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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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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!
1 posted on 07/19/2013 6:55:20 AM PDT by AngelesCrestHighway
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To: AngelesCrestHighway

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.


2 posted on 07/19/2013 6:58:41 AM PDT by massgopguy (I owe everything to George Bailey)
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To: AngelesCrestHighway

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.


3 posted on 07/19/2013 6:58:59 AM PDT by massgopguy (I owe everything to George Bailey)
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To: AngelesCrestHighway

Now Obama wouldn’t turn around and put Detroit on the back of the American tax payer...would he?...Just work you dogs!


4 posted on 07/19/2013 6:59:04 AM PDT by AngelesCrestHighway
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To: AngelesCrestHighway
Coming soon: The Detroit Bailout Telethon
5 posted on 07/19/2013 6:59:46 AM PDT by Dr.Deth
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To: AngelesCrestHighway

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.


6 posted on 07/19/2013 7:00:18 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: AngelesCrestHighway

If Romney was president right now, the liberals would be out of their skulls in anger...


7 posted on 07/19/2013 7:00:35 AM PDT by corlorde (forWARD of the state)
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To: Dr.Deth

8 posted on 07/19/2013 7:00:55 AM PDT by dfwgator
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To: AngelesCrestHighway
From the article ...

"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.

9 posted on 07/19/2013 7:01:08 AM PDT by Colonel_Flagg (Army dad. And damned proud.)
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To: AngelesCrestHighway

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.


10 posted on 07/19/2013 7:02:38 AM PDT by ClearCase_guy (21st century. I'm not a fan.)
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To: AngelesCrestHighway
The current mayor, David Bing, who was elected in 2009, began tearing down abandoned buildings as part of a revitalization effort for the city, but he lamented what he called a sense of "entitlement" among some residents who he said were unwilling to accept painful moves, such as leaving homes in abandoned neighborhoods and helping repopulate other parts of Detroit.

Hmmmm.....

11 posted on 07/19/2013 7:02:47 AM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: massgopguy

Sorry, I don’t watch NBC or CBS or ABC or CNN or MSNBC. Can’t take the liberal cheerleading.


12 posted on 07/19/2013 7:05:30 AM PDT by From The Deer Stand
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To: corlorde
If Romney was president right now, the liberals would be out of their skulls in anger...

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.

13 posted on 07/19/2013 7:06:17 AM PDT by ClearCase_guy (21st century. I'm not a fan.)
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To: Dr.Deth
Better link to the Motor City Telethon from Robocop 2... hate to say it, but what was campy sci-fi fantasy 20 years ago has become grim reality today. What's next for Detroit, Sin City? 300?
14 posted on 07/19/2013 7:06:49 AM PDT by Dr.Deth
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To: AngelesCrestHighway

And when interest rates rise to their historical average levels how many other cities will follow?


15 posted on 07/19/2013 7:07:10 AM PDT by albionin
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To: Dr.Deth

Laugh at Detroit now, but it certainly won’t be the only city to suffer a similar fate.


16 posted on 07/19/2013 7:10:24 AM PDT by dfwgator
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Comment #17 Removed by Moderator

To: AngelesCrestHighway

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.


18 posted on 07/19/2013 7:10:46 AM PDT by Rusty0604
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To: AngelesCrestHighway

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.


19 posted on 07/19/2013 7:12:28 AM PDT by dogcaller
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To: AngelesCrestHighway
 photo morning_picdump_391_640_19_zps42a02f0d.jpg
20 posted on 07/19/2013 7:13:28 AM PDT by SkyDancer (Live your life in such a way that the Westboro church will want to picket your funeral.)
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