Skip to comments.Detroit to go bankrupt in less than a month [Heckuva job with that bailout, Barry]
Posted on 11/22/2012 6:32:47 AM PST by SoFloFreeper
The city of Detroit, facing a serious cash crisis, is set to go bankrupt by the end of this year and would put city workers on furlough unless it strikes a deal with the city council that would bring in $30 million before Dec. 14.
Detroit has been in financial turmoil for years, losing a quarter of its population in the past decade and facing a shrinking auto industry that has reduced tax revenues. The Detroit City Council gave the mayor the option to hire a financial advisor and in return receive $30 million by the end of the year.
But the Council on Tuesday voted 8-1 to delay the decision on the deal, which would pay the Miller Canfield Law Firm $300,000 to advise Mayor Dave Bing. The deal would have released $10 million in bond money on Tuesday and another $20 million in December.
(Excerpt) Read more at rt.com ...
Bwa ha ha ha ha!
Oh, you mean like...no cops or firemen?
Oh, you mean like...no cops or firemen?
The place will burn! Crime will be out of control!
How can this be? I thought the assembly lines were “humming” and all was good.
Union bosses need to thank themselves for the mess they have created.
Bin Laden is Dead!
That provided Jobs right?
You mean unlike right now?
Puts me in mind of Robocop: “I’d buy that for a dollar!”
But no: I wouldn’t spend a dollar to buy the whole of Detroit, if I had to take on their debts and liabilities as well.
If the people in that show, customers and owners of that pawn shop are any indication of what Detroit is actually like, then I am really glad I have never been there.
Detroit has one huge industry:
Pawn Shops. It’s a growing industry and the tv shows it spawns are simply hilarious.
Name me one African-american headed city that is successful.
Name me one African nation that is successful.
Well, minorities are running the show. Doing a great job every where.
The Water and Sewage dept. has to be run...regardless of the financial position the city is in...
If you can cut over 80 percent of the employees and still run the dept...that tells me a LARGE percentage of those jobs are patronage or political jobs...probably half actually never show up...and get a paycheck..
pay the Miller Canfield Law Firm $300,000 to advise Mayor Dave Bing
Like any good contract (from the perspective of the awardee) this is just the base amount. A few extensions, options and add-on’s and you’re quickly up to $500K. LOL
Hey! Hey! Where my free stuff at?
No, it sounds like the city council is attempting to bring accountability into the Mayors office.
Detroit = 99% Democrats/Crony Socialists. Bankruptcy? How can this be? What would Kwame do? Bring back Kwame! We want Kwame!
Pretty sobering questions.
Does Washington DC count as a “African-american headed city”? Because I bet they’re not going hungry there.
Detroiters could go to Cleveland and live large...
This is good news as far as i’m concerned. Let it burn. Kurt Russell should do a new movie: “Escape from Detroit”.
Maybe an entity can actually buy Detroit...say a billion dollars... Run it like a business...sell shares to the citizens ...
I mean “ government “ had done so swell running it...
I am no longer amazed that grown adults who run places like Detroit continue in live in a fantasy world where one day they wake up and everything is fixed by magic without making any hard painful choices...
Like telling the unions the game is over...
When the feral government is handing out money, he who is the most irresponsible gets the most.
The skin color of the person heading the city is beside the point.
Detroit is the result of liberals having their way with it for years.
If you look at any list of sizable American cities that are in severe financial distress, you’ll find they all suffer the same problem: being lead by liberals.
Someday, very soon I hope, people will wake up to this fact.
This story is from Russia Today???
We don't have a media in this country no more?
Yep. Look at California....run by moronic WHITE liberals for years. Even Arnold, who once embraced capitalism, became a statist.
Skin color is irrelevant. Liberalism is a disease that destroys prosperity regardless of pigmentation.
“Crime will be out of control!”
The crime committed by local government and the unions has been out of control for decades. It’ll now merely shift towards an increase in the already rampant street crime.
Just cordon it off and let them reap their rewards.
“Name me one African-american headed city that is successful.
Name me one African nation that is successful.”
Answer: NON, NADA, ZIP!!
The real question: Why is that?
Is it inept leadership or morons for voters, or both, inquiring minds want to know. When “black leadership” comes to mind, I always see Hank Johnson asking the Navy guy if he is concerned that Guam is going to “tip over” if the Navy puts another 21,000 people on the island. Take a look around Africa! Mud huts as far as the eye can see. I think we all know the answer, don’t we.
You are being a little rough on Somalia!
This time it will work!
I wish I could laugh. But this is our future.
“We are one nation. We are one people. We will rise and we will fall together. Anyone who doesn’t believe it should come here to Detroit. It’s like the commercial says: This is a city that’s been to heck and back. And while there are still a lot of challenges here, I see a city that’s coming back.”—President Obama
Detroit is our future. Thank you Mr. President. Before you take the President’s advice remember that the Detroit Police Officers Association has announced let the public know they enter Detroit at their own risk.
This story made Russia Today.
They need to bulldoze the joint and give it back to the indians. They can build a another sacred casino there. Problem solved. Lots of union jobs.
Not really. There’s always more of other people’s money where it came from. They just lost their first share of it, Hussein will be more than willing to confiscate another infusion of reparation money-I mean bailout-for them. And another, and another. When the producers have been sucked dry, we will all learn who our daddy is.
Difficult for me to watch that show. Get flashbacks from growing up in the Detroit area. Detroit is a state of mind. Was not easy growing up around there. Moved to Los Angeles and at least the weather was better. LA will look like Detroit after the next big earthquake. They wont have the funds to rebuild LA.
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