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Detroit goes Broke

The Thriller

Well-Known Member
https://www.deseretnews.com/article/865583324/Detroit-files-for-bankruptcy.html

On Thursday, Detroit became the largest city in American history to file for bankruptcy.

The bankruptcy was filed in the Eastern District of Michigan by Kevyn Orr, a bankruptcy expert. According to CNBC, Orr was hired by the state in March to attempt to resolve the city's financial woes in an out-of-court restructuring. However, these attempts were rejected by bondholders and creditors, leading to today's filing.

The Deseret News reported last fall on how municipalities across the country have faced increased employee benefit and pension costs, and decreasing tax bases. But Detroit's economic picture is by far the bleakest. Detroit's budget deficit is believed to be more than $380 million, and long-term debt may be as high as $17 billion to $20 billion. Detroit's tax base has also been decimated as the city lost a quarter-million residents between 2000 and 2010. In 1950, Detroit's population was near 2 million. Today, it is around 700,000.
 
Somehow I read "Detroit goes Burke" when I browsed through this forum. Was interested what that'd mean. Now I'm kinda disappointed...
 
Ya, then they move here and tell us how crappy it is here and how great it was where they came from

To which I tell them to either go back where they came from or shut up or that if it was so great then why did they leave? That usually stumps them. People have the habit of trying to turn their new enviroment into their old one. Regardless of wether they liked the old one or not. All about comfort and familiarity = comfort.
 
I read an article recently about how Detroit had to cut almost all their funding for animal shelters - it's literally like 4 guys now for the whole city working out of a van. As a result, packs of abandoned and stray pit bulls have taken over entire streets where it's impossible to get out of your car (not that you'd want to) in some areas without risking your life.
 
To which I tell them to either go back where they came from or shut up or that if it was so great then why did they leave? That usually stumps them. People have the habit of trying to turn their new enviroment into their old one. Regardless of wether they liked the old one or not. All about comfort and familiarity = comfort.

We need to secure the border. By keeping people from crossing the continental divide we can save our selves from those good for nothing easterners.
 
We need to secure the border. By keeping people from crossing the continental divide we can save our selves from those good for nothing easterners.

Who knew people in CA and NV were easterners? Learn something every day...
 
I read an article recently about how Detroit had to cut almost all their funding for animal shelters - it's literally like 4 guys now for the whole city working out of a van. As a result, packs of abandoned and stray pit bulls have taken over entire streets where it's impossible to get out of your car (not that you'd want to) in some areas without risking your life.

If it is that bad than create open season on pit bulls in clearly defined areas and grab about 40 guys from LA or AR and bring them up. Done.
 
They are all moving to places like UT, AZ, TX from places like CA, MI, NV.

Ya, then they move here and tell us how crappy it is here and how great it was where they came from

To which I tell them to either go back where they came from or shut up or that if it was so great then why did they leave? That usually stumps them. People have the habit of trying to turn their new enviroment into their old one. Regardless of wether they liked the old one or not. All about comfort and familiarity = comfort.

We need to secure the border. By keeping people from crossing the continental divide we can save our selves from those good for nothing easterners.

Who knew people in CA and NV were easterners? Learn something every day...

Detroit isn't in Cali.

Don't mind mind CA or NV. **** people from NY,NJ,OH,MI,MS,FL,IN etc.

I'm following the flow of the thread. What are you following?
 
Any chance we can send $3M their way for an extra 2014 pick? And since they need the money immediately, we can demand the pick be unprotected.
 
I don't know how to feel. On the one hand, the funding equation does not equal out anywhere. Everybody seems to be entrapped. It's a mathematical impossibility. Not a ponzi scheme, it's a ponzi system. And a huge chuck of the developed world is participating in it currently, while the IMF starts working on getting developing countries into similar plights via doling out loans that are that are impossible to pay back. Just a big load of ****. So am I supposed to feel bad when a part of that system falls apart? I feel bad that people put faith in idiotic leaders that will lie to them for decades, but Ponzi schemes always fail. The only unknown variable is the trigger point in each differing situation. And if you're in a city, county, state, or country that is participating in one, it's going to fail. America is going to fail. It's the biggest ponzi scheme of them all. Find a place that is more honest. One that doesn't promise you the world for nothing. Cash on hand is coming back, baby.
 
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I've been thinking about this. Detroit needs to enact the Las Vegas' Bums strategy. You know, how half the homeless people in Utah are from Vegas for some reason? Part of Detroit's restructuring should have include moving some of the undesirables from that city to D.C. Washington D.C. is supposedly where all the money is these days, right? So since they are doing so well sucking off the government teet, and seem to be such great people that are always concerned with the plebs everywhere else. Let's change the building height restrictions laws in D.C. and build some massive projects right in the middle of the city and move the struggling Detroiters in. We'll steal some Chinese engineering magic:

https://gizmodo.com/5962070/china-will-build-the-tallest-building-in-the-world-in-just-90-days


Build 4 or 5 of them. Viola. Detroit looks better than ever in less than half a year. And D.C.....well...... Two birds, one stone.
 
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It is interesting that Obama promised he wouldn't let Detroit go bankrupt and Romney said that was the best solution - i.e. get relief from creditors and come out on the other side with a manageable restructuring. Romney got slammed for it and those kind of promises swept Obama to victory. What I thought was hilarious was watching that woman who was screaming for Obama's help, saying he had bought their votes and now he was expected to do a little "quid pro quo." Sorry, honey, you gave it up and he's done forgotten you now.
 
Diversify, Detroit, diversify.

Relying solely on one form of income is always going to end badly. We can cast stones at democrats or republicans, or white hate rounding up and walling off black folk in ghettos, or black prison tatted hip hop slumming folk, or the union colluding with management to buy senators and congressspawn...

At the end of the day, the problem with Detroit was relying heavily on one industry and trying to milk it to death, until the milked became the milker.
 
Does anyone else keep reading the thread title as "Detroit going Burke," or is it just me?
 
I remember when Michigan was so excited because the left had taken over the govt there and Michigan was going to show the world how liberalism would change the world...I guess they did.
 
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