Posted on 07/20/2013 12:46:04 PM PDT by reaganaut1
...
But while Michigan Gov. Rick Snyder has capably overseen Detroit’s march to Chapter 9, neither the state nor the federal government has evinced any inclination to provide meaningful financial assistance.
That’s a mistake. No one likes bailouts or the prospect of rewarding Detroit’s historic fiscal mismanagement. But apart from voting in elections, the 700,000 remaining residents of the Motor City are no more responsible for Detroit’s problems than were the victims of Hurricane Sandy for theirs, and eventually Congress decided to help them.
America is just as much about aiding those less fortunate as it is about personal responsibility. Government does this in so many ways; why shouldn’t it help Detroit rebuild itself?
Many call for scaling back the city to fit realistic population projections. While logical, the potential for downsizing Detroit is limited because the city’s population didn’t flee from just one neighborhood; the departures were scattered, requiring Detroit to deliver services across a geographic area the size of Philadelphia, with less than half the population. Further cuts will surely come, but in some key areas, like public safety and blight removal, Detroit needs to spend more, not less.
That necessitates large-scale reductions in its liabilities, which total as much as $18 billion. By comparison, the country’s second largest municipal bankruptcy — that of Jefferson County, Ala., which is slightly smaller than Detroit in population — involves $4 billion of liabilities.
Detroit faces greater challenges than the automakers because the structure of its obligations is quite different from those of General Motors and Chrysler.
(Excerpt) Read more at opinionator.blogs.nytimes.com ...
Is this the same Steve Rattner who paid NY a $10 million settlement in a pension fraud lawsuit? Maybe his fingerprints are on some of the deals about to unwind in Detroit - and he’s afraid.
At some point you realize that the patient is deceased. At which time you pull the plug and call the undertaker.
How do you “save” something that has already been destroyed?
What do you mean 'we', Kemosabe?
That picture is worth a thousand words
REFERENCE Who could forget the dumb accountants, mayor and council who ignored the $53 million stolen by the Dixon, Ill Comptroller? The dumb Mayor never figured out the Comptroller deposited govt funds into secret bank accounts? Probably b/c he was getting a cut of the millions? Trying to explain how that much money could disappear unnoticed, the Mayor said the muni struggled financially because "the state" was far behind on income tax disbursements.....(now there's a red flag is there ever was one). NOTE The Comptroller lived a lavish lifestyle on an $80,000 muni salary--- attributed to her success in the horse breeding industry (cackle).
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HOW INSIDERS STEAL Here's an astoundingly brazen larceny -- $5.7 million was electronically emptied out of the coffers of Columbia University into an employee's bank account.
Now, several university employees are on trial----accused of funneling the stolen millions into the Bank account of alleged mastermind George Castro, 49, in collusion w/ two workers in the university's accounts payable dept.
Accounts payable insiders allegedly altered a routing code and other info connected to payments slated to go from the university's medical center to an affiliate hospital. The money never reached its destination. "Within six weeks, over $5 million meant for New York Presbyterian Hospital found it's way into the employee's Bank account," prosecutors said.
When nabbed, one university employee was carrying bags of money -- $200,000 in cash -- into his new $80,000 Audi as cops busted him outside his Bronx residence..... he and his co-defendants had at that point thrown hundreds of thousands of stolen dollars into failed day trading investments.
One Columbia Univ accounting dept insider pled guilty to grand larceny and is hoping to avoid jail by testifying against the four defendants and his accounts payable co-conspirator.
SOURCE http://www.nypost.com/p/news/local/columbia_thieves_argue_just_appeared_92qi6lln0jET37UTxcSjqI#ixzz216mFvb64
“We” my little brown eye!
I like that idea!
Real change will only happen when the government schools are closed. About half of the citizens of Detroit are illiterate. Until that changes, there is no hope for any rescue.
No... we... don't.
Agreed. Literally half of the Detroit schools were closed by the last emergency manager.
I’d like to see conservatives nationwide donate to private scholarships for the brightest inner city kids to go to conservative leaning private schools. Maybe privately funded programs to help with homeschooling of inner city kids. Of course such things need to be done in every city in the nation.
The people of New York didn’t vote for Hurricane Sandy. Detroit residents voted for the scum, and rejoiced in them, that ran the city into the ground. They got what they wanted, now let them stew in their own cesspool.
See: http://www.flickr.com/photos/untergeek/17881729/
“But they’ll still vote for ‘Rats next election even though their world is caving in around them.”
And not just any Rats either, but corrupt criminal Rats. Nothing will ever change in Detroit because the illiterate voters will keep voting in corrupt criminals each and every election.
That's all he had to write. This is the purpose of bankruptcy. Clear the decks from all the mismanagement.
What you mean “we” kimosabi....
Screw Detroit. It is rotting to the ground. Burn the rest of the garbage and pave it for a Walmart parking lot.
Really? All those bullets killing people must be falling out of the sky. All the crime must be being done by people in other states coming into Detroit to wreaking havoc. All those people on welfare really want to work and improve the city but they are being held back.
Total liberal bull excrement.
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