Posted on 09/02/2014 7:41:11 PM PDT by Steelfish
Detroit, Hoping To Leave Bankruptcy, Warns of 'Downward Spiral' Detroit's bankruptcy trial begins Protestors, including one wearing a mask depicting Michigan Gov. Rick Snyder, gather outside a federal courthouse in Detroit to protest the start of a key hearing in the city's bankruptcy trial. By ALANA SEMUELS
Detroit attorneys argue that the city will never recover financially if its bankruptcy plan is rejected "I don't like the term death spiral," Detroit attorney says. "But Detroit is in a downward spiral" Lawyers for the city of Detroit began their opening arguments Tuesday in what could be the final stage of the city’s bankruptcy trial, setting off a weeks-long hearing after which Judge Steven Rhodes will either approve or nix the city’s plan to emerge from Chapter 9.
The city began its arguments by emphasizing that alternatives to the bankruptcy plan would stall Detroit’s recovery and potentially cast it into a situation from which it could not recover.
I don't like the term death spiral. But Detroit is in a downward spiral - Bruce Bennett, attorney representing Detroit as it tries to emerge from bankruptcy “I don’t like the term 'death spiral,'” Bruce Bennett, an attorney representing the city, said in court Tuesday. “But Detroit is in a downward spiral.”
Bennett argued that raising taxes in Detroit, which has the highest taxes and worst services in the region, would not stabilize the city, although doing so could potentially reap more for creditors.
(Excerpt) Read more at latimes.com ...
I have no problem with the people of Detroit going to Tennessee....
As long as they stay there and not continue west.
Go West, Young Man! It was just a refrain of John B. L. Soule, NOT Horace Greeley, NOT to be taken seriously.
And I am as far west as one can go. NOTHING wrong with THAT.
Or south.
Unless they are conservative, we don’t WANT THEM.
Cue AC-DC’s “Highway To Hell” for the Motor City.
You can say that again.
I thought Chief Justice John Roberts already declared that it was not the job of judges to rescue people from their political consequences.
People Detroit go to New York City..
FREE food, clothes, shelter a major Thuggocracy..
You feel completely at home as you destroy that place as well..
NYC won’t be much better; the whole northeast is in bad shape. On top of that, about 1/3 of our casino workers got laid off...
The party of Detroit = Democrats. They suck.
No mention here of the massive land/property purchases by Chinese. It is just getting restructured.
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