Detroit, bankruptcy, and the national pension fixation

The post I wish I had time to write: how easily people can imagine taking away a retiree’s pension, how small those pensions usually are, and how controversial the assessment of Detroit’s (and everyone else’s) actual pension problem is (for starters, Morningstar says Detroit followed industry practice for its pension plan right up until the bankruptcy filing). Read: Municipal Workers in Bankrupt Cities Facing Financial Nightmare « naked capitalism.