http://www.reuters.com/article/2013/07/18/us-usa-detroit-bankruptcy-idUSBRE96H16O20130718

I'm surprised that there isn't yet a thread about this. the Reuters article lays out some of the basics. Everyone new Detroit was fucked nearly a decade ago, the 2008 financial crisis just sped it up, that isn't news. What will be news is how the bankruptcy is handled, the effect it will have on the municipal bond market, the implications for pensions, etc.

7/19/2013 12:48:45 PM

Just watch Hardcore Pawn and you will understand why Detroit is an epic shithole and is beyond saving.


We need to firebomb the whole place and start from scratch.

7/19/2013 1:44:40 PM

(hardcore pawn isn't real, it's a tv show. is that where all your opinions come from? "reality" shows?)

7/19/2013 1:46:54 PM

I have started watching a documentary on Netflix called 'Detropia'.....pretty good footage of how bad it is.

7/19/2013 4:07:17 PM

There actually was already a thread about it, in Chit Chat: message_topic.aspx?topic=638010

7/20/2013 8:17:37 PM

I haven't followed the Detroit bankruptcy situation much, but I do remember Maddow reporting on the situation in Detroit back in March.

http://www.thedailynarrative.com/2013/03/02/michigan-gives-up-on-democracy/.html

Quote :

"Rachel Maddow reports on the latest developments in Republican governor of Michigan, Rick Snyder’s effort to remove Detroit’s democratically elected government and impose an appointed manager, which would mean half of Michigan’s African-Americans would have had their local democracy revoked by the state."

http://maddowblog.msnbc.com/_news/2013/02/19/17018596-if-michigan-takes-over-detroit-does-that-save-the-city?lite

Quote :

"It's not for me to say whether an emergency manager would save Detroit. It seems worth noting that with one exception, having the Michigan state government take over your town or school district and sideline the local elected officials has not yet led to halcyon outcomes. Ask Muskegon Heights, where an emergency manager took over the school district and now they're dealing with uncertified teachers. Ask Pontiac, where a judge the other day said the emergency manager's decision-making "looks like a dictatorship." Ask the Detroit school district, where they've had an emergency manager since 2009 and the schools are still a mess."

Quote :

"the situation is bad in many, many Michigan towns, as it is throughout the Rust Belt. So far, installing an emergency manager with unilateral control has not been the fix."

Her basic argument seemed to be that yeah, Detroit's financial situation is messed up, but Emergency Managers have a record of failing to fix the situation while costing citizens their democracy. I don't know how much of it I buy since I don't know much about the situation, but the context seems worth thinking about as an Emergency Manager has now been appointed and has decided to declare bankruptcy.

7/20/2013 10:10:40 PM

this is what happens when you let liberals and corrupt unions take over.


but it's ok... obama will just bail them out.

7/20/2013 11:38:04 PM

Why cant government employees just use a shitty 401k like everyone else.

7/21/2013 1:14:57 AM