PolicyMic: Koch Brothers: Billionaires Place 3-Story Pile Of Petroleum Coke in Detroit
BusinessInsider: The Koch Brothers Have Buried An Area The Size Of A City Block Under 30 Feet Of Oil Sands Waste
The card, featured on First Premier’s home page, offers a credit line of $300 with an interest rate of 36 percent, an upfront processing fee of $95 before the account is opened, a $75 annual fee that drops to $45 after the first year, a $6.25 monthly fee after the first year, late fees up to $35 and a fee every time the credit limit is increased equaling 25 percent of the increase.
Due to your bungling management, your city has
dropped into irretrievable debt. A delegation
of citizens gently escort you from your office.
City of Detroit pensioners and their pension funds made a last-ditch effort to stop the city’s bankruptcy filing today, but were beaten to the courthouse by minutes.
An attorney for the pension funds said he feels blindsided because he agreed to delay the emergency hearing five minutes at the request of attorneys for Gov. Rick Snyder. He was seeking a temporary restraining order to block the historic bankruptcy filing.
During those five minutes, he said, attorneys filed in federal court in Detroit for Chapter 9 bankruptcy protection, which generally results in a stay in all other pending litigation involving the city.
And Ingham County Judge Rosemarie Aquilina said she would have issued a restraining order to stop the Detroit bankruptcy, if given a chance.
[T]he Detroit bankruptcy story will likely appeal to those who view American politics, economics and culture as a vast morality play in which the looting of the productive and the virtuous by those people and their union-thug allies eventually ruined the looters themselves, as their avarice outstripped their ability to redistribute the wealth they could not themselves generate. There is no power on earth that could make me listen again to Rick Santelli, but I suspect that somewhere he is gloating or glowering, depending on how deeply he is invested in the municipal bond market.
This is all somewhat ironic, because the very existence of bankruptcy laws is a testament not only to a belief in second chances, but in the ability of people and institutions to bring great and valuable things out of failure. Access to bankruptcy is a very American phenomenon. The list of great Americans who have survived bankruptcy (Henry Ford, Walt Disney, H.J. Heinz, Milton Hershey) or—prior to the modern era of bankruptcy laws—personal insolvency (Thomas Jefferson, Abraham Lincoln, U.S. Grant) is long and distinguished enough to make the equation of bankruptcy and moral leprosy, well, un-American.
Detroit will long suffer in higher borrowing rates, loss of autonomy, and reduced city services, for the situation that brought it to bankruptcy. And among the greatest sufferers will be the municipal employees and retirees, now unsecured creditors against the city, and low-income residents, who are supposedly to blame for their excessive demands for a middle-class standard of living. So let’s dispense with the smug and moralistic condemnations, and the use of misery to justify miserable austerity policies.
An 'Affront to Democracy' Steers Detroit Toward Austerity
How did it get this way, I’m asked? After all, it was just 99 years ago that Henry Ford offered the workingman $5 a day and profit-sharing. How, in less than a century, did it come to this?
The short answers: municipal mismanagement, race riots, white flight, black flight, dead flight (people routinely disinter their deceased and relocate them to the suburbs). There were the overreaching unions and management that couldn’t balance a ball. Proof? The multibillion-dollar bailout of the auto industry. Thank you, American taxpayers!
Detroit is everything that conservatives hate—labor unions, black people, pensions—so in some quarters there's almost a kind of glee around this idea that Detroit is a preview of the American future. But it's total nonsense.
When I was born in 1981 you really could look at the state of urban America and see decline everywhere. Population was falling everyone. Crime had risen for two decades everywhere. Crack was poised to explode onto the streets. Detroit was heading downhill. But so was New York and Philadelphia and DC and everywhere.
Today? New York is booming. DC is booming. I wouldn't say Philadelphia or Baltimore or Providence were exactly booming but they're now all growing. Crime is falling. People are moving to downtown Los Angeles and in many major American cities the biggest thing holding growth back is high prices as construction supply fails to keep up with growing demand.
« Older Having a rough day? Have a live look in on these f... | Why would a liberal education,... Newer »
This thread has been archived and is closed to new comments
Buy a Shirt