Late-2000s financial crisis

Detroit residents and officials are struggling with the Congress’ steadfast refusal to offer the recently bankrupt city any bailout money, especially while most have memories of the 2008 federal bailout of the auto industry including Michigan-based General Motors and Chrysler.

The unofficial race to become the next Chairman of the Federal Reserve is underway and two candidates have leapt in front of the rest. The national discussion is centered entirely on Larry Summers and Janet Yellen, but the White House has been tight-lipped regarding its preference.

When Detroit filed for bankruptcy, it started a process to reduce its debt load. Often this involves surrendering assets to creditors. In the case of Detroit, perhaps the most valuable asset is the collection of the Detroit Institute of Arts. It will be up to the court to determine if creditors have rights to the pieces.

As the European Union struggles to contain the euro crisis, Spain is quickly approaching an economic collapse. The country is among those in line to receive a Greece-style bailout, though experts say its time for one may come sooner than once expected.

In 2007, two in five Americans said they trusted banks. Now, just five years later, that number has dipped to one in five. New York Times columnist Eduardo Porter asks what changed. Do we care about bad behavior in corporate America?