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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
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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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