Skip to comments.Detroit emergency manager files bankruptcy (AP Breaking)
Posted on 07/18/2013 1:27:38 PM PDT by tcrlaf
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Great Photos, but so sad to see.
Another failed experiment put forth by liberals, allow the race baiters to run a city when the fact is, until they are ready to look beyond the color of their own skin, they are not qualified to lead. Add the Unions controlled by DC, and it is a double whammy. Truth is, coming to a city near you.
The RATs along with the evil Boehner will make sure they "nationalize' the solution. You know, Detroit's too big to fail.
Once States start to fail, Boehner will be crying saying we must "save" them, especially for the children of illegal criminals.
Further proof should have dropped a democrat mayor and city council on Japan if we wanted real destruction.
That would put them into a Windsor knot...
The First 10 City Pensions That Will Run Out Of Money http://www.businessinsider.com/first-city-pensions-insolvent-2010-12?slop=1#slideshow-start
#10 Fort Worth...Unfunded liability: $2 billion Unfunded liability per household: $7,212 Solvency horizon: 2023
#9 Detroit...(already Obamasized)
#8 Baltimore...Unfunded liability: $3.7 billion Unfunded liability per household: $15,420 Solvency horizon: 2022
#7 New York City...Unfunded liability: $122.2 billion Unfunded liability per household: $38,886 Solvency horizon: 2021
#6 Jacksonville...Unfunded liability: $4 billion Unfunded liability per household: $12,994 Solvency horizon: 2020
#5 St. Paul...Unfunded liability: $1.4 billion Unfunded liability per household: $13,686 Solvency horizon: 2020
#4 Cincinnati...Unfunded liability: $2 billion Unfunded liability per household: $15,681 Solvency horizon: 2020
#3 Boston...Unfunded liability: $7.5 billion Unfunded liability per household: $30,901 Solvency horizon: 2019
#2 Chicago...Unfunded liability: $44.8 billion Unfunded liability per household: $41,966 Solvency horizon: 2019
#1 Philadelphia..Unfunded liability: $9 billion Unfunded liability per household: $16,690 Solvency horizon: 2015
gotta wonder how many of these are “sanctuary cities” in addition to their other moronic choices. I know St.Paul is.
$20 billion? Is that all? Barrys got that in his walkin around money. Thats about $33,000 per every loyal Obama voter in Detroit.
Morgana...re your question upthread...I believe that is the Apollo/UA theatre...see lucky9teen’s post (the one I’m responding to) for pics of what it used to look like. It was a beauty.
Lucky: Thanks for posting the pics and the crowder vid. The section where he goes into a few homes brought tears to my eyes because those homes used to be the finest of architecture and craftsmanship...my grandparents had homes like those.
Some talk about investment in Detroit, but I’ve heard that kind of talk before...and I knew people who in the mid to late ‘70’s bought and restored some of these homes...I wonder if they are glad or sorry they made such investment.
Detroit, my home town, was once a shining example of American industry. Here’s hoping someone can make something of the bankrupt ruins; otherwise, Detroit will remain the poster city of ‘Rat corruption, theft, and pillage.
It is indeed very sad.
I am going to say it.
BLACK INNER CITY DEMOCRATS BANKRUPT DETROIT.
Michigan has a lot of great microbreweries...and they have a lot of...
“Detroit wont be the last big city to suffer the same fate, not by a long shot.”
My money would be on Baltimore, but it is close enough to DC to be able to have a life line from there.
So my money is on Philly. Lots of black democrats. Lots of union corruption. Lots of corrupt city govt.
Although Gary Indiana would not be far behind.
I don’t think CA or NY will fall.
CA has a vibrant tourism industry, Silicon Valley with Yahoo, Apple, HP, Google, Paypal, Ebay, Facebook, Stubhub, Dolby labs, Varian labs and biotech with Genetech (now a division of Roche but the company is still there), a vibrant movie industry, import export ports of Long Beach and Oakland, lots of vegetable farming in the central valley, and aerospace manufacturing.
Ny will ride the coattails of the very profitable financial industry.
CA is one of the few places that can actually afford the welfare state. Oh and CA also has conventional oil and a ton of undeveloped shale oil.
CA is replacing US citizens with illegals and its film industry is mostly in Vancouver now. It cannot sustain its present budget
CA will not go BK. See post 116 for why.
The net worth of Silicon valley companies alone is probably over 1 trillion dollars. The farming is valuable, and the shale oil is very valuable.
Yes i have....and why i said let them go to fields...the problem is there are scads of buildings, warehouses and other old mansions ..along with other homes STILL standing....blocks of them. Take a look downtown as well...
Do the math.
Yes they have income.
Calculate the sum total of retired government workers and workers who will be retiring in the next decade, and extend that out through these people’s expected lifespan. Throw in Federal, State, County, and city. All of them. Everyone drawing a government retirement.
Compare the two.
This is why government was projected (from a 1970s vantage point) to collapse down the road. Well, now we are pretty much there and natural lifespans are longer than at the time this was calculated.
There is no simple solution. We have more employees than we can afford. A lot of jobs that used to be staffed for a few years with people who felt they were doing a service have become lifelong careers. The cost for the change wasn’t paid up front. We now have byzantine regulatory agencies that employ an army of paper shufflers..
You look at how many people work for the government per producing taxpayer now, and compare that to forty years ago.
Pollyanna denial isn’t going to make this go away.
Just as the same sort of Pollyanna denial didn’t stop the entirely predictable real estate bubble burst.
Just saw an article that NJ is sitting on millions....and the EUA recently donated millions to Sandy.....so there’s no reason for them not to clean things up...except they have no desire or they’re using it otherwise...or both.
Christy said some of it is going to the schools to upgrade their technology.
That’s 1 for Meredith Whitney. Her mistake was in not understanding that trillions of Bernanke bucks would be splashed into the big city slush funds. Many more to come. Welcome to Ar-hen-ti-na.
companies and productive people are pouring out of CA - public pension obligations and public spending is bankrupting cities counties and the state. Pretending everything is fine because one industry is still there - for now - is a banana republic delusion. Just trying taxing those companies enough to cover that hole and see what happens. Remember what Amazon did?
And the Shale oil will NOT be explored. Are you kidding me...Not going to happen.
I lived in SoCal....born and raised there.
The state is doomed....and the next "immigration bill" will finish the state.
Enjoy it while you can...........
Detroit is CA future....because it's run by Democrat Socialist Marxist's...........They ruin everything they touch!
There's always the The Trillion Dollar Coin.
You can almost hear how breathlessly excited this d-bag Weisenthal was.
“....My money would be on Baltimore, but it is close enough to DC to be able to have a life line from there....”
Baltimore itself probably won’t go bankrupt for a very long time. The radical progressive wing of the Democrat party is firmly entrenched in power at the state level (and increasing its hold on power as time goes on) and will use the financial resources of the entire state to keep the Democrat areas afloat despite their massive spending problems.
I guess its possible that the entire state will go bankrupt at some point. Much of its “wealth” comes from feeding from the federal public trough (both federal employees & contractors). The best things that other states can do is keep the lid on federal paychecks (keep the freeze going indefinitely on this overpaid crowd) and try to gradually reduce staffing levels. Believe me, there is a great deal of pure fat in the federal bureaucracies.
A Democrat-created disaster, 60 years in the making, and nothing will be learned.
Thank you LSM!
The key is to get out before the tipping point.
High tech keeps Massachusetts alive. Once the tech sector goes, we'll be gone.
I dunno. To deal with that freakshow, he has to have the patience of a saint.
But deep down, you know the Democrats can do it.
You have to admit that the coin part was a stroke of genius.
We all know that paper money can be worthless, but a coin? Maybe, just maybe, if we all hope really hard...
And you studied Aristotle. Tsk-tsk.
Detroit gonna be ruled by a caliph.
I would have to agree 100%. Keep the areas with Ford Field, Comerica Park and Joe Louis Arena as Detriot and all the surrounding suburban residential areas become their own towns/cities.
Do Not Invest in Muni-Bonds of any city, county, or any other geographical entity with a >40% minority population.
I will just leave it at that.
lots of vegetable farming in the central valley, and aerospace manufacturing.
With the sequester effecting FY funding, the aerospace manufacturing sector is in a severe downturn. Contracts are not being awarded readily. With the EPA withholding irrigation waters...the CA central farming sector has been in a severe recession for 2.5 years. Unemployment and welfare recipients are UP in the central valley.
“Municipal bonds Ted, I’m talking double A rating. . . the best investment in America.”
The homes should be easy to enough to demolish. Only wood left, all the copper and scrap have been stripped by now.
Any of the abandoned office buildings, warehouses, etc. that are structurally sound get secured for a period of X years for possible redevelopment. After that, demo them. Any other commercial buildings that are not structurally sound get demoed immediately.
Thats about $33,000 per every loyal Obama voter in Detroit.
That amount will certainly upgrade many of the Dem voting electorate's tombstones..... ;)
it costs about $10,000 to demolish a house or commercial building in Detroit. Theres not enough money to tackle the more than 30,000 vacant strucutres that have been identified by the city as ‘dangerous’........according to the detroit news...plus they have to follow a 36 step plan before the demolition is even begun...
As I see it it’s going to take years just to get that job done.
Yes. All those years under Republican municipal mismanagement, and what else could happen? The Bush federal government should have sent a bigger, heavier gravy train, full of free goodies that the rest of the country would pay for./sarcasm with a tear in my eye.
As long as the FOX network crowd continues to lie and stir the pot and do everything they can to advance feelings of hate towards others who are not part of the "FOX" tea party crowd this country will eventually collapse just as our cities have. This country's government has been sold to the highest bidders. Further, the wealthy corporations have purchased propaganda machines (FOX) who purposely pit one American against another American so that no one is really watching what the corrupt government coupled with the wealthy conglomerates (i.e., ALEC) are really doing.
I don't know what was wore, the fact that this comment was posted or the fact that 16 people agreed with this moron.
I feel ashamed to be an American of white, European descent after seeing the racism festering beneath an uncomfortably large number of these posts.
Detroit's problems are economic and almost exclusively corporate driven. The notion expressed all too frequently here that some of the world's most powerful corporations and the wealthy enclaves surrounding Detroit are somehow blameless victims at the mercy of a poverty stricken African-American urban population is little short of stomach turning. With attitudes like this becoming more and more common, it's hard to see much of a future for this country as a democratic republic based on notions of fairness and justice. God help us all.
See post #147.
I suppose the WH said no to a bailout bc Congress would have no appetite for it and it would be a huge loser for the Dems.
If Obama was dictator as he wishes, they would have sent them billions more than they needed.