Posted on 09/02/2014 7:41:11 PM PDT by Steelfish
Detroit, Hoping To Leave Bankruptcy, Warns of 'Downward Spiral' Detroit's bankruptcy trial begins Protestors, including one wearing a mask depicting Michigan Gov. Rick Snyder, gather outside a federal courthouse in Detroit to protest the start of a key hearing in the city's bankruptcy trial. By ALANA SEMUELS
Detroit attorneys argue that the city will never recover financially if its bankruptcy plan is rejected "I don't like the term death spiral," Detroit attorney says. "But Detroit is in a downward spiral" Lawyers for the city of Detroit began their opening arguments Tuesday in what could be the final stage of the citys bankruptcy trial, setting off a weeks-long hearing after which Judge Steven Rhodes will either approve or nix the citys plan to emerge from Chapter 9.
The city began its arguments by emphasizing that alternatives to the bankruptcy plan would stall Detroits recovery and potentially cast it into a situation from which it could not recover.
I don't like the term death spiral. But Detroit is in a downward spiral - Bruce Bennett, attorney representing Detroit as it tries to emerge from bankruptcy I dont like the term 'death spiral,' Bruce Bennett, an attorney representing the city, said in court Tuesday. But Detroit is in a downward spiral.
Bennett argued that raising taxes in Detroit, which has the highest taxes and worst services in the region, would not stabilize the city, although doing so could potentially reap more for creditors.
(Excerpt) Read more at latimes.com ...
I thought worse case scenario,the governor was going to put Detroit on Ebay. Starting Bid was $5.75
Time to get outta Dodge.
But I wouldn’t do it in a Dodge. You may not get very far. Thanks, Detroit.
I thought worse case scenario,the governor was going to put Detroit on Ebay. Starting Bid was $5.75.
You can get a house for less than that in Detroit. May not be a bargain, however.
No matter what they end up doing, they will be bankrupt again in a few years. Insanity - doing the same thing over again and again but expecting different results.
The shipping fees would be astronomical.
No kidding. I've had VWs since I was 23. BACK THEN it was all I could afford.
Well, my husband had seven vehicles...no VWs. He loved old cars and could work on them. He was a mechanical engineer.
My favorite of his was a 65 Chevy Malibu supersport, baby blue, convertible, which he bought second hand. Boy, could that car FLY. We had a lot of fun in that.
50 years of Democrat governance will send any city into a death spiral.
WE need a huge 15 foot cyclone fence around Detroit. Air drop food, beer and guns.
just sell the entire state of Michigan to Canada already! I am sure they will offer at least $10,000 for it.
i just checked on Ebay, last bid was $12.42.
When was this written? Fifty years ago.
Detroit has completed the death spiral and augered so far into the ground they can hardly get a glimpse of daylight at high noon on June 21.
exactly, they are pretty dang close to rock bottom
Cant Obama just bail them out with an executive order?
He has a pen and a phone.
He’s just not good at that CandC stuff.
Detroit is future shock for OBAMANATION.
A couple years back I found a neighborhood with old tvs and washing machines laying everywhere. Lots of tires too. I wonder how bad it is now.
Or... South
East Tennessee is very pleasant and is Lassaiz Faire, business friendly.
Oak Ridge is low key, major Energy research center.
Wonderful lake system, no droughts here.
There’s a little more to Michigan than Detroit.
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