help repair Detroit?
Here's how the debate over Detroit went down in the NetNet offices.