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.
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!
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.
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