Detroit files for Bankruptcy

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Mark Steyn said something today which is apt. To paraphrase, “When pols bribe the people of today by stealing from the people of the future, eventually you run out of future.” Who has ruined the city? The liberal Democrats who have run Detroit since I was born, and the thuggish unions who gave no thought to tomorrow. 😊 Rob
 
{What dangers did you experience first hand? For the past 10 years, I have driven through all kinds of Detroit neighborhoods, and never felt like I was in danger. Now, surely, some neighborhoods are shadier than others, but driving through them? What danger did you personally experience?}

I was in Detroit last October. The “neighborhoods” are defunct grassy fields. Were it not for Comerica Park and Ford Field, Detroit may have TOTALLY vanished by now. On Chene and John R streets, there are overgrown fields and burned out buildings for dozens of blocks. Rob
 
RACJ said:
I was in Detroit last October. The “neighborhoods” are defunct grassy fields. Were it not for Comerica Park and Ford Field, Detroit may have TOTALLY vanished by now. On Chene and John R streets, there are overgrown fields and burned out buildings for dozens of blocks. Rob
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Well yeah, some of the neighborhoods are like that. And it’s very sad. But some of the neighborhoods are thriving – my property value more than doubled in the past year. And trust me, Comerica Park and Ford Field don’t help neighborhoods at all. Downtown is not residential; people who go downtown just leave the city afterward.

It’s true that Detroit is going “back to nature”. That is one of things that makes it such an exciting and fascinating place. Troubled, yes. But there is a lot of hope, too.

And bankruptcy is the most hopeful thing yet. Now we can get free of our addiction to debt!
 
MugenOne said:
Detroit … the crowning achievement of Democrat politicians!

Folks can’t cry to Uncle Ben for help. Uncle Ben will not shore up the muni-bond market to keep the 99%ers from taking their spanking! Most muni-bonds are held by individuals, retirement plans, and mutual funds … the hard working, tax paying, working guy is the one getting screwed!
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Uncle Ben could but he won’t. Not directly anyway. He’d rather make available more cash for the banks, whom the city would turn to. Interest rates are no obstacle for him.

This is a pity because reserves held by pensions, insurance companies, and savers lose their interest-making ability when Uncle Ben keeps rates artifically low. Uncle Ben put himself in quite a dilemma.

FWIW, if these pension talks don’t get resolved soon by Detroit, trouble will hit other cities and municipalities. Chicago should be next to file.
 
MugenOne said:
Detroit … the crowning achievement of Democrat politicians!

Folks can’t cry to Uncle Ben for help. Uncle Ben will not shore up the muni-bond market to keep the 99%ers from taking their spanking! Most muni-bonds are held by individuals, retirement plans, and mutual funds … the hard working, tax paying, working guy is the one getting screwed!
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Detroit has not had a republican mayor since 1962
 
ProVobis said:
Uncle Ben could but he won’t. Not directly anyway. He’d rather make available more cash for the banks, whom the city would turn to. Interest rates are no obstacle for him.

This is a pity because reserves held by pensions, insurance companies, and savers lose their interest-making ability when Uncle Ben keeps rates artifically low. Uncle Ben put himself in quite a dilemma.

FWIW, if these pension talks don’t get resolved soon by Detroit, trouble will hit other cities and municipalities. Chicago should be next to file.
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That just does not follow. Chicago or any other city should be learning from this.

Peace,
Ed
 
Ridgerunner said:
Apparently this is correct. I saw on TV a woman who wrote a book about it and she predicted this (not too hard to do) and a lot more of them down the road. Not just cities, either, but states as well.
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How many were dominated by democrats?
 
Brendan said:
You just named two of my favorite parishes, St. Annes ( where my grandmother used to go to church) and Sweetest Heart.

I’m a little more partial to SS Peter and Paul than Old St. Mary’s though 😉
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Sweetest heart is in my opinion the most beautiful church building in the archdioscese, except maybe st. Aloysius or assumption grotto.
Sts. Peter and paul has the most beautiful and high quality altars and interior, although the exterior is a bit blah.

My grandparents are are originally from nativity of our lord in east detroit , they attended the school and highschool. They also have ties to holy family
 
ProVobis said:
Just like Lehman Brothers learned from Bear Stearns? 😉
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Just for that, I’m calling up the Governor of Illinois to give him a heads up 🙂

Lehman Brothers - poster boy for the Credit Default Swap and fraudulent home valuations just prior. The entire country is run by two welfare cheats out of a garage in New Jersey.

Peace,
Ed
 
zz912 said:
This is excuse-making. Sure the US had a great hey-day after WWII, which inflated wages to levels too-high. But if Detroit had kept the city welcoming to business, businesses would have stayed and more would have come. But Detroit was the opposite of welcoming. They were adversarial, and adding in the unions, businesses avoided Detroit like the plague. And the results show.If Detroit would change, and lower taxes, lower regulation, clean up govt, and rein in the unions, you would see businesses start to return.
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Regulation, wages, and unions did not scare away businesses. Detroit did not/does not have a very diversified industry because it does not have a population with diverse skills. In fact, most of the adults are frankly un-hireable outside of manufacturing, food service, and very basic hospitality services. Half of their population is functionally illiterate and they have a high school dropout rate.75% Detroit’s problems are the result of one reason and one reason only; a citizenry which places almost no value on education because they could always just go work at the factory like their father and his father and his father before him. Now the factories are gone and they’re left with no education, no skills, and no jobs.
 
EmperorNapoleon said:
Regulation, wages, and unions did not scare away businesses. Detroit did not/does not have a very diversified industry because it does not have a population with diverse skills. In fact, most of the adults are frankly un-hireable outside of manufacturing, food service, and very basic hospitality services. Half of their population is functionally illiterate and they have a 75% high school dropout rate. Detroit’s problems are the result of one reason and one reason only; a citizenry which places almost no value on education because they could always just go work at the factory like their father and his father and his father before him. Now the factories are gone and they’re left with no education, no skills, and no jobs.
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The real problem is that they’re left with no dads. These children have fathers in jail.

You try and “rise from ashes” with that sort of mud weighing you down. :o

The kids these days in Detroit don’t have fathers that worked in factories. Those are their great-grandfathers.

Another note: federal money, in the form of grants to non-profits, is virtually non-existent in Detroit. We don’t have professional grant-writers, and so the New Yorks and Washington D.C.'s of the world get all the grant money. And the rich get richer…
 
EmperorNapoleon said:
Regulation, wages, and unions did not scare away businesses. Detroit did not/does not have a very diversified industry because it does not have a population with diverse skills. In fact, most of the adults are frankly un-hireable outside of manufacturing, food service, and very basic hospitality services. Half of their population is functionally illiterate and they have a 75% high school dropout rate. Detroit’s problems are the result of one reason and one reason only; a citizenry which places almost no value on education because they could always just go work at the factory like their father and his father and his father before him. Now the factories are gone and they’re left with no education, no skills, and no jobs.
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Largest part of the debt Detroit has is pensions and benefits for those in retirement.
 
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