The holdup (seriously, no pun intended), is the end result of a multitude of factors that led to the situation that Detroit is finding itself in not-so-surprisingly today.

Aside from being a lab experiment in the devastating effects of Democratic Party control on a major American City for over half a century, there's more to it.

Over the years, as the population was realizing that their city was turning into something that can best described as something scraped from your shoe while you mutter a few choice words under your breath, those with the means to do so packed their bags and left the city.

As more and more people literally went to greener pastures, those who remained (and were lured by the siren song of not having to be responsible for your own actions), were fiscally unable to maintain the ginormous behemoth that was city government.

What to do? Oh, what to do?

We cannot cut jobs and services! We won't reduce the level of services that were accustomed to. We're Detroit.

We're a city of 2-million people. No wait, 1,500,000 people. Hold on, 1,000,000. Um, 950,000. Justaminit, 800,000. Look, it doesn't really matter. People depend upon us to provide what they need.

For the record; according to US Census Numbers, the latest adjusted population of Detroit is about 713, 777.

So, how do you pay for a city government to designed to serve 2-million people, with a population a little over 700,000 (with most of them on the government dole)?

Take a page from the Federal Government; Just borrow the money!

To cover their short-term money problems, Detroit issued bonds to generate the short-term revenue necessary to keep itself going.

Ah, we're not going to worry about that! The economy will turn around...um, eventually.

Pay it no mind! We'll have someone who'll come in and save the day.

Well, the economy never recovered and that white knight they were expecting to come riding over the hill at the last minute, never rode in on his amazing stallion to save the day.

Detroit ended up owing a lot of money on bonds that it couldn't conceivably pay back taking up a lot of revenue that could have been used to actually pay for city services.

According to the latest figures I was able to obtain, which were from the FY 2009-10 Budget Year, Detroit ended up floating general obligation unlimited and limited tax fund bonds to the tune of about $1.4-billion dollars. I'm not even going to touch their pension and other unfunded liabilities, with pensions alone coming to the tune of about $4.8-billion, 0% of which is pre-funded.

Borrowing money to pay for maintaining a spending level that you cannot maintain with your current revenue...great plan!

Now, you may tell yourself: Big Deal!

Let the Treasurer Dillon and his economic team go in to review Detroit's books, determine that there's a problem, send in the EM to kick behind and take names.

Ah, but it's not quite that simple.

Here's the catch. Something that I'm strongly convinced that Gov. Snyder and all of the money-handlers in Lansing are all well aware of, which is why they have all tolerated this nonsense for as long as they have.

Okay, here the part where I spill the beans on their little secret.

When you borrow that much money, someone wants to make sure that they get paid back.

In the event that Detroit ever goes under the authority of an EM or even bankruptcy as the anti-PA-4 crowd would like to see happen since they haven't offered any alternatives of their own at all, language contained in those bond agreements kicks in. Whoever is running Detroit at that time will automatically be required to pay them at least $400-million!

Last time I checked. Lansing doesn't have that kind of walkin' around money at the ready. And even if they did, Gov Snyder and other Republicans already have plans to "invest" it (returning it to the people who really earned it is not an option).

Still waiting for that white knight with a few hundred million to spare? I highly doubt that the Stryker Family will kick into the till. I definitely know that the Maroun Family has no love-lost for Gov. Snyder, either.

So to sum things up: This is why I strongly believe that there WILL NOT be an EM appointed to Detroit, nor to any other large Michigan City for that matter with a significant budget deficit.

Do what needs to be done. Go broke in the process paying for other people's mistakes.

Instead, just wink, nod and play footsie under the table if that floats your boat. The end process will play out something like this for all similar situations in the coming months.

Realize that you've screwed up royally, request state assistance: Check

Financial Review Team sent in: Check.

Public Meetings and Reports: Check.

When all is said and done, a Consent Decree will be issued, winks and nods will be exchanged and all parties will hope and pray that things get better.

The State of Michigan simply DOES NOT have the financial means to cover for all of the past mismanagement of all of those cities.

And frankly, I wouldn't hold my breath waiting for the leadership in Lansing to hold those responsible for the financial mess these municipalities are facing today. The TPTB simply lack the political will to bring any further legislative means (i.e. PA-4.1...but with more teeth), nor legal action, against the parties responsible for the problems to begin with.

Sorry for the harsh truth, but I really don't see a solution.

At least not with the people currently in office, anyway.