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Old 07-18-2013, 05:06 PM
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And theres the writing on the wall for all of America....

-Nate
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Old 07-18-2013, 05:14 PM
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Not EXACTLY unexpected; but I thought Orr had a chance. He was - and still is - playing really hard hardball with everyone involved, if Detroit's creditors had had sense they would have given in rather than brought things to this point. But some of them just can't, I guess...
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Old 07-18-2013, 05:22 PM
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Originally Posted by Moccasin View Post
Not EXACTLY unexpected; but I thought Orr had a chance. He was - and still is - playing really hard hardball with everyone involved, if Detroit's creditors had had sense they would have given in rather than brought things to this point. But some of them just can't, I guess...
I really liked what Orr was doing, but between the creditors and the Municiple City Workers Union filing lawsuits, he had little choice but to swing the bankruptcy hammer. For Detroit to avoid bankruptcy, everyone would have had to come up with a reasonable compromise.
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Old 07-18-2013, 06:06 PM
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Flashback...

Quote:
On October 13, 2012, President Obama boasted to Americans in his weekly address that he refused to “let Detroit go bankrupt.”

“We refused to throw in the towel and do nothing,” Obama said. “We refused to let Detroit go bankrupt, I bet on American workers, and American ingenuity and three years later that bet is paying off in a big way.”


Of course Obama was referring to the auto industry – alluding to Mitt Romney’s unfortunate New York Times op-ed headline from 2008.

...today...

Quote:
Detroit files largest municipal bankruptcy case in U.S. history
July 18, 2013 at 5:57 pm

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2ZRKdfFOG


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Old 07-18-2013, 06:10 PM
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This a good thing. It allows the city to break all its Union contracts. Can't wait till Kali does the same.
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Old 07-18-2013, 07:28 PM
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This is absolutely shocking and unexpected!
... but but but... debt doesn't matter.
The economy is recovering, how can this be?
Pics or it didn't happen, http://blogs.denverpost.com/captured...-detroit/2672/ oh wait. Nevermind.
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Old 07-18-2013, 07:32 PM
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Originally Posted by Robert_W View Post
Meanwhile...back at the halls of the elite...

Those that got us all here are once again being rewarded with record profits and stock prices.

Wall Street at RECORD levels. Why just today Bank of America (Dubai, Saudi Arabia, China) stock was up over 3%.

There truly is a part of me that would like to see it all come crashing down HARD!
+1000
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Old 07-19-2013, 05:36 AM
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Robocop is coming true... now, where is OCP to buy it up...
Old 07-19-2013, 07:04 AM
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I hope the federal government isn't stupid enough to bail them out as that would be a green light for many more to follow. Let them sink.
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Old 07-19-2013, 07:09 AM
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I thought that happened in the 1980's -- or was that just the beginning.

Too bad they never had a democratic mayor in tall that time to turn things around.
Old 07-19-2013, 07:14 AM
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this is a small drop in the coming bucket of defaults...
I do hope the price of capital for detroit goes way up.
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Old 07-19-2013, 07:15 AM
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There are more things wrong with Detroit than simple finances.
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Old 07-19-2013, 07:24 AM
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People moved out, people moved in. Look at most of the old houses and buildings, this was a great city at one time. Detroit has no future without the mass exit of large amounts of people. Than other people will move back in and rebuild it again.
Old 07-19-2013, 07:30 AM
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Michigan should declare Detroit a tax free zone.

Not state taxes for any workers or residents in the city.
The state claims title on all city and abandoned land.
The state sells land to repay debt and then uses any other proceeds for rebuilding efforts.

No state sales tax. The city can do it if they want. No property taxes.

No state regulations.

Detroit would become the fastest growing economy in the state.
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Old 07-19-2013, 07:36 AM
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I've posted several documentaries, articles and opinions on Detroit in the past, including Yves Marchand's beautiful pics in 'Ruins of Detroit'.

Nobody should be surprised by this at all.
Old 07-19-2013, 07:39 AM
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One thing I find curious about the news coverage of Detroit's Bankruptcy, it is almost like the money owed (pensions, bond holders) and will not get payed does not matter. I would think there are all kinds of follow on effects of a multi billion dollar default. But to listen to news coverage it is almost like Detroit was in another country. The financial people are not even giving it much comment. Instead everyone is happy with the stock market continuing to climb. Heck there is little comment of oil now over $108/barrel!

Nothing to see here folks, the Royal Baby is due.
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Old 07-19-2013, 07:43 AM
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We will all pay when the pensions are paid by the federal insurance program.
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Old 07-19-2013, 07:45 AM
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Quote:
Originally Posted by MattB4 View Post
One thing I find curious about the news coverage of Detroit's Bankruptcy, it is almost like the money owed (pensions, bond holders) and will not get payed does not matter. I would think there are all kinds of follow on effects of a multi billion dollar default. But to listen to news coverage it is almost like Detroit was in another country. The financial people are not even giving it much comment. Instead everyone is happy with the stock market continuing to climb. Heck there is little comment of oil now over $108/barrel!

Nothing to see here folks, the Royal Baby is due.
Yeah, I've always found it curious how one of the biggest cities, in what is supposed to be the most prosperous nation on earth, can end up like the setting for Van Damme's 'Cyborg', and the nation just keeps on dancing. As if all of the media and citizenry are Stepford Wives. Really weird...
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Old 07-19-2013, 10:53 AM
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Quote:
Originally Posted by 9111315 View Post
Michigan should declare Detroit a tax free zone.

Not state taxes for any workers or residents in the city.
The state claims title on all city and abandoned land.
The state sells land to repay debt and then uses any other proceeds for rebuilding efforts.

No state sales tax. The city can do it if they want. No property taxes.

No state regulations.

Detroit would become the fastest growing economy in the state.
I think that's a great idea. They could do that and lock it in for 5 or 10 years. Offer incentives to buy the land, and incentives for those in the the bad areas to relocate. Some of the areas are only sparsely inhabited, and if you moved some around it would free up the tear down of some seriously run down buildings etc.

Detroit had nearly 2 million people in the 50's and is now around 700k. It's pretty obvious people don't have an issue moving.

Crime is a huge issue in Detroit. Right now, the area is to big to effectively police, and there are areas the police will not go into. If you concentrate the population into a smaller area, the police can concentrate their forces on that area. Instead of one or two cops venturing into a neighborhood, there would be a force of cops present at all times.

Cleaning up, and revitalizing Detroit is very possible, they just have to do it!
Old 07-19-2013, 12:28 PM
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Quote:
Originally Posted by TheExtreme View Post
http://blogs.denverpost.com/captured/2011/02/07/captured-the-ruins-of-detroit/2672/[/url] Nevermind.
This is the natural result of nearly a century of "progressive" policy in action. This is what happens when government becomes so bloated and so corrupted that it can no longer function. This is, in short, America's future if the American people don't wake up en-masse and change our collective trajectory.
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