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Detroit is circling the drain

Discussion in 'Society and Culture' started by MemphisMark, Feb 20, 2013.

  1. MemphisMark

    MemphisMark Old School Conservative

    Well, here you go. A fine example of a well-run Liberal city:

    http://news.yahoo.com/detroits-fina...-080206730.html;_ylt=A2KJ2PZ84iRRRz8AI5fQtDMD

    Detroit is $11 Billion in debt. It has been running deficits since 2005, and they have limped along this far because every time they get to the point of insolvency, they whip out the credit cards and dump the debt into long-term instruments. They can't do that any more, so it looks like the Governor will have to appoint someone to pull Detroit out of the crapper they threw themselves into.

    Sheesh.
     
  2. ethics

    ethics Pomp-Dumpster Staff Member

    You know what's weird? I thought Cali would go under (LA specifically) and they are churning out surplus?
     
  3. Allene

    Allene Registered User

    Detroit is the airport I'll probably go through on the way to and from Halifax next August. I hope it is still up and running then.
     
  4. dsl987

    dsl987 Member

    There is no surplus in California - just a bunch of made up numbers.
     
    ethics likes this.
  5. dsl987

    dsl987 Member

  6. Biker

    Biker Administrator Staff Member

    Even worse. The legal system has a paltry 7.7% collection rate for fines, fees, etc.

    Hell, there's the annual deficit, right there!

    http://www.freep.com/article/201302...s-CRISIS-More-than-just-cash?odyssey=obinsite
     
  7. ethics

    ethics Pomp-Dumpster Staff Member

  8. Biker

    Biker Administrator Staff Member

    He has to declare that in order to appoint his crony to rape the city even further.
     
  9. Copzilla

    Copzilla dangerous animal Staff Member

    How much anyone want to bet that Obama steps in and offers federal cash?
     
    ethics likes this.
  10. Allene

    Allene Registered User

    I would absolutely love to be able to have an official option to declare "no confidence" in this mess of a government!
     
  11. Greg

    Greg Full Member

    L.A. has just too much momentum, as does California, to go down. In the future of course anything is possible, but just remember that California is the 8th, 11th, 14th (I don't know) biggest economic entity compared to separate nations. California is the power house of America.

    Name another US state that has that world standing if it were in independent country. ... Yeah I thought not. There is a reason why a $500K house here costs $125K anywhere else in the country. ($50K in Detroit.) Location, location, location...

    California is too big to fail. If California falls so does the nation. Los Angeles is too big to fail. If L.A. fails so does California and so does the nation.

    There are at least two cities that US cannot allow to fail: NYC and LA. They are the jewels and the gonads of America. If anything impacts these two cities it will be a national crisis. (I'll allow there are other cities on this list, but these two lead the list not in any particular order.)

    D.C. has to be on the list too, just because it's America's capitol. There isn't any way that America can afford to let NYC, LA or DC fail. Not in the plan, can't happen, any of them failing, America has to concede economic defeat if any of those cities fail.

    Detroit... alas... not on the list. Cars rusted out 20 years ago. Japan took the market, and EU ate up what was left. Detroit is a rusting iron hulk, anybody there who is renting should just bail out.

    Sorry to be so analytic (particularly to those in Detroit) but that's the way I see it. Or bring in capital and wait for Detroit to recover (and buy up properties cheap) because nobody builds a city this big without a reason for a city to be there. Detroit will recover some day but I cannot imagine the scenario.
     
  12. Copzilla

    Copzilla dangerous animal Staff Member

    Texas.

    If Texas were an independent nation, it would be a superpower.
     
  13. damonlab

    damonlab Veteran Member

    Detroit has population of 700,000 and a $14 billion debt. That equals $20,000 per person.

    USA has a population of 310,000,000 citizens and a $16.5 trillion debt. That equals $53,200 per person.

    It could be argued that the city of Detroit is being run more than 2.5 times better than our federal government.
     
  14. ethics

    ethics Pomp-Dumpster Staff Member

    Uhm, can someone point out a pretty flagrant math problem above?
     
  15. Copzilla

    Copzilla dangerous animal Staff Member

    How about a logic flaw? Detroit has population, but doesn't have "citizens". You can move and absolve yourself of the debt, in one easy step.
     
  16. Kluge

    Kluge Observing your world for over 50 years

    I don't see any problem with damonlab's math, but I'm surprised Detroit is only 700, 000 people.
    And if Texas were an independent country, it would be Iraq.
    Independent countries don't benefit from federal super-spending like space centers and military bases that serve the populations of other states.
     
  17. damonlab

    damonlab Veteran Member

    There is no problem with my math Kluge, but the entire argument was meant to incite conversation as I can agree that those numbers don't really mean much. I received the response I was looking for. Copzilla basically said I could move out of Detroit and Detroit debt doesn't mean much as I can simply move. The same can be said about the USA or anyplace else. I am single, no children, and a month to month renter. I have no ties. Freedom.
     
  18. Copzilla

    Copzilla dangerous animal Staff Member

    Space centers and military bases? Is that what we get for all of our 25% of wages and profits?

    What a bargain... If one were not looking, one might even be able to be kidded that we're getting our money's worth from Washington.
     
  19. Arc

    Arc Full Member

    If not given the population flight you can land in the street.
     
  20. Arc

    Arc Full Member

    If Detroit, like the Feds could print its own money the numbers would be a bit different.
     

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