It's easy to blame Detroit's problems on corruption, unions and overly generous pension benefits, but none of which were the primary cause of bankruptcy. Detroit may have mismanaged finances, but the state's cuts to revenue sharing doomed the city.
The deal is done. Carmelo Anthony is headed to the Knicks. It's a three-team deal including Denver and Minnesota. Lotsa players and draft choices are involved. The downside: the Knicks gave up too much.
Full disclosure of 401(k) fees, while a step in the right direction, will do little to remedy a system that practically insures most Americans will retire, if at all, with a sharply diminished quality of life.
Perhaps nowhere is the capitalist ideal more strongly enforced than in professional sports. Winners feel the thrill of victory; losers, the agony of defeat. At least, that's true for the players. For the owners, participation prizes are still available.