Posted on 07/19/2013 6:55:20 AM PDT by AngelesCrestHighway
Detroit on Thursday became the largest American city to declare bankruptcy, officially succumbing to job losses in the auto industry, decades of population flight, and the collapse of revenue to cover everything from policing to street lighting. "Let me be blunt: Detroit's broke," Michigan Gov. Rick Snyder said as he recited a litany of ills that helped steer the decision and that made Detroit — once a gleaming example of American industry — into an urban wreck with debts of $18 billion. The announcement came four months after Snyder named Washington bankruptcy expert Kevyn Orr — who represented Chrysler during its successful restructuring — as Detroit's emergency financial manager to try to heave Detroit out of its fiscal morass.
(Excerpt) Read more at latimes.com ...
NBC Nightly News showed a couple from Detroit. They were BOTH retired Police Officers and said the owed more money on their house than it was worth. Guess they spent the Detail Money on vacations.
NBC Nightly News showed a couple from Detroit. They were BOTH retired Police Officers and said the owed more money on their house than it was worth. Guess they spent the Detail Money on vacations.
Now Obama wouldn’t turn around and put Detroit on the back of the American tax payer...would he?...Just work you dogs!
I heard this morning that the population of detroit is 700,000 people. That means that every man, woman and child in that city currently owes, on behalf of the city, $25,715.
Which is $25,714 more than the equity many of them have in their homes, even owning them free and clear.
This will not end well.
If Romney was president right now, the liberals would be out of their skulls in anger...
"But the destruction proved too great. Two days ago, Orr sent a letter to the governor saying he saw no alternative to filing for Chapter 9, blaming decades of fiscal mismanagement, plummeting population, decaying infrastructure and failing services."
And of course, no mention from the presstitutes at the LA Times that Detroit hasn't had a Republican mayor in over fifty years.
They need to really think outside the box with Detroit. But they won’t. They will push government intervention, in one way or another, as a “solution” to the past 50-60 years of government intervention.
If I had my way, I would eliminate almost all laws in Detroit. Pretty much anything goes. And, yes, I would include the laws that block citizens from dealing with “problem” citizens. I would like to see extremely lenient “punishment” meted out to people who engage in cleanup.
Most people are not too bad. The bad ones are typically easy to identify. Society doesn’t need them.
Hmmmm.....
Sorry, I don’t watch NBC or CBS or ABC or CNN or MSNBC. Can’t take the liberal cheerleading.
Here is something I've posted multiple times in the past year or so -- In their Sept 2012 issue, "Rolling Stone" magazine asked the question: "What would America look like if Romney is elected in Nov?"
Their answer: America would look like Detroit.
Staggering stupidity. Liberals come up with stuff like that and they believe that they are "thinking". Nope. That isn't what it is at all.
And when interest rates rise to their historical average levels how many other cities will follow?
Laugh at Detroit now, but it certainly won’t be the only city to suffer a similar fate.
I’ve seen reports that Obama is keeping a close watch on Detroit. Some of their city officials are demanding a federal bailout. We need to write our reps and tell them not even to think about it.
Just saw Steve Ratner, the man behind Obama’s automaker bailout, on CNBC. He was saying that Detroit won’t be able to cut public pensions enough to save the city; therefore it was a situation requiring infusions of ‘federal’ dollars.
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