Posted on 12/13/2010 10:37:25 AM PST by FromLori
Detroit has been bankrupt for years. It simply refuses to admit it. Detroit's schools are bankrupt as well. A mere 25% of students graduate from high school.
Yet, in spite of hints and threats from mayors and budget commissions, and in spite of common sense talk of bankruptcy, Detroit has not pulled the bankruptcy trigger.
In a futile attempt to stave off the inevitable one last time, Mayor Bing's latest plan is to cutoff city services including road repairs, police patrols, street lights, and garbage collection in 20% of Detroit. Bing to Cede 20% of Detroit to Gangs and Homeless City officials suggest this will not shrink the size of the city. Perhaps it won't shrink Detroit on Google Maps. However, Bing's plan would effectively surrender 20% of the city to gangs and the homeless.
Would you want to live in one of the gang war-zones that his plan would create? Would you want to live in a bordering neighborhood or in a bordering city?
Regardless of your answer, Bing's plan cannot and will not work and I believe Detroit will, sometime in 2011, file for bankruptcy. If so, expect massive turmoil in municipal bonds.
(Excerpt) Read more at businessinsider.com ...
Related story...
CBO Recommendation to Munis – Default!
http://www.zerohedge.com/article/cbo-recommendation-munis-%E2%80%93-default
I live on the west coast and don’t know much about Detroit; is the area controlled primarily by one political party?
I recently drove home from AZ to NY with a side trip to Colorado. Man, what a beautiful country we have!
If you get the chance- do it! especially through Utah and Monument Valley and Grand Canyon
but SKIP THIS AREA- it was the filthiest and worst place in my whole 3000 miles
JDAMs?
Yes democrats has been for years
I wonder how long till we hear about certain diseases breaking out in Detroit?
Or maybe the media will avert its eyes from that too.
I’m not sure abandonment isn’t the best idea. Its certainly a lot cheaper than bankruptcy is likely to be for the rest of us.
Detroit hasn’t elected a Republican mayor since 1961
CA, IL, NY and MI have been kept afloat by Obama Build America (scam) Bonds. The party ends in early 2011.
Let OCP take it private.
If we had a strong and worthy citizenry the “neighboring”communities would immediately form vigilance committees.
I hope the free NFL game in Detroit tonight isn’t the disaster that I think it could become. Maybe it will be cold enough to not let tempers flare...
Indeed, reality mirrors fiction.
Another demonrat farts, they have been over fed. Where ever the rats are; disease is killing common sense and the people suffer.
I thought they had halted garbage pick-up in Detroit back in the 1980s...
Whatever gave you THAT idea?
;-)
In fact, we have been a "Blue Country" for the past 6 years, and look what WE'VE become....
Socialism works ONLY until you run out of other people's money, as Margaret Thatcher opined.....
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