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Detroit declares bankruptcy, with $18 billion in debts
Los Angles Times ^ | 07/18/13 | Tina Susman and Matt Pearce

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 ...


TOPICS: Business/Economy; Culture/Society; Miscellaneous; US: Michigan; Unclassified
KEYWORDS: chapter9; detroit; detroitbankrupcy; michigan; rosemaryaquillina
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To: AngelesCrestHighway

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.


21 posted on 07/19/2013 7:13:29 AM PDT by junta ("Peace is a racket", testimony from crime boss Barrack Hussein Obama.)
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To: Rusty0604

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.


22 posted on 07/19/2013 7:13:58 AM PDT by henkster (The 0bama regime isn't a train wreck, it's a B 17 raid on the rail yard.)
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To: Dr.Deth

It’s the only possible answer.

http://www.youtube.com/watch?v=yFyVs_766S4

CC


23 posted on 07/19/2013 7:14:13 AM PDT by Captain Compassion
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To: AngelesCrestHighway
Obama won't step in this cow pie!

Good. This one is ours to fix with Faith, Family, and free markets.

Just the first one in the road of many to come!

And it will look like an ant hill next to Mt Everest when the gravy train is cut off to places like Chicago, Philly, and others.
24 posted on 07/19/2013 7:14:29 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: AngelesCrestHighway

Detroit is a shining example of what happens when you let Rats run everything.


25 posted on 07/19/2013 7:15:54 AM PDT by Blood of Tyrants (Inside every liberal and WOD defender is a totalitarian screaming to get out.)
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To: AngelesCrestHighway
Have they blamed this on racism yet? Oh no, just by me mentioning racism that means...


26 posted on 07/19/2013 7:16:13 AM PDT by GrandJediMasterYoda (Someday our schools will teach the difference between "lose" and "loose")
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To: Timber Rattler
My family left (fled?) Detroit for the suburbs in ‘65 due to the deterioration of the city in terms of education and increased crime.

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?

27 posted on 07/19/2013 7:32:40 AM PDT by Netz (Netz)
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To: AngelesCrestHighway
"Obama won't step in this cow pie!...Just the first one in the road of many to come! The democrats will run from this at top speed! Thet don't want to be saddled with "Americas problems". They just want to grow government! To bad Detroit...No political reason to save your ass!"

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.

28 posted on 07/19/2013 7:33:02 AM PDT by Truth29
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To: Truth29
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.

29 posted on 07/19/2013 7:47:24 AM PDT by Leaning Right
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To: ClearCase_guy

For any democrat the only answer to a crisis is “Government intervention” which translates to pissing away the taxes we pay...


30 posted on 07/19/2013 7:50:09 AM PDT by AngelesCrestHighway
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To: AngelesCrestHighway

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.


31 posted on 07/19/2013 7:55:04 AM PDT by I want the USA back (If I Pi$$ed off just one liberal today my mission has been accomplished.)
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To: cuban leaf

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!


32 posted on 07/19/2013 7:56:04 AM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: Leaning Right

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!


33 posted on 07/19/2013 7:56:17 AM PDT by AngelesCrestHighway
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To: Dr.Deth

Detroitapalooza...?


34 posted on 07/19/2013 7:59:32 AM PDT by AngelesCrestHighway
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To: Blood of Tyrants

Save Detroit!...Why?


35 posted on 07/19/2013 8:00:51 AM PDT by AngelesCrestHighway
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To: Dr.Deth

36 posted on 07/19/2013 8:03:53 AM PDT by AngelesCrestHighway
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To: AngelesCrestHighway
Perhaps this event will make the libs and the blacks realize that they should cherish the ordinary white Americans whose taxes pay the bills.
Or not.
37 posted on 07/19/2013 8:08:27 AM PDT by expat2
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To: massgopguy

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.


38 posted on 07/19/2013 8:10:20 AM PDT by expat2
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To: AngelesCrestHighway

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.


39 posted on 07/19/2013 8:16:01 AM PDT by EQAndyBuzz (The reason we own guns is to protect ourselves from those wanting to take our guns from us.)
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To: AngelesCrestHighway

Somehow the language in the photo does not seem authentic for the locale.


40 posted on 07/19/2013 8:21:23 AM PDT by Senator_Blutarski
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