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July 18, 2013

Detroit Bankrupt

Detroit finally nails it. After decades of exhaustive effort the City has now won the gold. Where imagination and creativity failed, incompetence and outright theft have triumphed. The dams have burst and the fan is about to be engulfed in a tsunami of fecal material.

Congratulations Detroit, you deserve all the credit.

And of course the union thieves want the US taxpayer to pony up.
The City of Detroit filed this afternoon for Chapter 9 bankruptcy protection in federal court, laying the groundwork for a historic effort to bail out a major U.S. city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.

Story here.

UPDATE:

The NRO has a good article on why Detroit is in bankruptcy.
Detroit has suffered the usual problems associated with large, Democrat-dominated cities. Its spending has long been out of control, and former mayor Kwame Kilpatrick and one of his cronies are prison-bound on 31 counts of extortion, bribery, and racketeering.

But these things, as bad as they are, are not the sole reason that Detroit is a failed city. The city has for years proved unable or unwilling to provide the basic services people expect from municipal authorities: While political cronies got fat, the people of Detroit were left with some of the worst schools in the country, some of the most dangerous streets in the country, and a mass-transit system that is a non-functioning mess. Not that you’d want to start a business there, but if you did, its licensing and regulatory agencies run the gamut from incompetent to corrupt.
Story here.

6 comments:

LL said...

$18.5 billion in debt? That's about 1/5 of the money that we spent on "Green Energy" businesses that subsequently went bankrupt. If Obama had simply put the Green Energy money toward bailing out Detroit, he could have saved the city, bought every black person two Cadillacs and a 64 oz bottle of malt liquor - and still had enough money to go on vacation for six months to Kenya.

Doom said...

Chicago is batter up, with the whole state and California next. Now to force the government to let them fail. It's the only way to learn, ask any prodigal son.

James Buchanan said...

Love all the Anti-american koch loving snark here. Blame the unions, no blame the MBA's, and their ever deepening greed. Read the history of detroit, or america, and see the robber barons create diversion to get more wealthy, read how they did it. Yes america, land of the wealthy not giving shit to the worker, calling oup armies of national guard to put doown strikes, killing with bullets and bayonets till it was sickening to the public. Learn your history, see how the wealthy treated the public, see why laws in the good times in america charged the wealthy with 90 percent tax rates, and they still had mre then they let you have.

sig94 said...

James - You and Sally Fields yelling "Union! Union!"

Those days are over now that the unions have taken over the labor regulatory functions of the federal government. Detroit is in a mess because of political corruption typified by the type of arrogance employed by unions.

How about SEIU union thugs beating the tar out of anyone who disagrees with them? there are videos available of you care to look. Union sabotage of plant equipment? Union dues being used to bankroll organized crime?

Unions forcing management to retain workers selling narcotics in the plan (I know a union official in the UAW who couldn't believe what he had to do with members who committed felonies while on the job). The list goes on and on. That's why the right to work states are thriving and your union buddies are sucking wind. Their own leaders stab them in the back.

sig94 said...

LL - You have just been elected Mayor of Detroit.

sig94 said...

Doom - government is not about learning. It's about taking,