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Detroit Goes Bankrupt [Pic+]

Its the largest municipal filing for bankruptcy in U.S. history.

submitted by: richanddead
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Detroit Goes Bankrupt [Pic+]. Its the largest municipal filing for bankruptcy in U.S. history.
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Hits: 5103 | Favorites: 0 | Emailed: 0 | Rating: 2.2 | Category: News & Politics | Date: 07/19/2013
 
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CodeJockey
Male, 40-49, Southern US
 5058 Posts
Sunday, July 21, 2013 6:26:03 PM
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.

ferdyfred
Male, 40-49, Europe
 10601 Posts
Saturday, July 20, 2013 3:02:29 PM
Its a travesty that motor city has gone bankrupt
reading the comments below reads sad news

auburnjunky
Male, 30-39, Southern US
 10059 Posts
Saturday, July 20, 2013 8:50:34 AM
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.

DrProfessor
Male, 18-29, Midwest US
 3884 Posts
Saturday, July 20, 2013 5:39:10 AM
@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.

CodeJockey
Male, 40-49, Southern US
 5058 Posts
Saturday, July 20, 2013 1:43:04 AM
"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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