Detroit Goes Bankrupt [Pic+]

Submitted by: richanddead 3 years ago in

Its the largest municipal filing for bankruptcy in U.S. history.
There are 13 comments:
Male 5,617
auburnjunky, that is very much bullsh*t. Nobody threw anything.

20 years ago it was clear things would head this way. Then Detroit mayor Dennis Archer made many attempts to privatize large portions of city services while attracting new large businesses to put offices and HQ`s in the city.

The city fought that guy with all it`s might. Not even name calling was spared.

They ended up with a couple casinos, a tech business or three, some housing construction proposals and business-as-usual for city services.

To me, he seemed to give up. The mayor that followed was Kwame Kilpatrick.
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Male 13,624
Its a travesty that motor city has gone bankrupt
reading the comments below reads sad news
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Male 10,339
Yep. Too little too late. Fact is, the Dems have run Detroit for the longest, and the liberal "Throw money at the problem" agenda has bankrupted the city.
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Male 3,894
@auburnjunky-- "In March, as Detroit faced an estimated debt of $19 billion, Michigan appointed an emergency manager vested with extraordinary powers to rewrite contracts and liquidate some of the city’s most valuable assets. That led to once-unthinkable proposals such as forcing public employees to cut their retirement benefits or demanding that investors in municipal bonds — long considered among the safest investments — take pennies on the dollars they lent to Detroit. In recent days, both of those groups objected, propelling the city to file for bankruptcy."

The legislation to appoint "Emergency Managers" of failing cities was pushed and passed by republicans in the Michigan legislature. I was outraged when it first went through, and in practice it seems to be as ineffectual as it is galling. `Extraordinary powers` indeed.
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Male 5,617
"Why do they keep saying it`s the largest city to go bankrupt?"
Not the largest city, the largest municipal bankruptcy. Like $20B+
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Male 10,339
"Let`s here it for the success of 30+ years of Trickle Down Economics."

First of all, it`s "hear". Secondly, the Liberal, Union leaders have been running Detroit since the 70`s. It`s finally dead. They finally killed it.
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Male 1,983
Let`s here it for the success of 30+ years of Trickle Down Economics.
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Male 38,465

Why do they keep saying it`s the largest city to go bankrupt? New York did in the `80s. Mayor Kotch.

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Male 4,893

It`s because of the ______fu@*tards!
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Male 37,732
A State Judge Is Trying To Block It
It violates Michigan`s constitution or something. Plus it dishonors Obama.
No really, she says that! Go look!

Everyone loses except the lawyers...
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Male 15,832
This is what happens when Atlas shrugs.
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Male 1,745
Except for cities in Wyoming and North Dakota, so is everywhere else.
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Male 4,072
Link: Detroit Goes Bankrupt [Pic+] [Rate Link] - Its the largest municipal filing for bankruptcy in U.S. history.
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