They voted themselves into this situation, let them figure it out on their own
……… I think our Government Motors bailout was more than enough !
Corrupt Politicians, Crime, Welfare & Free loaders caused this Cess Pool. Prove the citizens of Detroit are willing too & are taking harsh positive steps to clean up their own mess, then possibly help will be deserved and granted,
I’m not for bailing out anyone, company, or city. However if the government is going to bail out banks and large companies the they should bail out cities and towns. At the same time every politician in these large cities should be fired and someone else put in office. The lower class and what is left of the middle class did not gain nothing from bailing out the banks and or any companies at least some real people would gain from bailing out cities. Take the money they give to other countries and give it to our own. If they did that every town and city in this country would be debt free. Common sense tells me that you cant take care of other countries if you cant take care of your own.
Have you seen the massive debt the Federal American government? they are next in line to file chap. 9 here is the bad news On April 2, 2013, debt held by the public was approximately $11.959 trillion or about 75% of GDP. Intragovernmental holdings stood at $4.846 trillion, giving a combined total public debt of $16.805 trillion.
Once again the American government has let us all down by letting corporate America to ship jobs over seas. Answer this question, who will buy products when we are all out of work? I dare any politician to talk to me if they have the balls to do so and listen to my thoughts. We are the ones who should have a say so in what our government does , not them, they only look out for them self . I know WE THE PEOPLE means NOTHING to our leaders unless its affecting them. How many people can work for the time of one of their terms and get fired and draw a full paycheck for the rest of their life, not me or you, but the congress and senate along with the president will. It’s just like you drivers, do they drive all over the country in all kinds of weather traffic and life risk areas(where you hope not to get robbed or killed) none of them but they stick their nose into the drivers life everyday. God bless you drivers you are all heroes in my book you are truly one of the last groups of American heroes and ledgends.
After 50 years of Democratic rule in Detroit – they deserve what they have & the same thing will happen to America – if we don’t wake up.
Bad decisions in business or government should not be so easily forgiven. Who learns from bad policy or business model if someone will bail you out. Its no different then kids today with parents who would rather be their kids friend then mentor. Two mistakes don’t make a right.
Detroit City government was incredibly corrupt and when anyone complained, they were called “racist”. Never reward bad behavior. Let the bankruptcy play out and hope that Detroit gets some good, decent (i.e., LAW ABIDING) city management from now on.
The people of Detroit elected those corrupt politicians. They got a good deal by having Young and other racists in office. Now, when it’s time to pay the piper, the people who supported corrupt city government want the rest of Americans to bail them out. No way!
Tell that to Obama. He’s doing the same thing to America that the racist Detroit mayors did to Detroit City.
The pretense used by the Federal Government to bail out banks is that they regulate the banks and use them to ‘create’ money and credit, which is controlled by the Federal Reserve Board. Cities are not regulated by the Federal Government…they are political subdivisions of the state that charters them (except for Washington, DC, which has a federal municipal charter). So it is not correct to compare the bailout of banks by the feds with the bailout of cities.
Cities issue bonded debt for most of their infrastructure (roads, waterlines, sewer, airports, etc) and the states usually pay off these bonds when cities or counties default…so that part of a ‘failed city’ is usually paid for by the taxpayers of the respective states.
The real issue in bailing out cities is their obligation to pension funds for teachers, firefighters, policemen, sanitation workers and retired city employees. Increasingly (in the case of Detroit, exclusively) these people are represented by public worker unions. It has been exactly the demands of these unions, especially the ridiculous work rules they impose on the cities, that caused the tax paying businesses within Detroit to leave…to seek a home elsewhere. Most of the auto parts manufacturers who feed the auto assembly plants in the Detroit area moved to 1) Mexico 2) Canada and 3) all other nations…this exodus began in about 1970 when the UAW achieved its first ‘hands down’ victory over the automakers. It drove up wage prices for US autos resulting in the loss of market share for autos both in the US and abroad; to remain competitive, the industry had to purchase really cheap parts and sub-assemblies, which meant Mexico.
For example, most of the seat belts and air bags for all cars made in the US are made in Cd. Valle Hermoso, Tamp. Mexico. And so it is with many other car parts…so much so that if you count trucks going north on I-35 leaving Laredo for assembly plants in the US, you will see a van with auto parts departing every 90 seconds, 24 hours/day.
No more tax basis for Detroit…by 1980, the auto industry had virtually given up fighting labor…Chrysler had to be bailed out in the 1970′s/early 80′s because they were least able to sustain themselves by borrowing money. Eventually, GM and Chrysler (again) had to be bailed out…this bail out masked the cause of the problem which was that management ceased trying to keep union worker compensation in line with their productivity…they were paying (direct and indirect) $80/hour for forklift operators, for example.
The city was doing the same thing with it’s unionized work force.
The result…no one left to pay the bills. At $80/hour, you can hire many fewer forklift drivers than at $25/hour, so you must find ways to replace them through automation…and that was done through capital borrowing, which also could not be sustained.
Federal bailout…why? If we allow Detroit to fail, it will either vanish from the earth or it will ‘get real’…all of the pension obligations that are not funded will remain not funded, and the people who never earned the money will never get the money…where is the harm in that?
It has nothing to do with bailing out banks or granting export credit to foreign buyers of American goods. We erred in bailing out Detroit’s base industry…let’s not err in bailing out Detroit. Let them re-establish their own credit rating through proper management.
Stupid is as stupid does.
This is what happens when the working people flee to the other places because of crime.There ifastructure crumbles becaus the tax payers are gone.. .Detroit has always had problems with crime for 30 years or more.
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Ch19: A detail of new graphics on Davis' sleeper, illustration of the owner & all; more: http://t.co/xaaxieqc5E http://t.co/ENrMX83HHt