Topic: Detroit Becomes Largest U.S. City To File Bankruptcy (Read 7408 times)
My favourite story out of Detroit is the stray dogs. There's whole neighbourhoods the USPS won't deliver to, because the dog pack attacks are too frequent. There are pockets of pitbull infested vacants, and they're getting by successfully enough that they're breeding (or at least a few weeks ago when I read the report)
Receiving $300M in federal funding. http://www.nytimes.com/2013/09/27/us/300-million-in-detroit-aid-but-no-bailout.html?_r=0
Bankruptcy court case ongoing. Half of streetlights still nonfunctional. They're expanding efforts to cut spending and bring in additional revenue, like leasing parks and other gov't property out, and turning certain functions and land over to the state for maintenance.
Still going bankrupt, but will probably have a solid foundation for a reboot due to heavy subsidization and aid provided by governments up in the hierarchy.
Bankruptcy court case ongoing. Half of streetlights still nonfunctional. They're expanding efforts to cut spending and bring in additional revenue, like leasing parks and other gov't property out, and turning certain functions and land over to the state for maintenance.
Still going bankrupt, but will probably have a solid foundation for a reboot due to heavy subsidization and aid provided by governments up in the hierarchy.
I've also heard some communists won election or? And what's the bankruptcy status? There should be some court process going on, is it officialy bankrupt, properties being sold or what?
The former Mayor was just jailed for 28 years ... corruption, graft, etc.
http://www.3news.co.nz/Corrupt-ex-Detroit-mayor-jailed-for-28-years/tabid/417/articleID/316798/Default.aspx
Quote
Former Detroit Mayor Kwame Kilpatrick has been sentenced to 28 years in prison for corruption, after a series of scandals destroyed his political career and helped steer a crisis-laden city even deeper into trouble.
Kilpatrick, who served as mayor from 2002 until fall 2008, fattened his bank account by tens of thousands of dollars, travelled the country in private planes and even strong-armed his campaign fundraiser for stacks of cash hidden in her bra, according to evidence at trial.
Kilpatrick, who served as mayor from 2002 until fall 2008, fattened his bank account by tens of thousands of dollars, travelled the country in private planes and even strong-armed his campaign fundraiser for stacks of cash hidden in her bra, according to evidence at trial.
http://www.3news.co.nz/Corrupt-ex-Detroit-mayor-jailed-for-28-years/tabid/417/articleID/316798/Default.aspx
Any news about Detroit?
No, but there are many resurrected threads-
Any news about Detroit?
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It's all fun and games until somebody loses an eye
they finally filed for bankruptcy, how much longer will GM be headquartered there, maybe its just an empty office building 
Why would GM move now? It is not like it can get any worse!
they finally filed for bankruptcy, how much longer will GM be headquartered there, maybe its just an empty office building
Apparently there are some anarchist / agorist initiatives in Detroit now.
http://thestateweekly.com/with-detroits-bankruptcy-anarchists-have-begun-project-free-detroit-starting-a-community-2/
Time for Bitcoin?
http://thestateweekly.com/with-detroits-bankruptcy-anarchists-have-begun-project-free-detroit-starting-a-community-2/
Time for Bitcoin?
Might be a good time to buy-to-rent in Detroit. Especially if the USD tanks as that will mean that inland production will go up (imports gets more expensive). The bankruptcy might lead to better financial control and federal money/ local tax breaks etc
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
Wow. It would take some real balls to invest in Detroit right now. Well, furthermore, to invest in any business in the USA right now takes balls, IMO.
Btw, anyone notice article today in WSJ talking about the effects of this on the European banks? Seems UBS was involved in lending to the Detroit muni back in the boom years.
http://online.wsj.com/article/SB10001424127887324328904578619993814520624.html?mod=WSJEurope_hpp_LEFTTopStories
http://www.mlive.com/business/detroit/index.ssf/2013/07/dan_gilbert_detroit_bankruptcy.html
Dan Gilbert is dropping billions into Detroit real estate. Apparently the man has vision.
Well he's certainly buying when there's blood in the streets, people are fearful, and all the other applicable adages.
Unfortunately for him, it is quite possible that "all applicable adages" - that would have applied in the past 50 years - are simply not applicable in today's world. For the same reason, I believe many existing successful investors like Warren Buffett - who see the situation in the USA as improving - are totally wrong.
There's an interesting article by Meredith Whitney in the Financial Times today - titled "Detroit aftershocks will be staggering" - about Detroit and how there are a whole collection of states in a similar position, ready to do the whole thing. Anybody read it? It's on pastebin
In my opinion, Meredith Whitney is one of the smartest people on Wall Street right now, and furthermore she has the balls to come out and say what's actually going on in the USA. Which says a lot about Wall Street, since she's a woman.
http://vpaste.net/la3QH
Whitney has been warning of a muni collapse for years now. Maybe she was just off on her timing and is now going to be proven correct. Only time will tell. We've seen municipalities default before Detroit and we'll see more after, but nothing on the scale of a city like Detroit.
I heard KISS is coming out with a new single: Detroit Broke City
Sorry, I couldn't resist.
Sorry, I couldn't resist.
http://www.businessinsider.com/meredith-whitney-on-detroit-2013-7
Meredith Whitney: 'Detroit Will Start A Wave of Municipal Bankruptcies'
Meredith Whitney: 'Detroit Will Start A Wave of Municipal Bankruptcies'
Quote
There are five more towns like Detroit in Michigan alone. There are many more municipalities across the country in similar positions.
Quote
At the root of the problem is the incentive system that elected officials used to face. For decades, across the US, local leaders ran up tabs for future taxpayers; they promised pensions and other benefits for public employees that have strong legal protection. That has been a great source of patronage for elected officials: they can promise all sorts of future perks to loyal supporters (state and local workers) with very little accountability on the delivery of those promises.
Unfortunately for him, it is quite possible that "all applicable adages" - that would have applied in the past 50 years - are simply not applicable in today's world. For the same reason, I believe many existing successful investors like Warren Buffett - who see the situation in the USA as improving - are totally wrong.
There's an interesting article by Meredith Whitney in the Financial Times today - titled "Detroit aftershocks will be staggering" - about Detroit and how there are a whole collection of states in a similar position, ready to do the whole thing. Anybody read it? It's on pastebin
In my opinion, Meredith Whitney is one of the smartest people on Wall Street right now, and furthermore she has the balls to come out and say what's actually going on in the USA. Which says a lot about Wall Street, since she's a woman.
http://vpaste.net/la3QH
There's an interesting article by Meredith Whitney in the Financial Times today - titled "Detroit aftershocks will be staggering" - about Detroit and how there are a whole collection of states in a similar position, ready to do the whole thing. Anybody read it? It's on pastebin
In my opinion, Meredith Whitney is one of the smartest people on Wall Street right now, and furthermore she has the balls to come out and say what's actually going on in the USA. Which says a lot about Wall Street, since she's a woman.
http://vpaste.net/la3QH
Good read, thanks. I agree with your first statement, it's either a sham or plain old ignorance. You pick.
There's an interesting article by Meredith Whitney in the Financial Times today - titled "Detroit aftershocks will be staggering" - about Detroit and how there are a whole collection of states in a similar position, ready to do the whole thing. Anybody read it? It's on pastebin
In my opinion, Meredith Whitney is one of the smartest people on Wall Street right now, and furthermore she has the balls to come out and say what's actually going on in the USA. Which says a lot about Wall Street, since she's a woman.
http://vpaste.net/la3QH
remember she saw this coming years ago.. most were able to kick the can pretty long but since only the Fed cna print forever that makes the rest have to keep up pn spending but only fall into more debt
its all by design.. suck the wealth out and then the bankers will go east
Might be a good time to buy-to-rent in Detroit. Especially if the USD tanks as that will mean that inland production will go up (imports gets more expensive). The bankruptcy might lead to better financial control and federal money/ local tax breaks etc
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
Wow. It would take some real balls to invest in Detroit right now. Well, furthermore, to invest in any business in the USA right now takes balls, IMO.
Btw, anyone notice article today in WSJ talking about the effects of this on the European banks? Seems UBS was involved in lending to the Detroit muni back in the boom years.
http://online.wsj.com/article/SB10001424127887324328904578619993814520624.html?mod=WSJEurope_hpp_LEFTTopStories
http://www.mlive.com/business/detroit/index.ssf/2013/07/dan_gilbert_detroit_bankruptcy.html
Dan Gilbert is dropping billions into Detroit real estate. Apparently the man has vision.
Well he's certainly buying when there's blood in the streets, people are fearful, and all the other applicable adages.
Unfortunately for him, it is quite possible that "all applicable adages" - that would have applied in the past 50 years - are simply not applicable in today's world. For the same reason, I believe many existing successful investors like Warren Buffett - who see the situation in the USA as improving - are totally wrong.
There's an interesting article by Meredith Whitney in the Financial Times today - titled "Detroit aftershocks will be staggering" - about Detroit and how there are a whole collection of states in a similar position, ready to do the whole thing. Anybody read it? It's on pastebin
In my opinion, Meredith Whitney is one of the smartest people on Wall Street right now, and furthermore she has the balls to come out and say what's actually going on in the USA. Which says a lot about Wall Street, since she's a woman.
http://vpaste.net/la3QH
Might be a good time to buy-to-rent in Detroit. Especially if the USD tanks as that will mean that inland production will go up (imports gets more expensive). The bankruptcy might lead to better financial control and federal money/ local tax breaks etc
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
Wow. It would take some real balls to invest in Detroit right now. Well, furthermore, to invest in any business in the USA right now takes balls, IMO.
Btw, anyone notice article today in WSJ talking about the effects of this on the European banks? Seems UBS was involved in lending to the Detroit muni back in the boom years.
http://online.wsj.com/article/SB10001424127887324328904578619993814520624.html?mod=WSJEurope_hpp_LEFTTopStories
http://www.mlive.com/business/detroit/index.ssf/2013/07/dan_gilbert_detroit_bankruptcy.html
Dan Gilbert is dropping billions into Detroit real estate. Apparently the man has vision.
Well he's certainly buying when there's blood in the streets, people are fearful, and all the other applicable adages.
Might be a good time to buy-to-rent in Detroit. Especially if the USD tanks as that will mean that inland production will go up (imports gets more expensive). The bankruptcy might lead to better financial control and federal money/ local tax breaks etc
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
If I was in the US and wanted to start up a production facility, Detroit might be a likely location.
From the bottom the only way is up.
Wow. It would take some real balls to invest in Detroit right now. Well, furthermore, to invest in any business in the USA right now takes balls, IMO.
Btw, anyone notice article today in WSJ talking about the effects of this on the European banks? Seems UBS was involved in lending to the Detroit muni back in the boom years.
http://online.wsj.com/article/SB10001424127887324328904578619993814520624.html?mod=WSJEurope_hpp_LEFTTopStories
http://www.mlive.com/business/detroit/index.ssf/2013/07/dan_gilbert_detroit_bankruptcy.html
Dan Gilbert is dropping billions into Detroit real estate. Apparently the man has vision.
Quote
The United Auto Workers and American Federation of State, County and Municipal Employees Council 25, two of the Detroit's public union leader heads organised a news conference on the second half of Monday to discuss the alleged constitutional violations in the Detroit's bankruptcy petition.
"I am outraged at how the city's 20,000 public-sector employees have been treated by the governor and the city's new leadership. I know how bargaining can work in difficult crisis situations," Bob King, united auto workers president said.
"In the auto industry, labour with management, the community and government, we all worked together and look at the industry now."
Streets of the city saw Firefighters yesterday from plenty dozen engine houses who organised rallies across Detroit. These rallies would be followed by a series of such gatherings every day in this week. Participating workers at the protest said that the rallies are not strikes but rather are "a way to send a message to city residents."
"I am outraged at how the city's 20,000 public-sector employees have been treated by the governor and the city's new leadership. I know how bargaining can work in difficult crisis situations," Bob King, united auto workers president said.
"In the auto industry, labour with management, the community and government, we all worked together and look at the industry now."
Streets of the city saw Firefighters yesterday from plenty dozen engine houses who organised rallies across Detroit. These rallies would be followed by a series of such gatherings every day in this week. Participating workers at the protest said that the rallies are not strikes but rather are "a way to send a message to city residents."
http://www.ibtimes.co.uk/articles/493573/20130723/detroit-bankruptcy-hearing-federal-court-workers-protest.htm
Wonder what that message is? ... "the looting is going to get really ugly from here on in" springs to mind.
I predict more cities will file for Chapter 11.
I don't think that qualifies as a 'prediction' any longer. It is a mathematical certainty.
It's called "taxing themselves to prosperity" .... prosperity is sufficiently loosely defined that it can mean anything your local socialist politician wants it to mean.
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