It's a sad day for the state of Michigan as Detroit City files for bankruptcy over its $14 billion debt. Even the Obama Administration could not help the city despite bailing out companies like General Motors (GM) and Chrysler back in 2010. Unfortunately, Detroit might just the beginning in a long line of bankruptcy filing in the years to come.

The US economy, despite of its slow growth, hasn't fully recovered yet and if you recalled the Labor Department announcing over 170,000 hires back in the first quarter of 2013, that still isn't enough as there are millions of unemployed people. If anything, the Labor Department needs to have the first quarter figures doubled or at least maintain that to that level or we'll suffer yet another recession. There is still talk of recession by the way but I sincerely hope that it will not happen again and the economy will bounce back once again.