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There are plenty of things, then, to bemoan about Detroit, but its bankruptcy is not one of them. Bankruptcy is one of the truly great institutions of the modern financial system. And while a municipal bankruptcy, in which federal authority in the form of the bankruptcy judge is limited by the division of powers under the constitution, presents problems, it allows for the great benefits of failure to be more fairly, if imperfectly, apportioned. This isn't something to resist, it is something to welcome.
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