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 ...
Even the Kos kids are subdued on this topic, they much prefer the distractions tossed to them like abortion and racial witch hunts and the biggie of moral superiority, gay marriage. Stepping back I can say one thing to my fellow citizens of African-American heritage, you are no longer a real priority, hope you love your tweets from the racial agitators, but they don’t spend like money.
You know the “bailout” is coming. It’s the democrat/socialist way. Punish success, reward failure.
You’ll get a lot less success and a lot more failure that way.
Detroit is a shining example of what happens when you let Rats run everything.
Then in 1967 Detroit burned itself to the ground. After that they were foolish enough to elect Mayor Coleman Young, a corrupt city councilman. From that point forward, 1972-73, Detroit entered a spiral death spin of mismanagement and corruption.
Mayor Young tried to revitalize the city with an empty slogan, “Renaissance”. well, it never worked.
Unfortunately, this curse upon Detroit was further reinforced by the influx of better cars from Japan after the 1973 Oil Embargo and Yom Kippur War between Israel and Egypt/Syria.
I left Michigan altogether in 1983 but it is a beautiful Great Lake state with so much to offer and yet, today, we see that it is all over for the city.
Maybe the city can sell off huge tracts of land and bargain prices and encourage investment in businesses or agriculture. The ONLY way Detroit will ever recover is to eliminate the crime fear. Until that happens, Detroit will remain in the Middle Ages.
An appropriate analogy for Detroit is the DEATH GRIP held by the Ford family on the Detroit Lions football team which has lost consecutively since 1958!!
Once they relinquish ownership, Detroit sports fans will be able to breath again and the team will begin winning. The same holds true about how the city is run. The Democrats have run it into the ground. Detroit needs new management, Republican management but the UNIONS will never budge so nothing will change as private sector employees have gotten used to handouts and entitlements while public sector employees have gotten used to graft and corruption, who's going to change that now?
Betcha he will. It may be disguised as a Federal guarantee of bonds, money laundered through the state, or new Federal legislation, but I bet Detroit will get Federal dollars and pick our pockets.
You've got it right. It will be called the Great American Cities Act, or something like that. It might not even mention Detroit by name.
The Republicans in Congress will grumble, but they will eventually support it in exchange for, well, nothing at all.
For any democrat the only answer to a crisis is “Government intervention” which translates to pissing away the taxes we pay...
After pouring billions into that hellhole, the productive people will now be asked to fork over billions more to support that decaying pile of steaming manure.
I have read that a good percentage of people in Detroit don’t feel the need to pay property taxes and haven’t done so for years (which to most Americans, is positively mind-blowing, because just about anywhere else, your stuff would be in the street within six months). The unions are complaining that Detroit can’t go bankrupt because these taxes are owed. I don’t know about you, but I’m popping some popcorn!
The Republicans in Congress will grumble, but they will eventually support it in exchange for, well, nothing at all.
I’m not so sure the democrats will “step in it”. Elections are coming and they may back way off (for Hilary’s sake). Then once Hillary’s elected the pottie will be flushed again with out tax money...WHOOSH!
Detroitapalooza...?
Save Detroit!...Why?
Mostly this was a problem due to the long and continued drop in real-estate values in Detroit as a result of its collaps as a city.
No, this is going to be done quietly. Money will be somehow laundered through GM.
I predict GM will somehow experience a remarkable turnaround and they will pay back the government. Except the money will go to Detroit and the will disappear from the Feds books.
Making 20 billion vanish is easy.
Somehow the language in the photo does not seem authentic for the locale.
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