Skip to comments.JPMorgan Committing $100 Million Over 5 Years to Aid Revitalization in Detroit
Posted on 05/21/2014 5:00:06 AM PDT by SoFloFreeper
JPMorgan Chase, the nations biggest bank, will provide $100 million to help debt-ridden Detroit with housing repairs, blight removal, job training and economic development projects over the next five years, according to two people with direct knowledge of the plans.
The investment, a mix of loans and grants, will add to a growing pile of money from outside private institutions as the city nears the final, painful stages of the nations largest municipal bankruptcy proceeding. Detroit filed for bankruptcy protection in July, with an estimated $18 billion in long-term debt. This summer, a federal judge will decide whether to approve a plan that would allow the city to exit bankruptcy court by mid-October.
(Excerpt) Read more at mobile.nytimes.com ...
Seriously, I don't want to be a constant naysayer...if Morgan takes ownership and tries to create an oasis of prosperity in New Fallujah, then the actions MIGHT encourage a new spirit there....but I believe a new mentality among the population will be a long, hard slog.
Sure beats dumping it on the taxpayers.
Al Sharpton must have extorted this “contribution.”
$100 million is peanuts. You can’t even build a single decent-sized skyscraper with that amount.
It’s a pee-hole in the snow.
20 million per yer for 5 years?
what’s that going to buy? (oh-yeah, politicians)
Yep, if Michigan needs an enema, it has to through DETROIT. All these liberals, socialists and communists keep “TWEEKING” the DETROIT economy, hoping against hope, that one of their “TWEEKS” will work. They are loath to admit that the only thing that will help DETROIT is for the government to get out of the way and allow private enterprises to turn that city around. Yet we see the same thing happening all over this country. Pretty soon, we will all be like “DETROIT”, and there will come a time when the world needs an enema, it will have to go through WASHINGTON.
The most valuable use of that money would be to buy up all the derelict buildings in the entire city, raze them to the ground, and plant the entire area with agricultural field crops, used to feed the surrounding communities and provide employment for the few remaining residents of Detroit.
Make a great demonstration plot for GMO crops and mechanization of harvest. Henry Ford might even approve of such a plan.
Detroit won't sell the art..
If they do not go “all the way”, then it is a losing scheme. It's like pouring concrete into Chernobyl and waiting for the radioactive half-life to dwindle.
I grew up in Detroit and there is no hope whatsoever there until the crime rate is reduced to zero. Indeed, Robocop can come back to the city of his birth and reclaim it for those who hope to improve the lot of the inhabitants.
The alternative is to nuke the city with Neutron bombs and start all over with the Agregrarian revolution.
It’s JPM’s money. Let them give it the old college try. I doubt much will happen. You first have to change the mindset of the people there before positive things can happen.
I like your response the best of those offered. Anytime Detroit or Democrats are mentioned in conjunction with money, be it public or private, there are bribes and pay offs afoot. Build anything you want in Detroit and you get nothing. No real skills pool, an Islamist world view and a welfare work ethic.
Uh...well...did you read the part about “grants and loans”. Trust me...these people haven’t been in business for a hundred plus years for no reason. Follow the money trail if you can...it will lead directly to the suckers (like me) who pay taxes.
The money would be better spent on bulldozers and replanting forest in it’s place.
“The most valuable use of that money would be to buy up all the derelict buildings in the entire city, raze them to the ground, and plant the entire area with agricultural field crops”
Won’t work with the ancient buildings filled with toxic materials, asbestos, lead etc, the land would be unusable for crops.
Totally agree. The forest animals and fungus growing under the rocks would be more productive than the current occupants of Detroit.
Probably the funds will be used to relocate the population, raze the buildings, maybe update some infrastructure....to prepare it for the Chinese.
Money and wealth is the product of Civilization not its progenitor. Civilization is the cumulative efforts of a group of people living their lives everyday. Detriot is what it is because of how the people there live their lives everyday. Money can't change that. The fact is nothing can. There is only one way to bring Civilization back to Detriot but it would be "RACIST!"
I see small, positive things happening in Detroit that will help it rebuild, but it is going to take time.
I wonder how many hands will be in that $100 million over the next five years.
Prediction: the money will accomplish nothing but feather a lot of nests.
A lot of Democrat nests.
On CNBC this morning, they commented that JPM could have done a lot more if it hadn't been shaken down by the government for $20 billion. Shake down is apt here, because the government sued them for the wrongdoings at Bear Stearns before they owned it. But, the government begged JPM to take Bear over!
Yeah, there is a reason these big companies are moving so many of their people and operations to Detroit. Part of the reason is the growing communism of the east coast while its fading here in the midwest. Detroit is also the second busiest trade crossing on the continent. Canada is also dumping money into Detroit because they need it to succeed.
Conservatives should be optimists and builders, not emulating democrats and their worship of destruction.
You mean like these guys?
$20M/year, that won’t even cover the graft.
Detroiters have found a new teat.
Yea, then they can use all the poor black folk of the inner city to plant the crops and harvest the crops. That should work out swell.(sarc)
We ship a tremendous amount of lumber via the CN railroad through both Detroit and Buffalo. The CN gives incentive rates to those two points where they own reload locations. The reload is where we send in railcars of lumber and ship out trucks. It helps them consolidate traffic from BC back to these points in the eastern US. In this way, it is similar to the oil trains where 100 cars start in one place and ship to one place 1500 miles away with no stops in between. From these two reload locations, we then ship trucks as far south as SC & TN.
I know a lot of oil moves through Detroit and Port Huron by rail and pipeline.
They need a write off!
Or you could just have an annual bonfire.
Do you really think the taxpayers won’t be on the hook for this in the future?
If they are, its only because conservatives are pathetic yapping chihuahuas who don’t have the brains to avoid another democrat trap.
Getting rid of all the Liberal/Democrats would do more good.
Maybe not so much conservatives, but GOPe, definitely. These aren’t ironies they’re spewing. They are outright lies.
Look around FR, I see a whole lot of “conservatives” who clearly want nothing but destruction.
Reagan would be disgusted by them.
You must mean the “worse is better” mindset, because (I guess) it will bring the reset sooner. I agree that President Reagan would highly disapprove. Boy, none of us could have imagined these days.
We have neglected our duty too long.
Why would Canada be so concerned about Detroit?
Because its the second busiest freight crossing on the continent and it buts right up against Canada’s industrial region.
There’s also the fact that they have a fair number of business interests of their own in Detroit and around Michigan. A canadian company owns the salt mine under Detroit, Canadian companies also own other mines, stone quarries, and factories around Michigan.