Detroit Files for Bankruptcy


karrie
No Party Affiliation
Locutus
#2
http://www.nytimes.com/2013/07/19/us...ruptcy.html?hp

related:

Obama: I "refused to let Detroit go bankrupt" - CBS News
 
karrie
No Party Affiliation
+3
#3
Your news is so last minute
 
Zipperfish
No Party Affiliation
+8
#4  Top Rated Post
You would have beat karrie if you hadn't have explored the "How is this Obama's fault" angle.
 
tay
#5
Those of you who are old enough remember a Detroit that was the symbol of American Industry amongst other things...........


Detroit is now the symbol of how the People no longer matter, nor does the country. It is a symbol of how the only acceptable solutions to those who run things is profit taking.

Detroit is the symbol of the current direction industrialised civilisation is taking. It is a representative snapshot of the big picture

Detroit goes bankrupt. TOO BIG TO FAIL UBS AG, Bank of America and Merrill Lynch will get 75 cents on the dollar on nearly $340 million in secured debt, while unsecured creditors, such as retirees and general obligation bonds, will likely get just pennies on the dollar. WTF IT JUST GOES ON...


And I guess we'd be remiss if we didn't thank Reagan and Bill Clinton for their 'free trade efforts' on behalf of the corporates.......





wwwyoutubecomwatchvqtaD4acVcC8

 
Tecumsehsbones
#6
I agree. We should shut down trade.
 
Sons of Liberty
#7
Quote: Originally Posted by karrieView Post

Detroit files for bankruptcy protection

About time.
 
Locutus
#8

PURE DETROIT Pure Michigan Parody - YouTube

 
captain morgan
Bloc Québécois
+2
#9
Quote: Originally Posted by tayView Post

Those of you who are old enough remember a Detroit that was the symbol of American Industry amongst other things...........


Detroit is now the symbol of how the People no longer matter, nor does the country. It is a symbol of how the only acceptable solutions to those who run things is profit taking.

Detroit is the symbol of the current direction industrialised civilisation is taking. It is a representative snapshot of the big picture

Detroit goes bankrupt. TOO BIG TO FAIL UBS AG, Bank of America and Merrill Lynch will get 75 cents on the dollar on nearly $340 million in secured debt, while unsecured creditors, such as retirees and general obligation bonds, will likely get just pennies on the dollar. WTF IT JUST GOES ON...


And I guess we'd be remiss if we didn't thank Reagan and Bill Clinton for their 'free trade efforts' on behalf of the corporates.......


Detroit is in debt to the tune of $18-20 billion by last count.... The 75 cents on the dollar for $340 million is peanuts by all accounts.

Wanna blame anyone, blame the city council for spending far beyond their capacity for the last years and taxing business out of the area.
 
darkbeaver
Republican
#10
I think municipal bankruptcies might be a big story this year.

Detroit is now a Zombie city.
 
captain morgan
Bloc Québécois
+1
#11
I'm surprised that Stockton, CA hasn't formalized their bankruptcy. The courts have already given them the green light
 
Walter
+3
#12
Another Democrat city in financial trouble. Go figure.
 
EagleSmack
+1
#13
Quote: Originally Posted by captain morganView Post

Detroit is in debt to the tune of $18-20 billion by last count.... The 75 cents on the dollar for $340 million is peanuts by all accounts.

Wanna blame anyone, blame the city council for spending far beyond their capacity for the last years and taxing business out of the area.

Does it surprise you? Not me.
 
captain morgan
Bloc Québécois
+3
#14
Quote: Originally Posted by EagleSmackView Post

Does it surprise you? Not me.


I was reading about Stockton, CA... A city of less than 300,000 that has an annual pension and related benefits obligation of $800 million per year... That's just to cover off (primarily) city and muni employees.

... And they sit there scratching their collective heads wondering how they got in that position
 
Tecumsehsbones
+1
#15
Quote: Originally Posted by WalterView Post

Another Democrat city in financial trouble. Go figure.

Second-most expensive public bankruptcy in history: Jefferson County, Alabama. Composition of the county council: 2 Democrats, 3 Republicans.
 
Walter
+1
#16
Quote: Originally Posted by TecumsehsbonesView Post

Second-most expensive public bankruptcy in history: Jefferson County, Alabama. Composition of the county council: 2 Democrats, 3 Republicans.

Mayor was a Dem and sent to jail for corruption.
 
Tecumsehsbones
#17
Quote: Originally Posted by WalterView Post

Mayor was a Dem and sent to jail for corruption.

Yep, and that was the sole cause of the bankruptcy.
 
JLM
No Party Affiliation
#18
Just what is the cause of Detroit's population decline?
 
Tecumsehsbones
#19
Quote: Originally Posted by JLMView Post

Just what is the cause of Detroit's population decline?

I calculate lotsa folks were just so embarrassed by the mayor they upped sticks and hit the road.

Yeah, that's gotta be it. The collapse of the heavy manufacturing system, particularly autos, couldn't have had anything to do with it.

Hey, I know! It was the unions!
 
taxslave
No Party Affiliation
+1
#20
Quote: Originally Posted by TecumsehsbonesView Post

I calculate lotsa folks were just so embarrassed by the mayor they upped sticks and hit the road.

Yeah, that's gotta be it. The collapse of the heavy manufacturing system, particularly autos, couldn't have had anything to do with it.

Hey, I know! It was the unions!

Partly right. Industrial tax base left because of being taxed out of business. SO did most citizens that could. All that is left are the poor and the rich city workers that for the most part live in lower taxed burbs.
 
Tecumsehsbones
+4
#21
Quote: Originally Posted by taxslaveView Post

Partly right. Industrial tax base left because of being taxed out of business.

That must be it. It was taxes. Detroit producing crap nobody wanted when Japan was producing attractive, efficient cars everybody wanted had NOTHING TO DO WITH IT!.
 
JLM
No Party Affiliation
#22
It would be interesting to know where the migrators moved to. How many relocated within a few miles of the city limits?
 
taxslave
No Party Affiliation
#23
Quote: Originally Posted by TecumsehsbonesView Post

That must be it. It was taxes. Detroit producing crap nobody wanted when Japan was producing attractive, efficient cars everybody wanted had NOTHING TO DO WITH IT!.

Most of the big manufacturing left Detroit. So did most of the people that could afford to. The spending by council didn't decline with the decrease in revenue.
 
captain morgan
Bloc Québécois
#24
Quote: Originally Posted by TecumsehsbonesView Post

That must be it. It was taxes. Detroit producing crap nobody wanted when Japan was producing attractive, efficient cars everybody wanted had NOTHING TO DO WITH IT!.

The Big 3 are still producing vehicles and have mfg in NorAm.... My question is: Why leave Michigan (Detroit)?... There has to be a reason
 
IdRatherBeSkiing
+2
#25
Quote: Originally Posted by captain morganView Post

The Big 3 are still producing vehicles and have mfg in NorAm.... My question is: Why leave Michigan (Detroit)?... There has to be a reason

Even the 'foreign' manufacturers are still producing cars in America (and Canada). Usually someplace gives them a tax break in order to lure them to that location. It sounds to me like Detroit did not although Detroit has so many problems, it is hard to say if this is the only cause for their demise. Even in the 80s everybody knew you did not want to stop in Detroit if you could avoid it.
 
JLM
No Party Affiliation
#26
I just checked the stats for Wayne County, which has also taken a big hit in the past 15 years of so and Michigan State has also suffered a small population decline.
 
captain morgan
Bloc Québécois
#27
Quote: Originally Posted by IdRatherBeSkiingView Post

Even the 'foreign' manufacturers are still producing cars in America (and Canada). Usually someplace gives them a tax break in order to lure them to that location. It sounds to me like Detroit did not although Detroit has so many problems, it is hard to say if this is the only cause for their demise. Even in the 80s everybody knew you did not want to stop in Detroit if you could avoid it.

You're dead-on with that.

I believe that the city didn't respond in a manner that sought to retain that industry, and as time went by, other places worked to attract those mfgrs... When one of these groups constructs a new plant, you know that they won't be moving it for a lot of years to come... By the time Detroit began to realize this, it was already too late.
 
Tecumsehsbones
+3
#28
Quote: Originally Posted by captain morganView Post

The Big 3 are still producing vehicles and have mfg in NorAm.... My question is: Why leave Michigan (Detroit)?... There has to be a reason

There are any number of reasons why corporations choose locations, and why they move, or don't move, or move and then come back. Some of the reasons remain valid, some change. A few examples. . .

The Eastern cities are the centers of banking because back in the day, they were the trading ports and that was where the action was. You could make a solid case that with money changing from gold and silver coins to internet datastreams, there's absolutely no reason for the financial industry to center itself in New York.

Many industries settled themselves on navigable rivers, which became a far less urgent issue with the development of rail and highways. Some moved, some didn't.

Many jurisdictions offer tax breaks and other legal advantages to business generallly, to entire industries, or to single companies. Whether any of these deals is a "good" thing or a "bad" thing is debatable in each case.

Many of the car manufacturers moved operations to Mexico a few decades back, lured by the low wages. And many of them moved back after finding that ill-educated workforces, bad roads, and unreliable power supplies outweighed the advantage of low labor costs.
 
karrie
No Party Affiliation
+2
#29
Quote: Originally Posted by JLMView Post

Just what is the cause of Detroit's population decline?

Wisdom.
 
Tecumsehsbones
+1
#30
Quote: Originally Posted by JLMView Post

Just what is the cause of Detroit's population decline?

That damn Journey song.
 

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