Detroit files for Bankruptcy
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dlazzThe city faces total liabilities of about $18 billion.
http://money.cnn.com/2013/07/18/news/economy/detroit-bankruptcy/index.html
ib4 Belly blaming Obama -
Belly35
I love Detroit the city has so much to offer.. I even sent my kid to UDM, I do lots of business in Detroit, the city can be a great city again ... but there going to have be some ass kicking
Blame … Democrat run city, Entitlement mentality, Unions, Political corruption, Incompetency, Big Government Idea, Favoritism, NAACP… What you see happening to Detroit is Democrat Socialist Liberalism at its finest -
GoChiefs
Smh. -
TedSheckler
They finally ran out of other people's money. -
dlazzI was just looking online. There are several houses listed for under $500, including a few for $1
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iclfan2
One of the largest debts the city has is union pensions. So they made GM go bankrupt (well almost. thanks to BO), and now an entire city. Yet some believe that unions are still good for the country. Unfortunately, I'm sure the taxpayers, whether it be from Michigan or all over the country, will be forced to pick up the tab.
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Manhattan Buckeye
The city is so poor it can't even prosecute landowners for unpaid property tax. Hell, they can't even find landowners.dlazz;1475058 wrote:I was just looking online. There are several houses listed for under $500, including a few for $1 -
ptown_trojans_1
Will there be a Robocop patrolling the streets now? -
said_aouita
In October of 2012, President Barack Obama triumphantly declared he “refused to throw in the town” and “let Detroit go bankrupt.”
On July 18, 2013, Detroit went bankrupt.
(copy from link) -
gut
Ummm, yeah, the taxpayer guarantees all pensions via the PBGC (albeit for about 60 cents on the dollar). Not sure if public pensions are part of that, but the taxpayer funds those, too.iclfan2;1475068 wrote: Unfortunately, I'm sure the taxpayers, whether it be from Michigan or all over the country, will be forced to pick up the tab. -
GoPens
Uh, wouldn't laugh too hard. In 1978, Cleveland became the first city since the Great Depression to default on their loans...iclfan2;1475068 wrote:One of the largest debts the city has is union pensions. So they made GM go bankrupt (well almost. thanks to BO), and now an entire city. Yet some believe that unions are still good for the country. Unfortunately, I'm sure the taxpayers, whether it be from Michigan or all over the country, will be forced to pick up the tab.
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Heretic
That would do wonders in cracking down on crime.ptown_trojans_1;1475134 wrote:Will there be a Robocop patrolling the streets now? -
gut
And probably worth less than that, counting back taxes and repairs.dlazz;1475058 wrote:I was just looking online. There are several houses listed for under $500, including a few for $1 -
Classyposter58
I really liked the cartoon in the Detroit Free Press...
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like_that
Who is laughing? Why would anyone want a city to go bankrupt?GoPens;1475203 wrote:Uh, wouldn't laugh too hard. In 1978, Cleveland became the first city since the Great Depression to default on their loans... -
Fly4Fun
There are people making jokes in this thread. I don't think anyone would want a city to go bankrupt as it doesn't bode well for the people there or necessarily for the rest of the country.like_that;1475532 wrote:Who is laughing? Why would anyone want a city to go bankrupt?
With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city? -
TedSheckler
"I saved Detroit"
-Barack Obama, June 2012
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believer
I'd be more concerned about law enforcement, fire protection, infrastructure maintenance, etc. before being concerned about major sports franchises looking for greener pastures. But to your point I could see the Tigers opting for a city that could sustain a major league team like Memphis, Nashville, Louisville, Indianapolis, etc.Fly4Fun;1475533 wrote:With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city? -
Fly4Fun
Obviously those are much more important concerns. But I was trying to avoid political discussion and focus more on the sports side as this is generally more a sports based forum.believer;1475567 wrote:I'd be more concerned about law enforcement, fire protection, infrastructure maintenance, etc. before being concerned about major sports franchises looking for greener pastures. But to your point I could see the Tigers opting for a city that could sustain a major league team like Memphis, Nashville, Louisville, Indianapolis, etc. -
believer
True. A thread on Detroit's bankruptcy does belong in the political forum, not the serious business forum.Fly4Fun;1475583 wrote:Obviously those are much more important concerns. But I was trying to avoid political discussion and focus more on the sports side as this is generally more a sports based forum. -
GoPens
Is that t-shirt not a lame attempt at a joke?like_that;1475532 wrote:Who is laughing? Why would anyone want a city to go bankrupt? -
GoPens
There's still money around Detroit to support its sports franchises, it's just moved out of the city and into the suburbs and across the river in Windsor. But you're right in that they can't continue to bleed population and support 4 franchises.Fly4Fun;1475533 wrote:There are people making jokes in this thread. I don't think anyone would want a city to go bankrupt as it doesn't bode well for the people there or necessarily for the rest of the country.
With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city? -
tk421
Burn it to the ground and start over. -
dlazz
I didn't think so. I knew a few would spin it that way, though.believer;1475594 wrote:True. A thread on Detroit's bankruptcy does belong in the political forum, not the serious business forum. -
Classyposter58
I guess Detroit casts a worse shadow than the area really has. First of all it's over twice as big as the Greater Cleveland area, 4.3 million to 2 million. There's 15 Fortune 500 companies and out of that 5 of their suburbs were ranked in the Forbes Best Places to Live while nowhere in Ohio was listed. But overall Detroit Metro despite the destitution of the city's inhabitants is ranked as the 16th wealthiest metro region in the country while Columbus is 55th, Cincy 57th and Cleveland 85thFly4Fun;1475533 wrote:There are people making jokes in this thread. I don't think anyone would want a city to go bankrupt as it doesn't bode well for the people there or necessarily for the rest of the country.
With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city?