Let It Rip: What happens next in Detroit's financial crisis? - Dallas News | myFOXdfw.com

What happens next with Detroit's financial crisis?  Can city officials do anything at this point to keep an emergency manager from stepping in?

"When you're billions of dollars in the hole and you don't have any money coming in, you're either going to go bankrupt and dissolve or you're going to have to get this emergency manager," state senator Rick Jones told Fox 2's Tim Skubick this week.

Meanwhile, Mayor Dave Bing says give us another chance, again.

"We've got plans coming out of our ears," he told reporters Thursday.

As we wait for the governor to decide Detroit's financial future, he dropped this hint.

"This is an issue that's structurally been there for decades," he said at a press conference Thursday.

But local union leaders say we've been under state control since the consent agreement, and that's not working so well either.

"You had the state for the last ten months been running this ship, and it's steadily going down," Ed McNeil told Fox 2's Amy Lange.

Joining Huel Perkins and Charlie Langton on our panel to discuss are:

Ed McNeil, who represents the American Federation of State, County and Municipal Employees (AFSCME) Council 25 and says no matter who is in charge, it is unfair to balance the books on the backs of workers.

Sen. Coleman Young, Junior, son of the late mayor of Detroit, who says all these reports are just a prelude to a state takeover and possibly the sale of the city's assets.

And Nolan Finley, Editorial Page editor for the Detroit News and co-host of the PBS show "MIWeek."  He's the lightning rod of the local press, conservative and provocative.

Click on the video player above to watch the "Let It Rip" discussion unfold.  Plus, tell us your thoughts by posting in the "Comments" section below.