20 Responses to Motor City goes bust: largest-ever municipal bankruptcy in U.S. history

  1. Joseph t Repas says:

    ….and yet just another bandaid for a country that is on the ER operating table. the avalanche continues.

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  2. Fran says:

    Is this because the auto companies, hard up to make more profit, all shipped their work to cheap labour countries at the expense of the people?

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    • Attacus says:

      I wondered that too, here in Australia our government keeps taxing us and company’s keep taking there business’s too cheap labor country’s leaving Australians with major bills and out of work to pay them. also there’s the large company’s that are here like Woolworth’s etc that import cheap goods further depleting the economy by taking money out but not putting it back in.

      I wonder how long it will be before a whole swash of country’s go under from this cheap labor policy. all for the sake of saving a few dollars, its sad.

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      • niebo says:

        Hey, Attacus: The details of your comment (minus “Woolworth’s”, maybe) could be made by someone from Kansas. Just food for thought: in light of the fact that both are “young” countries, carved and shaped by the sheer will of strong men and women who love freedom . . . is it accidental that the progression of recent events (since the Brady Bill in the US and the NFA in Australia, for example) are so similar otherwise as well as erosive of our national (and individual) pride?

        In the US, at least, federal bankruptcy is the fear of the people BUT, apparently, the goal of the government. If the same is true in Australia, ask yourself, “Why do they want to break us?”

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      • Pauly says:

        Those few dollars add up to the CEO’s making 20k/hr. it’s all about the elite.

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    • Hopeful1 says:

      Fran, the cost of union benefits (excessive health coverage, bloated pensions, etc.) is what drove the auto industry off. GM said it cost them $8,000 more per car because of those employee benefits.

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    • Stuart Charlton says:

      Most financial problems now are debt problems. There is more debt in the world than money to repay it and it can only be solved by a destruction of wealth and starting again. Israel in Old Testament times regulated debt with jubilee and sabbatical cycles, in the last 40 or so years we have thrown off all monetary regulations and now must face a jubilee to bring balance back.

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  3. Faye Brown says:

    Not really unexpected, others will follow for sure … it’s just signs of time

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  4. Dennis E. says:

    It lost it’s tax base. Most of the middle class tax payers have left from years of social decay.
    It was reported on the news that it takes an hour for police to respond to a 911 call.
    This is terrible.
    The social engineers of years gone by never envisioned this.
    We never envisioned this.
    But, it seems someone knew it was coming and it kept being pushed further under the rug as the article suggests. Detroit City is not the only city in America in this situation. It could, be
    your city, my city too.
    Those who live on pensions from the city are going to feel this pinch real bad.
    By the way, reread the comment regarding the bond market, especially the municipal bonds.
    _________________________________________________________________________
    In another matter. Those of you who visit this site may have also visited The AO REPORT
    that Richard A. Coombes or RA Coombes, a writer/publisher of end time prophecy studies operated and he has reported that ,stunningly he has been given 90 days or so by the Doctors in that Cancer has been found in most of his major organs and the Doctors say that it is terminal and it seemed to have been a surprise although he had complained of health issues. He has written some great end time word studies regarding America in the latter days, worthy of reading.

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  5. Donnie says:

    Question…….what happens to city payroll for workers and social programs? Do they continue?

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  6. truvnwn says:

    another too big for my britches, city

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  7. Kajajuk says:

    More pensions bite the dust…

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  8. annamatrix says:

    I don’t think they should be allowed to go bankrupt. It isn’t their money – it’s the taxpayers. They should be forced to take cuts until they can pay it back.

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    • Thats sort of what bankruptcy is forces you to make A. pay off debt unforunately for pennies on the dollar and typically B forces you to create at the mimimum a balanced budget cutting alot of fat… Would take forever to repay 17-18 billion in debt. Whomever came up with the idea of lending on debt was stupid on the fact what happens if one can never repay.. Creates alot of wealth yes but alot of problems as well

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  9. Coyo says:

    Going to visit Detroit over the past decade I saw that the hollowing out was serious and that local politicans and corporate chiefs must have made up their money minds to let the ol’ “motor city” sink, If it were not for the hand full of brave Arabs, Greeks and a few other ethnics there would be ZERO going on.

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  10. Steven J. says:

    “Motor City” should have actually been named “Entitlement” or “Union” City… This is exactly what happens when social engineering and incompetency is allowed to control an economy. Which is ultimately where this country as a whole is headed. Detroit was run into the ground, and the people of that city are as much to blame as the politicians who put them in their predicament, because they voted them in to office. I have no compassion for fools who follow fools.

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  11. Tin moi says:

    Very descriptive blog, I loved that a lot.
    Will there be a part 2?

    Like

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