City of Detroit Bankrupt
#1
07-19-2013, 01:49 AM
City of Detroit Bankrupt
It was only a matter of time. But it finally happened yesterday.
Click link below.
Detroit files for Chapter 9 municipal bankruptcy | Money - Home
The largest city in the U.S. to file for bankruptcy.
Thoughts??? Comments???
Click link below.
Detroit files for Chapter 9 municipal bankruptcy | Money - Home
The largest city in the U.S. to file for bankruptcy.
Thoughts??? Comments???
#2
07-19-2013, 02:10 AM
That is sad news for Detroit, but if the USA does not get their act together 
the USA will be next...
Quote:
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I owe, I owe & `off to work I `go Oh, that's right I don't
have a `job & spent all my money on a Monte Carlo...Wish I had some $'s for `gas/food/life....I guess the government is going to have to support me
What do you mean they ran out of money to give me ? Now what are we suppose to do ?
The United States of Corporate GREED>
the USA will be next...Quote:
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<cite style="color: rgb(0, 128, 42); font-size: 14px !important; font-style: normal;">www.concordcoalition.org/</cite>
Want to know how we got here?
<table class="slk" style="margin-top: 4px; margin-bottom: 0px; table-layout: fixed; max-width: 541px;"><tbody><tr><td style="width: 250.39px; padding-left: 23px; vertical-align: top;">Budget Indicators
Projected Debt Graph
</td><td style="width: 250.19px; padding-left: 12px; vertical-align: top;">Federal Budget Pie Chart
</td></tr></tbody></table>
<cite style="color: rgb(0, 153, 51); font-size: 14px !important; font-style: normal;">Dave Manuel - Real Estate, Stock Market and General Economy Views, Articles and Opinionsus-national-debt-clock.php</cite>
United States National Debt Clock July 2013 - The United States is currently trillions upon trillions of dollars in debt, and much more is expected to be added to ...
I owe, I owe & `off to work I `go
Oh, that's right I don'thave a `job & spent all my money on a Monte Carlo...Wish I had some $'s for `gas/food/life....I guess the government is going to have to support me
What do you mean they ran out of money to give me ? Now what are we suppose to do ?The United States of Corporate GREED
>
#3
07-19-2013, 02:46 AM
In this July 17, 2013, aerial photo is the city of Detroit. On Thursday, July 18, 2013, Detroit became the largest city in U.S. history to file for bankruptcy when State-appointed emergency manager ... more>http://news.yahoo.com/column-bankrup...070416307.html <click< p=""></click<>
I don't know if wiping away as much as $20 billion in debt through bankruptcy will fix Detroit. I don't know if in emergency manager Kevyn Orr's restructuring there is a potion to save any of the young people who will die this year on its streets
through bankruptcy will fix Detroit. I don't know if in emergency manager Kevyn Orr's restructuring there is a potion to save any of the young people who will die this year on its streets
Last edited by Space; 07-19-2013 at 02:51 AM.
#4
07-19-2013, 08:09 AM
Join Date: Jan 2008
Location: Mountains of Utah
Posts: 4,906
Don't get me started Space on government waste, fraud and our global ambitions. We have literally enslaved our children and their children to pay back to creditors all the money borrowed by the US govt. to keep thier misguided efforts funded. truth be known we will never pay off the 17 trillion owed to the creditors. I see the US defaulting and wiping the slate clean as it is unsutainable at the rate we are going.
The Atlanta-Journal Constitution observed the other day that the auctions necessary to finance this year’s $1.4 trillion deficit are about $28 billion per week.
The City of Detroit is the victim of Corporate greed as our current tax laws make it agreeable to the corporations to source out parts and manufacturing overseas with little to no financial penalties. If their profits do not come back into the US they owe no taxes against it, only what does return. Then on the other hand corporations like GE pay no taxes and yet get billions in refunds with out having paid one penny in.... How is that possible..
For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
Our system is so antiquated and unfair. The average worker pays out the butt over 39% of his weekly wages into a machine that just gobbles it up and is forever hungry.
The Atlanta-Journal Constitution observed the other day that the auctions necessary to finance this year’s $1.4 trillion deficit are about $28 billion per week.
The City of Detroit is the victim of Corporate greed as our current tax laws make it agreeable to the corporations to source out parts and manufacturing overseas with little to no financial penalties. If their profits do not come back into the US they owe no taxes against it, only what does return. Then on the other hand corporations like GE pay no taxes and yet get billions in refunds with out having paid one penny in.... How is that possible..
For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
Our system is so antiquated and unfair. The average worker pays out the butt over 39% of his weekly wages into a machine that just gobbles it up and is forever hungry.
#5
07-19-2013, 08:19 AM
I owe, I owe & `off to work I `go Oh, that's right I don't
have a `job & spent all my money on a Monte Carlo...Wish I had some $'s for `gas/food/life....I guess the government is going to have to support me What do you mean they ran out of money to give me ? Now what are we suppose to do ?
Oh, that's right I don'thave a `job & spent all my money on a Monte Carlo...Wish I had some $'s for `gas/food/life....I guess the government is going to have to support me
What do you mean they ran out of money to give me ? Now what are we suppose to do ?
#6
07-19-2013, 09:07 AM
I remember as a child,
Downtown Detroit use to be a killer place to go... My mother worked at JL Hudson.. anyone remember JL Hudsons? The most killer store to go to at Christmas! Remember the Vernors Company? Free vernor floats MMMM Yummy... Faygo pop ? all these great things that use to be there....Remember Elsie the cow? The major milk company in glass bottles with the cream floating on top? Cardboard cap? Mmmmmm ... Then as we got older... Remember the Strohs Brewery? Free beer! That's right you could sit right down and sample all the beer you wanted! Cunninghams... It was like a 5 and dime store... With soda fountain counters! The Detroit Institute of Arts. The Fox Theatre,.. I could go on and on about the things that the City of Detroit use to have to offer to attract you to spend the day downtown...
Am I the only one that remembers these things? Chevrolet baseball and apple pie... That was Detroit!
Now,
Its abandon homes, Abandon Business's, Abandon Factorys and Blite everywhere! Now you put your life in your own hands going to any sporting events... Its my opinion...since Coleman Young became Mayor of Detroit.... (when there use to be 180 million people that lived there... Now its down to a mere 680,000 people that live there! The city has gone to hell in a Hand Basket in a hurry...Its like locusts came in and just amaciated the neighborhoods and suburbs of the City of Detroit. Between the Citys Corrupt officials, The cops on the take,
the Gangs, Drug dealers ..The murders ... and No honest police...No Fireman or Ambulance services ... You literally putting your life in your own hands! Despite living in Wayne County... I do not live in the city of Detroit.. I also thought with the Casinos in Detroit that those would help the city to grow and flourish... Apparently not!
Me personally...
The best solution...
Would be to knock all the buildings...Homes... Blight... and turn the city into a parking lot!
I don't ever see the City of Detroit making a come back!
Especially with Snyder as the Governor of Michigan...
Will the last one out of Michigan...
Please turn off the Lights!
Downtown Detroit use to be a killer place to go... My mother worked at JL Hudson.. anyone remember JL Hudsons? The most killer store to go to at Christmas! Remember the Vernors Company? Free vernor floats MMMM Yummy... Faygo pop ? all these great things that use to be there....Remember Elsie the cow? The major milk company in glass bottles with the cream floating on top? Cardboard cap? Mmmmmm ... Then as we got older... Remember the Strohs Brewery? Free beer! That's right you could sit right down and sample all the beer you wanted! Cunninghams... It was like a 5 and dime store... With soda fountain counters! The Detroit Institute of Arts. The Fox Theatre,.. I could go on and on about the things that the City of Detroit use to have to offer to attract you to spend the day downtown...
Am I the only one that remembers these things? Chevrolet baseball and apple pie... That was Detroit!
Now,
Its abandon homes, Abandon Business's, Abandon Factorys and Blite everywhere! Now you put your life in your own hands going to any sporting events... Its my opinion...since Coleman Young became Mayor of Detroit.... (when there use to be 180 million people that lived there... Now its down to a mere 680,000 people that live there! The city has gone to hell in a Hand Basket in a hurry...Its like locusts came in and just amaciated the neighborhoods and suburbs of the City of Detroit. Between the Citys Corrupt officials, The cops on the take,
the Gangs, Drug dealers ..The murders ... and No honest police...No Fireman or Ambulance services ... You literally putting your life in your own hands! Despite living in Wayne County... I do not live in the city of Detroit.. I also thought with the Casinos in Detroit that those would help the city to grow and flourish... Apparently not!
Me personally...The best solution...
Would be to knock all the buildings...Homes... Blight... and turn the city into a parking lot!
I don't ever see the City of Detroit making a come back!
Especially with Snyder as the Governor of Michigan...
Will the last one out of Michigan...
Please turn off the Lights!
Last edited by STUMPMI; 07-19-2013 at 09:12 AM.
#7
07-19-2013, 09:24 AM
LoL `Greg, at least I didn't `Kick Start (LOL), it's great to see you online & read your words of wisdom/experience 4>Sure...
I think you should run for office & replace the bad...I'd vote for you 4-Sure....The way are country is going > Scares me 4>Real
Thanks for your posts/contributions > I enjoyed reading
Hi `Fritz > I could survive doing hard labor & growing my own food...I don't know if the majority could Thanks for your words/post =================================
Mod `David, run for office & get things fixed...The MCF will support you 4>Sure....Talk is cheap > Actions speaks louder then words....VOTE FOR MOD `David for Gov of Michigan
^Delete the BAD & replace them with GOOD^ Insist that all politicians account for everything they do (>>>?<<<) Remove corporate lobbyist from politics. United States of Corporations....It's all about Big $'s
Last edited by Space; 07-19-2013 at 09:30 AM.
#8
07-19-2013, 10:16 AM
Join Date: Aug 2011
Location: Ann Arbor, Michigan
Posts: 4,779
It is sad to see but it was only a matter of time, as Taz mentioned. Detroit has so much potential but that's being slowed by all the constant corruption of the governing body, and all that negative news overshadows the good that's happening. The recent slowing economy did not help the City's situation either; a lot of plans got delayed or cancelled altogether. There are people trying to turn the city around. Even now, the city is slowly turning a corner, or trying to, but progress would be much quicker if there was a good government in place and was being run decent. That's Detroit's problem right now. If it doesn't learn from this, it's not going to get any better and, honestly, the chance of that happening anytime soon is slim. The City doesn't seem to want to change how it's being run; its citizens are the ones that continue to vote these people into office. The amount of corruption going on is absolutely amazing and the current mayoral election looks like it will continue that trend. I just don't see anything changing anytime soon.
Detroit once had a population of 1.85 million (1950's); that is now down to an estimated 701k (as of 2012).
Behind all this, there IS good happening. There's more and more festivals, etc. being held every year and new ones being added. There are buildings being rehabilitated. There's plans for new construction. The city has an above excellent sports atmosphere and fan base.
Nonetheless, I do love visiting the City; the feel and atmosphere of Downtown is unique. I would argue some of the country's best architectural gems stand right in Detroit. I can also say I would have loved to experienced Detroit back in the 1880's to 1950's, back in it's hay day.
<a href="http://www.flickr.com/photos/ifmuth/606128545/" title="Downtown Detroit by ifmuth, on Flickr"><img src="http://farm2.staticflickr.com/1077/606128545_6bec8ce203_b.jpg" width="1024" height="671" alt="Downtown Detroit"></a>
Detroit once had a population of 1.85 million (1950's); that is now down to an estimated 701k (as of 2012).
Behind all this, there IS good happening. There's more and more festivals, etc. being held every year and new ones being added. There are buildings being rehabilitated. There's plans for new construction. The city has an above excellent sports atmosphere and fan base.
Nonetheless, I do love visiting the City; the feel and atmosphere of Downtown is unique. I would argue some of the country's best architectural gems stand right in Detroit. I can also say I would have loved to experienced Detroit back in the 1880's to 1950's, back in it's hay day.
<a href="http://www.flickr.com/photos/ifmuth/606128545/" title="Downtown Detroit by ifmuth, on Flickr"><img src="http://farm2.staticflickr.com/1077/606128545_6bec8ce203_b.jpg" width="1024" height="671" alt="Downtown Detroit"></a>
Last edited by 06mistreSS; 07-19-2013 at 05:06 PM.
#10
07-25-2013, 10:33 PM
Join Date: Apr 2009
Location: Pittsburgh, PA
Posts: 11,978