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To: Bobalu
Detroit is even more bankrupt than the rest.

Unfortunately no. NY city alone has more than $100 billion in debt. Detroit is but a tiny canary in a very large coal mine.
32 posted on 07/19/2013 2:19:47 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: cripplecreek

True, but unlike Detroit NYC has cash flow.


80 posted on 07/19/2013 3:06:32 PM PDT by Squawk 8888 (I'd give up chocolate but I'm no quitter)
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To: cripplecreek

NYC may have higher debt, but NYC has taxpayers.

Detroit lacks enough responsible taxpayers.

The responsible ones that could, fled the Democratic City of Detroit.

Good thing too, in view of the heavy amount of black racism there.


121 posted on 07/19/2013 4:51:13 PM PDT by OldArmy52 (The question is not whether Obama ever lies, but whether he ever tells the truth.)
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To: cripplecreek
Unfortunately no. NY city alone has more than $100 billion in debt. Detroit is but a tiny canary in a very large coal mine.

Very true. The only reason Detroit is the first to blink is that it has been, essentially, shut out of the bond market. Bernanke's printing is enabling the continued purchase of stocks and bonds, thereby removing the need for due diligence and accurate ratings. When the bond markets seize as a side effect of QE being reduced or withdrawn, the smelly brown matter will hit the whirling blades quickly.

127 posted on 07/19/2013 5:10:56 PM PDT by RobertClark (My shrink just killed himself - he blamed me in his note!)
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