How much of the slowing can be blamed on Mother Nature? Nobody knows for sure, of course, but there is enough reason to believe that the brisk pace of growth recorded in the second half of 2013 will not be sustained in 2014.
I can't give up on Detroit. I'd rather hope, against long odds, for a successful comeback. Growing up, I was a diehard Tigers fan. Believing in the underdog was a way of life. I may no longer live there, but I'm still rooting for my old home town.
In Cyprus, the depositors were "bailed in" (stripped of a major portion of their deposits) to re-capitalize the banks. In Detroit, it is the municipal workers who are being bailed in, stripped of a major portion of their pensions to save the banks.