Posted on 02/28/2013 1:26:28 PM PST by taildragger
Usually, when the administration needs a distraction from just how broke and insolvent in reality the country is, it sends the stock market soaring higher. As such it is beyond ironic that as the S&P is set to hit an all time high, Detroit - that shining symbol of the Obama administration's bailout of General Motors - effectively goes broke.
MICH. GOV SNYDER TO ANNOUNCE STATE TAKEOVER OF DETROIT
More:
Detroit Mayor Dave Bing says Governor Rick Snyder will announce a state takeover on Friday
Detroit Mayor Dave Bing says Michigan Governor Rick Snyder will announce a state takeover of the city of Detroit on Friday.
Bing says the governor told him his decision during a phone conversation this morning. Bing was talking with reporters following a speech before the Detroit Regional Chamber at the MotorCity Casino.
The city will have 10 days to appeal the decision to the governor.
7 Action News has teams working the story to get more details.
If only Detroit had gone all in the stock market when Bernanke made it his life's crusade to take the Dow to 36,000 and blow up everyone else, trying...
Now the entire state gets to throw money down the Detroit rat hole.
If they bulldoze Detroit, how are we going to get those pimp-mobiles that are “imported from Detroit”?
Both!
There has been some big private money buying up the riverfront because they saw this coming. Its the second busiest freight crossing in the country and cutting out the middlemen on the city council is going to make a huge difference.
Business on both sides of the border have been driving toward this point for a long time.
No place is doomed to fail, unless you live in the shadow of an active volcano or something like that.
Detroit has multiple issues that they have failed to address, resulting in their failure. Some of them like the outsourcing of manufacturing jobs overseas are a national issue that cannot be addressed at Detroit’s level. Others like family, values and character issues, can be addressed at the local level, but it would be more effective if the state and national levels were on board too.
The failure to keep taxes affordable in the midst of a declining economy has accelerated their decline.
And I don’t see any reason you can’t have an honest discussion about Detroit issues on FR.
Nuke it from space.
OK. Then all the city workers get a pink slip and they rehire 30% of them.
Where are the usual suspects running their yappers about starting a war on whitey? Just a few weeks ago I read about some slack jawed lame brained black democratic mobster promising a “civil war” if Snyder did this, whatever.
Kurt Russell is getting too old to play the lead in a remake of “Escape from New York”, only moving the locale from New York to Destroyed.
But wasn’t the locale used in the “Robocop” series? The State of Michigan is going to move in and build “Delta City”.
We’ve been throwing money at Detroit for 50 years. Now we have control over how its spent.
Bulldoze it after a few decades. Hard to believe the cesspool is worth $.02 of taxpayer money until then.
Smell like someone is looking for some of Obunga's stash to help out......
why no longer matters.
Detroit has fallen.
Detroit is done. (put fork in it done)
call it the lost city.
call bankrupt
call it a former city
none of that matters.
there is no money in detroit.
the bond holders are going to recieve a serious haircut or they are going to recieve some serious amount of land.
US OUT OF DETROIT, NOW!!!!
Too many people have already died.
Unions, Taxes, Social Programs, Unchecked Immigration, Trade Policies, Crazy Regulations, Liberalism in General...
Take your multiple pick from these mutiple choices and it pretty much sums up WHY Detroit is the way it is...
This may be of interest to you. I know you’re more aware of the good things going on in the background.
The equivilent would be someone giving you the deed to a rental unit that has been taken over by crack heads. Everything riped out of the walls, wire, pipes and fixtures leaving only drywall on the floors and exposed studs of the walls. The ceiling caved in and the foundation crumbling.
Why would you want it?
I don’t want to pay anymore of my tax dollars to that hell hole. What are You thinking Snyder?
If the state comptroller is given absolute power to override every decision as to where the money gets spent, this will be a good move. Maybe the citizens of Detroit will finally get some service for their tax dollars.
It will probably take a decade for things to improve measurably.
...you mean because basically Detroit has a Third World population that is incapable of governing themselves? You can still write that here; just be circumspect about the language you use.
A lot of big money has stepped up and said they will rebuild Detroit if the don’t have to deal with the criminal council. After all, we recently saw a billion dollar offer for Belle Isle. Government might waste that kind of money but private investors don’t risk it without a fairly good chance of success.
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