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.
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