It's funny - all sorts of California cities are just going bankrupt without all the drama. Between Stockton and Vallejo that's a half million people in insolvent communities just in the past couple years. I dunno. This whole "you aren't adult enough to take care of your finances so we're appointing a nanny" thing is... ugly when you consider that it wasn't even discussed over here on the Left Coast.
I think the difference is that Stockton lost out big in the housing bubble, and their property tax collections plummeted, no? Perhaps a temporary problem, and not one totally of their own making. Detroit has been on a downward trajectory for decades, and there is no end in sight, given the current state of affairs. A clean slate may be what the doctor ordered, but that's never going to happen with this city council in the way.
Well, basically the people who lived there couldn't pay the necessary taxes to keep the city afloat. It's a similar thing to Detroit, the difference being Detroit has dropped 50% of its population since the 50s while California has dropped 20% of its population since the 90s. I think our weather is better. Other than that, game on.