Detroit’s population loss may leave Michigan without a black representative in Congress for the first time since 1955, a shift that would punctuate the erosion of African-American power in a region with a history of racial friction.
Michigan Governor Rick Snyder’s formal declaration that a financial emergency besets Detroit started the clock ticking for city leaders who may want to try to block a state takeover. It gave them 10 days.
Here is one clear lesson from the economic meltdown of 2008: Any future U.S. administration will intervene directly and heavily if faced with a potentially devastating economic crisis. Market purists might not like it, but it is a fact I witnessed firsthand at the Treasury Department during the George W. Bush administration.
A House subcommittee approved a slate of Republican-backed bills aimed at the broken U.S. housing finance system as lawmakers said Congress was far from devising a coherent plan to overhaul Fannie Mae and Freddie Mac.