Detroit files for bankruptcy

...almost. They've filed for bankruptcy protection. One step away though until they figure out the whats and ifs.

I guess they'll be some cheap stuff to buy like the whole fire department, bridges etc.....
 
Considering the population has halved - that's a lot of empty offices, homes and facilities to sell off ... to whom ... ?

Really, there is nothing else at Detroit to suggest it may recover in the future, such as a port, tourist destination, minerals ...
 
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I find it strange how it all works over there.

From what I have read it would seem that each local council is responsible for paying the salaries of their police departments, fire departments etc, their health care and pension payments.

where as in Australia, the state and/or federal governments would foot the bill for those and local council are just there to approve property developments, fix foot paths and lean on shovels in groups of 6 by the side of the road....
 
greedy2000 said:
I find it strange how it all works over there.

From what I have read it would seem that each local council is responsible for paying the salaries of their police departments, fire departments etc, their health care and pension payments.

where as in Australia, the state and/or federal governments would foot the bill for those and local council are just there to approve property developments, fix foot paths and lean on shovels in groups of 6 by the side of the road....
Click to expand...

Sydney in 30 yrs
 
PT_Bear said:
That's a bit harsh, there's rarely more than 5 guys in a team and at least one of them will be working hard holding a lollypop sign!

Slacking off is one thing, but you don't mess with Workcover.
Click to expand...

To be more correct, its 5 council workers standing around + a group of 5 outsourced traffic management blokes (2 lollypop men, 1 before and after + their supervisor + the 2 guys who laid out the traffic cones/road work signs)
 
Detroit owns all the artworks in it's museum. There are works by Monet and Renoir in there. I was just watching a piece where many locals were shocked that they might be sold off to pay debt.

In the eyes of the law it would be like any other bankruptcy. it's hard to tell your creditors that you can't pay when you are sitting on valuable artwork that you own outright.

Just a thought...
 
Is a city an entity? If so are the board personally liable? Who are the shareholders, creditors, debtors?

What's in place to prevent this in Australia? Adelaide Mitsubishi & Holden similar situation. Not much else industry/corporate there... Wineries maybe.
 
Detroit's prosperity ended in the 1950's with mismanagement from local govt.. unions wanting and defending worker rights drove out the auto industry to cheaper overseas options. They didn't see it coming however US prosperity ended in 1913 with the formation of the Federal Reserve Central Bank and the IRS income tax system. "I have unwittingly ruined my country." President Woodrow Wilson said when he signed the Federal Reserve act into law.

The US is the wealthiest nation, but the wealth is concentrated in fiat paper markets, Federal govt, weapons production, military suppliers, and military bureaucracy. US schools are inferior because of poor funding and government propaganda biased curriculum.

The wealth of US technology benefits the American people very little. Companies liked GE, Apple and even Detroit's own General Motors make their money overseas and hold the cash profits overseas to avoid paying US taxes. Apple has something like 90 billion held in China, most likely in the form of Yuan Renmimbi.

Eisenhower and Kennedy attempted to roll back the clock to pre 1913, but we all know how that ended.
 
dtraeger2k said:
Adelaide Mitsubishi & Holden similar situation. Not much else industry/corporate there... Wineries maybe.
Click to expand...
Mitsubishi shut down years ago. There are what 1,500 (?) employees at Holden in Adelaide... surely you don't think this is all that holds SA/Adelaide's economy together? Adelaide doesn't really have dependency on a particular industry which makes it a steady performer, upturns and downturns are far more moderate than in boom towns like Perth which have a massive reliance on single industry/income source. If you want to talk about cities at risk of massive busts due to dependance on particular sectors, let's have a chat about Perth and mining (in particular iron ore) :rolleyes:
 
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