MICH. GOV SNYDER TO ANNOUNCE STATE TAKEOVER OF DETROIT

ZeroHedge ^ | 2/28/2013 | Tyler Durden

[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...

[cripplecreek]

The whole city isn't like that. Its really a problem with select neighborhoods. There is still some big money in and around Detroit.

[cripplecreek]

I just hope he’s “in the loop”

I personally think he is despite his protests.

[PapaBear3625]

Right now Detroit is throwing state and federal money down a hole. What this allows them to do is void all city contracts, especially union contracts, and renegotiate. Plus he can remove the corrupt and appoint city managers that can get finances under control. If you thought the previous union battle was vicious, get ready for this one. The governor is about to cut off a very large money spigot to the democrats. I expect riots.

Lay off all the "social service" people, and eliminate any welfare benefits to any resident of Detroit. Within a year, the parasites will have moved out to find new host municipalities, and Detroit would start recovery.

[littleharbour]

Does this mean that the Mayor and councillors and unnecessary City staff all get the pink slip? Will Detroit employees become employees of the State of Michigan? Will Michigan State Troopers replace the Detroit Police Force/

[Vince Ferrer]

There’s something about Dave Bing that I REALLY LIKE. Maybe it was that he could shoot some serious hoop. Who knows. In any case, I think Detroit elected a decent person to be mayor (compared to Coleman Young) and perhaps Bing could wind up playing a critical role in getting that city on its feet...assuming the state takes it over. Without the takeover, ANY mayor of Detroit is totally handcuffed.

I don't know Bing, but never heard anything bad about him during his time as mayor. I think Detroit was long past impossible to save before he was elected. He will have to lose his job now, I believe, but he can probably have some future role later.

[Average Al]

She could buy a fixer upper for a buck to live in....

[Conservativegreatgrandma]

This is sad and scary as this is the result of liberalism and we have this spreading across America. Let this be a lesson to all who read this, we MUST all hang together to stop the spread of liberalism at every opportunity. Never, never allow a Democrat be elected to anything if there’s a way to stop it.

[taildragger]

I think we'll be seeing a swarm of FBI raids and arrests of multiple city officials before this is done. Its the only way they can be rooted out.

Your lips to G_d's ears CC... Man I'd love to see more that Kawame and his Possi go to the slammer, if they are dirty.

[fanfan]

LOL, make them join Ontario?

[Paladin2]

Yeah, it could be Windsor West.

[PGalt]

Thanks for posting. Good luck Mayor Bing, Governor Snyder and the remaining great families, individuals and productive workers in Detroit. I hope Detroit has hit bottom after this announcement and the verdict on the greatest criminal in Michigan history.

http://www.freep.com/article/20130228/NEWS0102/130228089/kwame-kilpatrick-corruption-jury-deliberations

[SunkenCiv]

Thanks cripplecreek.

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• Michigan Teachers Rank No. 2 For Salary
• Plans to Encase Detroit Home in Ice Move Forward
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• Harp Playing for Obama New-Old Home Program
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• Could Declining House Values Spark the Next Taxpayer Rebellion?
• Taxes keep rising despite property Deval-uation

[Squawk 8888]

We'll have Windsor annex it on the proviso that the current inhabitants leave. We'll give them the Windsor Ballet in trade.

To all- please ping me to Canadian topics.

Canada Ping!

[OwenKellogg]

This is good news — please add me to your ping list.

Thanks.

[Windflier]

Tar Baby? Where’s that little kid in the yellow shirt?

I'm not offended. Compton High Tarbabe - class of '72.

[MamaB]

I don’t care about the pretty areas. I want to know why they allowed that to happen at all. They could have collected the books, etc to move to other schools or had a day where people came to get stuff for free or a nominal fee. Just how much tax money was wasted. It seems politicians and teachers did not give a hoot. Leaders have to care about all areas, not a select part. There are poor schools all over the country so why did they allow all that waste? People up there should have been giving the leaders fits about all of that. Do you know what school desks sell for on the Internet? I do because I looked for some for my great granddaughters. I found one for less than $100 which I bought. Ok. Enough!!!

[cripplecreek]

The International bridge is going to be a real boon to Detroit even if they’re too stupid to see it. Even the Daily show did a great slam on Detroit for fighting against the bridge.

http://www.detroitnews.com/article/20130110/ENT10/301100444

[cripplecreek]

Leaders have to care about all areas, not a select part.

You might want to take a look around at your fellow FReepers who would be more than happy to see the whole city fall to dust.

[Oatka]

With nothing more than a hunch, I think Detroit will be turned around, much to everybody’s (most everybody’s) surprise.

Every time I have read of a city manager coming in and voiding union contracts, et al, the city taken over has bounced back, amid the cries of doom and disaster of those who lost the gravy train. Because of Detroit’s location, if the gangs and takers are cleared out or subdued, I think it will rapidly move forward.

Note I said “IF”. Lotsa potential there in the right hands.