Detroit borrows $1.2 billion from Wall Street

" One of the central features of the current US economy is the trillions of dollars of debt being accumulated by corporations, consumers and all levels of the government. While it is barely mentioned in the mass media, major US cities have accrued an enormous debt burden to finance their day-to-day operations.

" With the cutback in federal aid, the loss of state revenue-sharing and the massive tax breaks provided by city officials to attract corporate investment, municipal governments have turned towards Wall Street for a short-term solution to their budget woes.

" This process has resulted in a windfall of profits for wealthy investors, who have gained unprecedented access to the public treasury.