[jerf]

"Mitt Romney might have famously called to let Detroit go bankrupt, but all it really needed was some investors who cared enough to force a paradigm shift."

Those two things are unrelated. Bankruptcy doesn't mean the city physically disappears or anything. The reason one declares bankruptcy is to clear debts (in a fairly drastic way), which opens capital up to do things other than service debt. It may yet be a necessary or desirable step.

[freehunter]

You're right, Detroit hasn't avoided bankruptcy yet. Like you said, though, bankruptcy is drastic and has consequences. It could be possible to rebuild without suffering that blow and without a bailout.