Posted on 07/19/2013 7:44:27 AM PDT by SeekAndFind
RE: NOT ONCE has anyone mentioned who controlled the town for five decades.
Well, there’s always a first time. You read it here first :)
See, the problem is, they couldn’t fence the cows in.
They couldn’t force the people they were milking to stay and be milked.
If only they could force taxpayers to stay in the municipality, they could just raise taxes until they had everything they wanted paid for.
I think if you took Detroit apart over the past thirty years....you could write a two-thousand page book on incompetence and fraud.
The future of the USA if present trends continue.
Yeppers.
If no one can buy or sell without the mark,
that has to entail a very well controlled populace.
Oooh! Who's John Galt? They could just pass a law saying that people had to live out the twilight of their years in the local of the company that is paying their pension. If you move you lose your pension. That would work and fit Ayne Rand's 60 year old fictional story/prophecy.
(cynicism)
Politicians act like Wall Street execs, sell a product or concept that intitially benefits the first group but in the long run is unsustainable. Liar loans and its short term profits but long term destructive toxicity is no different then promises of unpaid benefits for immediate votes. Both (politicians and execs) know that by the time the system collapses, they already left town with their profits while those left behind are stuck holding the bag. Detroit and Wall Street collapse share a common theme. Immense short term profit for the schemers and diseaster for the majority in the long term. Until Americans find a way to deal with these schemers in a severe way, even free enterprise and democracy will not function nor survive.
I can conceive of the Federal Government bailing them out. In fact that is quite possible if they aren't watched closely.
Maybe the asshats in government should take econmics 101!
“The law of diminishing returns is a classic economic concept that states that as more investment in an area is made, overall return on that investment increases at a declining rate, assuming that all variables remain fixed. To continue to make an investment after a certain point (which varies from context to context) is to receive a decreasing return on that input.”
Detroit is a toilet and they’re simply reaping what they have sown.
The City of Detroit filed for bankruptcy yesterday afternoon
*********
Perhaps one of the most predictable events of all time. lol
I’ve heard it said on talk radio that Detroit should be bulldozed into the ground. I think I’ve got a better idea. Put a fence around it and make it a National Monument dedicated to what the unions have done for America.
The creditors deserve a fair bit of blame themselves. They knew the city would never be able to pay the bills but they kept lending with every intent that a federal bailout would take care of them. They had the power to force fiscal responsibility but didn’t.
I just wish creditors of other cities would stop letting those cities accumulate debt. Many much larger cities will get federal bailouts but I’m certainly going to oppose it for Detroit.
I would however give the creditors vacant land. They would find a means of making it salable at minimal cost.
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