and from detroit tonya allen, president and ceo of the skill man foundation. welcome to you all. professor jacobi, let me start with you. this has been called the last best chance for a comeback for detroit. given the outlines that have emerged, we know much of what the final deal will look like. does that fit the bill? >> well, they've made remarkable progress in the last year. the speed by which this has developed has been incredible, and many, many settlements have been reached more than anyone thought possible. there may need to be ultimately some changes to the plan to pass muster, but i think a lot of work is underway. it's not enough just to make the promises but show that you can deliver on them. that's going to be a key question. >> when you talk about the speed, is the speed remarkable because of the size of this bankruptcy? the united states has not seen anything like this. this. >> this is the largest municipal bankruptcy in history. a municipality that has to deal with its citizens and all this debt issue, this is a first. >> stephen ivy, is this the last best chance