Detroit becomes largest city to declare bankruptcy

http://www.csmonitor.com/USA/2013/0...-filing-declaring-no-viable-alternative-video



wow, sucks to be in Detroit. I can predict cut of programs and higher taxes on the way. Lets see how quick the governement moves to bail out detriot like it did for .....:smt017

 

I think they have been denied.

 

I had heard that initially even sales of the city's art museum works was up for consideration until the museum's wealthy patrons got politically active and exempted the art from the asset fire sale.

 

I heard the same thing.... so now it goes through all this legal hoopla because of that, which I know ish about to even repeat here..

 

I heard it was unconstitutional, wonder what the difference is from other cities doing the same?

 

I didn't hear the U.Con argument - ooo now that is interesting. I admit I was half listening to the news on the topic when they mentioned it possibly being rejected... so am clueless.
No doubt though this story will heat up as we hear more of the legalese.

 

I can't wait to get more info on that part because its confusing, given other cities claiming the same.

 

those peoples pensions r gone

 

Eerily, the fall of one of Americas largest blue collar middle-class cities is reflective of the current state of Americas blue collar middle-class citizen.

 

Manufacturing-dependent cities will probably start falling like dominoes. I hope not, but I don't see less-skilled manufacturing jobs coming back any time soon.

 

Wow! Robocop called it.

 

Detroit!! Detroit!! my hometown. I was born and raised there.

This is my perspective as someone who was raised in Detroit and have many family members still there.

When the American Auto companies were the big 3, Ford, General Motors and Chrysler, there were NO competition for many, many years. They were world class companies. You had your Volvo or Rolls Royce's but those were high priced auto's that most people couldn't afford. The Japanese didn't start making cars until the late '70s.

Having 3 world class auto companies in one city during their prime years would be like having Google, Apple, and Microsoft all in the same city. The financial benefits to that region, not just the city, wouldn't be matched anywhere. The auto industry CREATED the middle class and many millionaires in that area. The same as Google, Apple, and Microsoft in their areas.

But like one poster stated, many of those people, the VAST majority, were blue collar workers. You had people who didn't even have a high school diploma making $50,000 a year and this was 30 years ago. With overtime you could make $100,000 a year easy. When I was going to college, I would just work 3 months in the plant during the summer on the assembly line or "the line" as we called it and would make enough for a whole year in college.

When the Great Recession started, you didn't have just the blue workers who were hit, you also had many of the auto executives. EVERYBODIES wealth came from the auto industry. If you were making $800,000 a year as an auto executive, once you lost that job, it was very hard to get another one making that kind of money.

Same as with a blue collar worker, you are making $50,000 without a high school diploma, you are not going to make that kind of money at McDonalds or Burger King, the only jobs you can get without a high school diploma.

The reason Detroit got the name the MOTOR CITY is because the auto companies lobbied against having a subway like in New York, or an L-train like in Chicago or Washington D.C. They wanted everyone buying cars. The auto industry even tried to discontinue bus service, they wanted you to either walk or drive a car ..... period.

This is fine when you are companies that dominate your industry. But when it collapses, the WHOLE REGION, not just a few cities also collapses. Many of the suburbs in the area and some of the smaller cities have already went under. Many people have walked away from their homes and left Michigan out right. Not just you blue collar folks but many of your executives also.

It was just a matter of time before the city of Detroit went under. It would be the same thing if Google, Apple and Microsoft go under. It would financially devistate their areas especially if they were all in the same city.

 

Believe it or not, this is a large scale version of gentrification.

Detroit is valuable real estate, it is close to Canada, has acces to the Atlantic Ocean via canal, rail access, airports, interstate highway access and is located in the upper Midwest region.

It fits perfectly with NAFTA and along the current trade deals Obama is quietly working on with South American, African, Asian and European nations.

When the smoke clears in Detroit, you will see a new migration of immigrants flooding the area from Central America and Asia when that immigration bill in Congress pass'

 

It's happening NOW, has been for a few years.

 

They said that was going to happen to New Orleans post Katrina, too. Wonder if it did.

Anyway, say bye to the middle-class. It was falsely manufactured and sold as the American dream.
Sad beyond.

 

Lots of Latinos have moved into New Orleans since Katrina.

Lots of black folks that were displaced, never returned.

 

I wonder if that'd the case for the rest of the world. No more middle class. Smh

 

we'll see what happens. Meanwhile, I've been steadily filling out dozens of non-michigan job apps/inquiries for the past 10 months... the grind continues..

 

All I know is if I was a house buying man. I'd be buying there. I know detroit will be back

 

My only fear is whether or not there will be meaningful participation by the people already there, or if it's being reconstituted for the wealthy. Some interesting articles and audio commentary on the topic are below.

http://www.blackagendareport.com/content/rebirth-detroit

http://www.blackagendareport.com/content/detroit-bell-tolls-all-us