the move. he's expressing hope the once proud city will turn its fortunes around. >> one thing i want to say to our citizens is that as tough as this is, i really didn't want to go in this direction, but now that we are here we have to make the best of it. >> wow. i have to tell you, a 16-page bankruptcy filing from a city. so rare to see. who is the debtor, city of detroit, michigan. it's rare to see this. the motor city facing $18 billion of debt. it's the largest american city in history to file for bankruptcy. detroit had nearly 2 million residents, down to 700,000 today. don, it's something you see companies go through bankruptcy, people go through bankruptcy, a big city like detroit, you know, a city so powerful and important to america like detroit. i wish them the best.