Quote:
Originally Posted by bigrun
The once 4th largest city is bankrupt 
Who's next, LA,Chi town, NYC?
Where did all the factories go?...
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North Carolina, Georgia, Alabama, and overseas. Hope LA, Chicago and NYC straighten their shiat out before this happens to them. Unions and public sector workers need to realize their pension funds have lost money, similar to private 401K's. It's gone and if someone is to blame it's the pension fund managers and politicians the former (now incarcerated) Mayor of Detroit as a prime example.
Somehow me thinks if the political environment we have today was around 150 years ago, Acme Buggy Whip Co. would still be in business in Tombstone AZ and the USPO would still have a token force delivering on horseback.
Detroit is going nowhere and like private companies seeking reorganization will be allowed to negotiate with creditors, employees and pension obligations and create a new business plan. It will come back as a smaller city but nonetheless a city and will be much more beautiful than the sore it is now.
A Federal bailout, using funds from citizens of fiscally responsible, well managed cities and towns would be akin to stealing from a neighbor to repair your junk car.