See, the problem is, they couldn’t fence the cows in.
They couldn’t force the people they were milking to stay and be milked.
If only they could force taxpayers to stay in the municipality, they could just raise taxes until they had everything they wanted paid for.
The future of the USA if present trends continue.
Politicians act like Wall Street execs, sell a product or concept that intitially benefits the first group but in the long run is unsustainable. Liar loans and its short term profits but long term destructive toxicity is no different then promises of unpaid benefits for immediate votes. Both (politicians and execs) know that by the time the system collapses, they already left town with their profits while those left behind are stuck holding the bag. Detroit and Wall Street collapse share a common theme. Immense short term profit for the schemers and diseaster for the majority in the long term. Until Americans find a way to deal with these schemers in a severe way, even free enterprise and democracy will not function nor survive.
I can conceive of the Federal Government bailing them out. In fact that is quite possible if they aren't watched closely.
Maybe the asshats in government should take econmics 101!
“The law of diminishing returns is a classic economic concept that states that as more investment in an area is made, overall return on that investment increases at a declining rate, assuming that all variables remain fixed. To continue to make an investment after a certain point (which varies from context to context) is to receive a decreasing return on that input.”
Detroit is a toilet and they’re simply reaping what they have sown.
The City of Detroit filed for bankruptcy yesterday afternoon
*********
Perhaps one of the most predictable events of all time. lol
I’ve heard it said on talk radio that Detroit should be bulldozed into the ground. I think I’ve got a better idea. Put a fence around it and make it a National Monument dedicated to what the unions have done for America.
The creditors deserve a fair bit of blame themselves. They knew the city would never be able to pay the bills but they kept lending with every intent that a federal bailout would take care of them. They had the power to force fiscal responsibility but didn’t.
I just wish creditors of other cities would stop letting those cities accumulate debt. Many much larger cities will get federal bailouts but I’m certainly going to oppose it for Detroit.
I would however give the creditors vacant land. They would find a means of making it salable at minimal cost.
Having had some business dealings with the unified school district in our area recently, I can say for certainty - the city officials do not consider their budget to be ‘their’ money. It is just money they are given. If they need more, they ask for more. They don’t have to be careful with it, they don’t have to account for where it goes - really, they don’t particularly care.
Detroit is the same. I think the plan all along was to go bankrupt and let the feds pay for it. That’s us, folks. It’s not the feds’ money either - they can just get more.
I think they should bulldoze Detroit and put the city officials and union officials in jail for life.
The problem is that the unions have been buying off the Rats for decades to give them more money for less work. At the bargaining table you have the unions and the Rats and no one represented the people paying the taxes. Let Detroit crumble into ruin and be a monument to corruption.
My father retired from the Detroit Police Force in 1974 as a Detective Sergeant. He is now 87 and has been collecting 1/2 sergeants pay for 40 years after 25 years on the force.
Just sayin’
Detroit = Zimbabwe North
Over 2 to 1 retirees to workers. What a disaster!
FR 2002, “Detroit: Coleman Young’s Triumph Of Self-Destruction” http://www.freerepublic.com/focus/news/662155/posts
Why does the author write that while the rest of the article is pretty much a self-contradictory exercise in proving that, yes, it's the unions' fault? Send the guy to a remedial Logic 101 class.