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Donít Save Detroit ó Sell It
American Spectator ^ | 09/18/2013 | John Fund

Posted on 09/18/2013 6:53:50 AM PDT by SeekAndFind

IN THE 1983 movie Dr. Detroit, the flamboyant lead character goes on a rampage warning of trouble to come. “I am talking about scorched earth, no survival, wholesale destruction…body-bags and fire!” he yells. That’s pretty much what has happened to Detroit over the last three decades.

Its population has shrunk by half to below 700,000. The wait for police response is five times the national average, and only 8 percent of crimes are solved. Roughly a third of the city’s 140 square miles is either unoccupied or dilapidated. About 40 percent of its tax revenue is directed to retirement or debt, and the city hasn’t been in the black since 2004.

Bankruptcy should have been declared years ago. The best experts say there is no way the city can ever crawl out of its predicament using conventional means.

In the short term, Detroit could sell assets. Kevyn Orr, the city’s emergency manager, says all assets must be potentially on the table. Experts consulted by the Detroit Free Press say the collections of the Detroit Institute of Arts—works by everyone from Van Gogh to Matisse to the original Howdy Doody children’s TV doll—would fetch some $2.5 billion. But that’s only one-eighth of the city’s projected long-term debt of $20 billion. Art experts say any sales from the museum would have to be spaced out over a long period.

“There are only so many billionaires that could absorb all of that material,” art appraiser Betty Krulik told reporters.

With a federal or state bailout effectively off the table because of the bad precedent it would set for other near-bankrupt cities, it’s time for truly creative thinking. Orr, Detroit’s emergency manager, makes clear what’s needed.

(Excerpt) Read more at spectator.org ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Michigan
KEYWORDS: bankruptcy; bluezones; detroit

1 posted on 09/18/2013 6:53:50 AM PDT by SeekAndFind
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To: SeekAndFind

I got dibs on the Red Wings.


2 posted on 09/18/2013 6:54:31 AM PDT by dfwgator
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To: SeekAndFind
Ah, the effects of unbridled welfare.
I wonder if big cities will learn their lesson. Doubtful.
3 posted on 09/18/2013 6:55:46 AM PDT by cloudmountain
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To: SeekAndFind

Bulldozer it down.


4 posted on 09/18/2013 6:56:13 AM PDT by tennmountainman (Stop Worrying And Just Learn To Love The Bomb!)
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To: SeekAndFind

There but for the grace of electing Republicans to state and local government go I.


5 posted on 09/18/2013 6:57:54 AM PDT by babble-on
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To: cloudmountain

Most big cities are in worse shape than Detroit but haven’t been cut off yet.


6 posted on 09/18/2013 6:58:10 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: SeekAndFind

It is being sold (at least some of it) to the Chinese.


7 posted on 09/18/2013 7:00:04 AM PDT by bmwcyle (People who do not study history are destine to believe really ignorant statements.)
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To: bmwcyle

Don’t they own enough of America already!


8 posted on 09/18/2013 7:01:47 AM PDT by ForAmerica (Texas Conservative Christian *born again believer in Jesus Christ* Black Man!)
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To: bmwcyle
It is being sold (at least some of it) to the Chinese.

Maybe they could do a better job.


9 posted on 09/18/2013 7:03:16 AM PDT by dfwgator
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To: babble-on

GOP state governance is what is attracting big players like JP Morgan to Detroit. It helps but what really grows an economy is the small businesses.

There are a lot of other things going on in Detroit that these writers never mention or apparently even know about like the state effectively taking control of Detroit elections.


10 posted on 09/18/2013 7:03:39 AM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: SeekAndFind

Turn it into a tax-free and regulation-free zone and watch what happens. Make it the “Hong-Kong” of the US (though HK is not actually tax or reg free).


11 posted on 09/18/2013 7:03:52 AM PDT by fruser1
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To: SeekAndFind

Maybe Canada wants it back?


12 posted on 09/18/2013 7:04:58 AM PDT by Michael.SF. (0bama lied, Stevens died, now 0bama covers up the lies.)
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To: SeekAndFind

Unfortunately, the buyer would still be left with the demographics that come with Detroit.


13 posted on 09/18/2013 7:07:16 AM PDT by radec
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To: Michael.SF.

RE: Maybe Canada wants it back?

This is new to me... when did they have it?


14 posted on 09/18/2013 7:07:42 AM PDT by SeekAndFind
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To: SeekAndFind

The thing that bums me out is that there is a lot of big money going into rebuilding Detroit, but the average person can’t really buy anything there.

They are selling it, but only to big companies.


15 posted on 09/18/2013 7:09:07 AM PDT by Truth2012
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To: SeekAndFind

A preview of Chicago’s future. Keep at it libs. We’ll all live in Zimbabwelike conditions before you can say,” Obamacare”.


16 posted on 09/18/2013 7:09:44 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: SeekAndFind

Pawn it to Les


17 posted on 09/18/2013 7:11:53 AM PDT by al baby (Hi Mom)
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To: radec

A whole lot of truth behind your post!

As long as it is Politically Incorrect to speak such truth nobody can begin to work on a solution.


18 posted on 09/18/2013 7:12:12 AM PDT by Wurlitzer (Nothing says "ignorance" like Islam! 969)
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To: bmwcyle
It seems the choice is to let it be run by insufferable communist out to seize control at any cost or sell it to the Chinese!!!
19 posted on 09/18/2013 7:15:15 AM PDT by ontap (***)
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To: tennmountainman
I've been saying that for awhile --
make everybody move away: 100%.
Bulldoze everything: 100%

Sell the land: no crime, no poor people, no unions, no zoning, no stagnant city government. Start fresh. No baggage.

20 posted on 09/18/2013 7:16:42 AM PDT by ClearCase_guy (21st century. I'm not a fan.)
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To: SeekAndFind

My father-in-law had an expression for this strategy: putting a new dress on an old whore. I won’t complete his saying out of respect for children who may want to read this. Use your imagination. The author cites the success of Pittsburgh. Well, Google “Pittsburgh city debt” and there goes that theory. Until the cancer is cut-out, treating the symptoms and not the cause is about all “selling Detroit” can accomplish. The old whore is still a whore.


21 posted on 09/18/2013 7:18:36 AM PDT by trubolotta
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To: Truth2012
...but the average person can’t really buy anything there.

Buying real estate in Detroit would be a difficult and risky investment, but there is plenty of it for sale. In some instances the asking prices seem higher than what one would expect, but they are in the range of what an "average" person could afford if they had the kind of risk tolerance needed to invest in distressed assets in a failing city.

In many instances the high prices asked for real estate in depressed neighborhoods deter re-development, since they, along with high costs to renovate the property due to municipal regulations make the investments unprofitable.

22 posted on 09/18/2013 7:19:18 AM PDT by freeandfreezing
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To: ontap

It is all part of the plan to turn the US more National Socialist. America has got to wake up.


23 posted on 09/18/2013 7:20:48 AM PDT by bmwcyle (People who do not study history are destine to believe really ignorant statements.)
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To: ClearCase_guy

Doing that would at least double the current value of the land I bet.

I like the idea, clean it out totally and then start fresh without any prior restrictions or contracts or deals.

Kind of like a “Reset” button.

This is one use of imminent domain that I might support. Here is fair market value for your home, now move! You are welcome back when YOU pay YOUR way back.

One heck of an opportunity to show what could be done if we could start fresh somewhere.


24 posted on 09/18/2013 7:22:50 AM PDT by BookaT
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To: fruser1
Turn it into a tax-free and regulation-free zone and watch what happens. Make it the “Hong-Kong” of the US (though HK is not actually tax or reg free).

EXACTLY!

25 posted on 09/18/2013 7:23:58 AM PDT by jdsteel (Give me freedom, not more government.)
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To: bmwcyle

Bring back American JOBS.

Even in Detroit.

Stop selling everything to China.


26 posted on 09/18/2013 7:25:41 AM PDT by Cringing Negativism Network
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To: jdsteel; fruser1

RE: Turn it into a tax-free and regulation-free zone and watch what happens. Make it the “Hong-Kong” of the US (though HK is not actually tax or reg free).

Errr... there’s just one small detail -— The inhabitants of HK and the inhabitants of Detroit have different values, culture and education.


27 posted on 09/18/2013 7:27:42 AM PDT by SeekAndFind
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To: SeekAndFind

We occupied Detroit during the War of 1812.


28 posted on 09/18/2013 7:27:59 AM PDT by Squawk 8888 (I'd give up chocolate but I'm no quitter)
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To: Cringing Negativism Network

Got the National Socialist out of Congress first. RINOS and Democrats


29 posted on 09/18/2013 7:28:51 AM PDT by bmwcyle (People who do not study history are destine to believe really ignorant statements.)
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To: SeekAndFind
One of the concessions made as a result of the War of 1812 was that the Crown relinquish all claims to what is now Michigan, Ohio and Indiana.

Tippecanoe and Tyler Too!

Had we lost that War it is probable that those areas would have reverted to Canada.

30 posted on 09/18/2013 7:30:12 AM PDT by Michael.SF. (0bama lied, Stevens died, now 0bama covers up the lies.)
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To: SeekAndFind
Detroit Bankruptcy [Catholic]
31 posted on 09/18/2013 7:32:31 AM PDT by Berlin_Freeper
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To: SeekAndFind

raze it


32 posted on 09/18/2013 7:32:32 AM PDT by GeronL
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To: dfwgator

“I got dibs on the Red Wings.”

You just want to bring Lindstrom to Dallas.


33 posted on 09/18/2013 7:37:51 AM PDT by EQAndyBuzz (Make today a great day. Insult a liberal.)
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To: SeekAndFind

I hear Omni Consumer Products is in the market to buy. . . .


34 posted on 09/18/2013 7:44:45 AM PDT by Salgak (http://catalogoftehburningstoopid.blogspot.com 100% all-natural snark !)
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To: SeekAndFind

Let Detroit work its way out of its problems with Wisonsin-style union policies and New York-style crime policies


35 posted on 09/18/2013 8:02:50 AM PDT by TBP (Obama lies, Granny dies.)
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To: Michael.SF.

ha ha ha ha ha ha. Are you serious????


36 posted on 09/18/2013 8:20:05 AM PDT by Former Proud Canadian (The IRS--a softer Gestapo)
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To: radec
"Unfortunately, the buyer would still be left with the demographics that come with Detroit."

Then, as with Katrina in NOLA, the result is 'exporting' the problem to all the surrounding localities.
Who then see a spike in 'activities' that made Detoilet the cesspit that it is.
Impossible to have a 1st-class community when you get a influx of new members with 3rd world attitudes
37 posted on 09/18/2013 8:20:54 AM PDT by 45semi (A police state is always preceded by a nanny state...)
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To: Former Proud Canadian
Maybe we can sell it to the McKenzie brothers?

They're a couple of hosers anyway.

38 posted on 09/18/2013 8:33:24 AM PDT by Michael.SF. (0bama lied, Stevens died, now 0bama covers up the lies.)
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To: SeekAndFind; cripplecreek

“1983 movie ‘Dr. Detroit’”

There was supposed to be a sequel to that movie; the sequel’s title: “The Wrath of Mom”

I’m still waiting ...


39 posted on 09/18/2013 8:43:43 AM PDT by First_Salute (May God save our democratic-republican government, from a government by judiciary.)
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To: SeekAndFind

Selling Detroit won’t solve the problem. Selling the art won’t solve the problem. Even giving Detroit billions of dollars won’t solve the problem. You have to “change” the people of Detroit. And I don’t mean exchange them with other people. Good, bad, right or wrong the people of Detroit are Americans. The first thing to be done is an honest examination and appraisal. In order to do that, the propaganda has to stop. The Democrats have to stop blowing smoke up the donkeys of the citizens of Detroit. Detroit is broke. The Democrats broke it. They are going to have to accept the responsibility before anything else can be done. That would be truly compassionate. I’ve never expected the Democrats to be perfect, but I think that it’s fair for us to demand that they be realistic. The Democrats need to stop the BS posturing about Detroit and start fixing the problems.


40 posted on 09/18/2013 9:08:03 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: BookaT

eminent


41 posted on 09/18/2013 10:07:47 AM PDT by kabumpo (Kabumpo)
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To: SeekAndFind

Who’d want it?

It’s only worth about $40.


42 posted on 09/18/2013 10:23:39 AM PDT by PATRIOT1876
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To: SeekAndFind

The British turned it over to America in 1796. We do not want it back! !


43 posted on 09/18/2013 10:28:25 AM PDT by albertabound (it's good to beeeee Alberta bound)
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To: al baby

Les lowballs everything.


44 posted on 09/18/2013 5:15:39 PM PDT by fieldmarshaldj (Resist We Much)
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To: First_Salute

Mom is still alive (turns 93 next month). Dr. Detroit was a bomb, so that’s why they didn’t do the sequel.


45 posted on 09/18/2013 5:18:37 PM PDT by fieldmarshaldj (Resist We Much)
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