Detroit files for Bankruptcy

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Belly35

Elderly Intellectual

9,716 posts
Jul 19, 2013 9:45 AM
I love Detroit the city has so much to offer.. I even sent my kid to UDM, I do lots of business in Detroit, the city can be a great city again ... but there going to have be some ass kicking

Blame … Democrat run city, Entitlement mentality, Unions, Political corruption, Incompetency, Big Government Idea, Favoritism, NAACP… What you see happening to Detroit is Democrat Socialist Liberalism at its finest
Jul 19, 2013 9:45am
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GoChiefs

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Jul 19, 2013 9:50 AM
Smh.
Jul 19, 2013 9:50am
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TedSheckler

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3,974 posts
Jul 19, 2013 9:50 AM
They finally ran out of other people's money.
Jul 19, 2013 9:50am
M

MontyBrunswick

Jul 19, 2013 9:51 AM
I was just looking online. There are several houses listed for under $500, including a few for $1
Jul 19, 2013 9:51am
iclfan2's avatar

iclfan2

Reppin' the 330/216/843

6,360 posts
Jul 19, 2013 10:03 AM
One of the largest debts the city has is union pensions. So they made GM go bankrupt (well almost. thanks to BO), and now an entire city. Yet some believe that unions are still good for the country. Unfortunately, I'm sure the taxpayers, whether it be from Michigan or all over the country, will be forced to pick up the tab.
Jul 19, 2013 10:03am
M

Manhattan Buckeye

Senior Member

7,566 posts
Jul 19, 2013 10:04 AM
dlazz;1475058 wrote:I was just looking online. There are several houses listed for under $500, including a few for $1
The city is so poor it can't even prosecute landowners for unpaid property tax. Hell, they can't even find landowners.
Jul 19, 2013 10:04am
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ptown_trojans_1

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7,632 posts
Jul 19, 2013 11:29 AM
Will there be a Robocop patrolling the streets now?
Jul 19, 2013 11:29am
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said_aouita

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Jul 19, 2013 11:41 AM
In October of 2012, President Barack Obama triumphantly declared he “refused to throw in the town” and “let Detroit go bankrupt.”

On July 18, 2013, Detroit went bankrupt.



(copy from link)
Jul 19, 2013 11:41am
G

gut

Senior Member

15,058 posts
Jul 19, 2013 11:53 AM
iclfan2;1475068 wrote: Unfortunately, I'm sure the taxpayers, whether it be from Michigan or all over the country, will be forced to pick up the tab.
Ummm, yeah, the taxpayer guarantees all pensions via the PBGC (albeit for about 60 cents on the dollar). Not sure if public pensions are part of that, but the taxpayer funds those, too.
Jul 19, 2013 11:53am
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GoPens

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2,339 posts
Jul 19, 2013 1:13 PM
iclfan2;1475068 wrote:One of the largest debts the city has is union pensions. So they made GM go bankrupt (well almost. thanks to BO), and now an entire city. Yet some believe that unions are still good for the country. Unfortunately, I'm sure the taxpayers, whether it be from Michigan or all over the country, will be forced to pick up the tab.
Uh, wouldn't laugh too hard. In 1978, Cleveland became the first city since the Great Depression to default on their loans...
Jul 19, 2013 1:13pm
Heretic's avatar

Heretic

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18,820 posts
Jul 19, 2013 1:19 PM
ptown_trojans_1;1475134 wrote:Will there be a Robocop patrolling the streets now?
That would do wonders in cracking down on crime.
Jul 19, 2013 1:19pm
G

gut

Senior Member

15,058 posts
Jul 19, 2013 1:25 PM
dlazz;1475058 wrote:I was just looking online. There are several houses listed for under $500, including a few for $1
And probably worth less than that, counting back taxes and repairs.
Jul 19, 2013 1:25pm
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Classyposter58

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6,321 posts
Jul 20, 2013 10:53 AM
I really liked the cartoon in the Detroit Free Press...

Jul 20, 2013 10:53am
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like_that

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Jul 20, 2013 10:57 AM
GoPens;1475203 wrote:Uh, wouldn't laugh too hard. In 1978, Cleveland became the first city since the Great Depression to default on their loans...
Who is laughing? Why would anyone want a city to go bankrupt?
Jul 20, 2013 10:57am
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Fly4Fun

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7,730 posts
Jul 20, 2013 11:00 AM
like_that;1475532 wrote:Who is laughing? Why would anyone want a city to go bankrupt?
There are people making jokes in this thread. I don't think anyone would want a city to go bankrupt as it doesn't bode well for the people there or necessarily for the rest of the country.

With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city?
Jul 20, 2013 11:00am
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TedSheckler

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Jul 20, 2013 11:08 AM
"I saved Detroit"
-Barack Obama, June 2012


Jul 20, 2013 11:08am
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believer

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Jul 20, 2013 11:41 AM
Fly4Fun;1475533 wrote:With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city?
I'd be more concerned about law enforcement, fire protection, infrastructure maintenance, etc. before being concerned about major sports franchises looking for greener pastures. But to your point I could see the Tigers opting for a city that could sustain a major league team like Memphis, Nashville, Louisville, Indianapolis, etc.
Jul 20, 2013 11:41am
Fly4Fun's avatar

Fly4Fun

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Jul 20, 2013 12:17 PM
believer;1475567 wrote:I'd be more concerned about law enforcement, fire protection, infrastructure maintenance, etc. before being concerned about major sports franchises looking for greener pastures. But to your point I could see the Tigers opting for a city that could sustain a major league team like Memphis, Nashville, Louisville, Indianapolis, etc.
Obviously those are much more important concerns. But I was trying to avoid political discussion and focus more on the sports side as this is generally more a sports based forum.
Jul 20, 2013 12:17pm
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believer

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Jul 20, 2013 12:57 PM
Fly4Fun;1475583 wrote:Obviously those are much more important concerns. But I was trying to avoid political discussion and focus more on the sports side as this is generally more a sports based forum.
True. A thread on Detroit's bankruptcy does belong in the political forum, not the serious business forum.
Jul 20, 2013 12:57pm
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GoPens

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Jul 20, 2013 3:02 PM
like_that;1475532 wrote:Who is laughing? Why would anyone want a city to go bankrupt?
Is that t-shirt not a lame attempt at a joke?
Jul 20, 2013 3:02pm
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GoPens

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Jul 20, 2013 3:04 PM
Fly4Fun;1475533 wrote:There are people making jokes in this thread. I don't think anyone would want a city to go bankrupt as it doesn't bode well for the people there or necessarily for the rest of the country.

With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city?
There's still money around Detroit to support its sports franchises, it's just moved out of the city and into the suburbs and across the river in Windsor. But you're right in that they can't continue to bleed population and support 4 franchises.
Jul 20, 2013 3:04pm
tk421's avatar

tk421

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8,500 posts
Jul 20, 2013 3:44 PM
Burn it to the ground and start over.
Jul 20, 2013 3:44pm
M

MontyBrunswick

Jul 20, 2013 5:38 PM
believer;1475594 wrote:True. A thread on Detroit's bankruptcy does belong in the political forum, not the serious business forum.
I didn't think so. I knew a few would spin it that way, though.
Jul 20, 2013 5:38pm
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Classyposter58

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6,321 posts
Jul 21, 2013 2:15 AM
Fly4Fun;1475533 wrote:There are people making jokes in this thread. I don't think anyone would want a city to go bankrupt as it doesn't bode well for the people there or necessarily for the rest of the country.

With cities falling from previous "good times" I've always wondered at what point do sports teams start looking for ways out. If Detroit can't rebound and remains a shell of its former self, do any of their franchises look to relocate to a growing city or is there still enough fan support, corporations to buy the good seats/boxes and money to remain? And what kind of morale impact would something like that have on the situation of the city?
I guess Detroit casts a worse shadow than the area really has. First of all it's over twice as big as the Greater Cleveland area, 4.3 million to 2 million. There's 15 Fortune 500 companies and out of that 5 of their suburbs were ranked in the Forbes Best Places to Live while nowhere in Ohio was listed. But overall Detroit Metro despite the destitution of the city's inhabitants is ranked as the 16th wealthiest metro region in the country while Columbus is 55th, Cincy 57th and Cleveland 85th
Jul 21, 2013 2:15am