Detroit City is Bankrupt!

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rzetlin wrote on 2013-07-19 04:37

Detroit Bankrupt: Kevyn Orr Asks Federal Judge To Place City Under Chapter 9 Bankruptcy Protection

DETROIT -- Once the very symbol of American industrial might, Detroit became the biggest U.S. city to file for bankruptcy Thursday, its finances ravaged and its neighborhoods hollowed out by a long, slow decline in population and auto manufacturing.

The filing, which had been feared for months, put the city on an uncertain course that could mean laying off municipal employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed.

Whoever thought that Robocop was a future documentary.

I am waiting for OCP to buy up the city and make a badass cyborg.
Elleanior wrote on 2013-07-19 04:57

It has begun.
Thorne wrote on 2013-07-21 07:07

Yep. I live in this state and I can tell you the economy here is fucking awful. You have to fight people for jobs and you can apply for over a hundred and not get one.
Aubog007 wrote on 2013-07-21 08:07

Wisconsin on the other hand is hiring like crazy for certain things.
Ashikoki wrote on 2013-07-21 08:14

Bankrupt my ass. The top brass in Detroit horde so much money for themselves it's ludicrous.
TLCBonaparte wrote on 2013-07-21 16:11

Man this is hard to believe... Just think Home Improvement took place is Detroit... That's like 20 years ago, to think a city like that can go bankrupt in 2 decades... really makes me think about how fast things are changing.
Campylobacter jejuni wrote on 2013-07-21 20:15

Quote from Ashikoki;1125864:
Bankrupt my ass. The top brass in Detroit horde so much money for themselves it's ludicrous.

And for what? Using the money to get more money.

Imagine someone hoarding thousands of blood donations for himself because you can't live without blood.

I am quite convinced that CEOs and stockholders only know anything about administration and market mechanisms, not truly the economy itself.
truefire wrote on 2013-07-21 20:22

Quote from Campylobacter jejuni;1126019:
And for what? Using the money to get more money.

Imagine someone hoarding thousands of blood donations for himself because you can't live without blood.

I am quite convinced that CEOs and stockholders only know anything about administration and market mechanisms, not truly the economy itself.

I'm sure there are companies playing their part in this, but I believe Ashi's referring to the large amounts of governmental embezzlement that have been going on there.
Chockeh wrote on 2013-07-21 20:25

[video=youtube;aktLRiWXfqg]http://www.youtube.com/watch?v=aktLRiWXfqg[/video]
Campylobacter jejuni wrote on 2013-07-21 20:32

Quote from truefire;1126021:
I'm sure there are companies playing their part in this, but I believe Ashi's referring to the large amounts of governmental embezzlement that have been going on there.

Nah, it's individuals rather than corporations. I am sure their employees are not happy getting jobs cut and transferred to wage-dumping countries, increased stress because they have to do the same work as before still, meaning lots of overtime, seeing their company bosses making hundreds of times more than the individual worker just because they give their lower bosses guidelines on how to squeeze even more juice out of the old lemon, and then proudly proclaiming successful "growth" merely because expenses have been reduced.

And, well, that could be I guess.

Sometimes humans make it hard to love them.
Ashikoki wrote on 2013-07-22 02:33

I've been following Detroit journalism for a while. Because its actually quite interesting compared to other places.

Detroit is one of the most corrupt cities in America.