[Newsbot]

Title: Confirmed: Detroit Files For Bankruptcy
Category: Uncle Sam
Posted By: martin14
Date: 2013-07-18 13:23:16

[martin14]

Well, at least it's not a surprise..

[Zipperfish]

How will this affect the Red Wings?

[Detroit]

Surprised it took this long actually..
Can buy a block there for about 20Gs in some areas..


http://blogs.windsorstar.com/2013/07/18 ... ankruptcy/

[N_Fiddledog]

Remember this from the last presidential election campaign?

[Thanos]

It was a reference to the auto industry bail out, the one that conservatives opposed that would have resulted in millions of additional American job losses during the last GOP-created mega-recession had it not happened. It had nothing to do with to bailing out the city of Detroit itself. Not that facts matter here but, oh well.

[saturn_656]

Detroit has been spiralling the drain for quite some time.

I don't think they've hit rock bottom yet.

[N_Fiddledog]

Thanos Thanos:

It was a reference to the auto industry bail out, the one that conservatives opposed that would have resulted in millions of additional American job losses during the last GOP-created mega-recession had it not happened. It had nothing to do with to bailing out the city of Detroit itself. Not that facts matter here but, oh well.

I don't know who are you asking? Me or the guy who said he - direct quote - "refused to let Detroit go Bankrupt"?

See, cause if you're asking me, I never believed him (for among other reasons the one you mentioned). If you're asking him why he lied, yeah, I'd like to know that too.

[peck420]

Just out of curiosity, what responsibility does the State of Michigan have in all of this?

It is my understanding that municipalities in the US are much more dependent on State funding then in Canada.

[Jabberwalker]

So, Detroit is now worth 10¢ on the dollar. Milwaukee, Cleveland, Toledo, Niagara Falls NY will be next... maybe even this summer. There you have it. We have our very own "Greek crisis" just over the horizon ... just across the water.

[N_Fiddledog]

peck420 peck420:

Just out of curiosity, what responsibility does the State of Michigan have in all of this?

It is my understanding that municipalities in the US are much more dependent on State funding then in Canada.

I seem to remember something about the new Governor appointing some sort of last minute damage guy to rescue Detroit if possible. He had some sort of powers. I'm guessing he's the guy who claimed bankruptcy.

I know municipally the residents of Detroit have voted the same party for 51 years. Let's guess which one that is.

[Lemmy]

Jabberwalker Jabberwalker:

So, Detroit is now worth 10¢ on the dollar. Milwaukee, Cleveland, Toledo, Niagara Falls NY will be next... maybe even this summer. There you have it. We have our very own "Greek crisis" just over the horizon ... just across the water.

Milwaukee? There's no downtrend in the beer industry. Not sure where you're going with the Greece thing...completely different problems altogether.

[N_Fiddledog]

Here's what I was talking about Peck.

https://www.commondreams.org/headline/2013/03/01-5

[Thanos]

A city that's been in decline for decades for dozens of different reasons finally reaches the end of the road. BTW, it's all President Obama's fault.

[N_Fiddledog]