Detroit files for bankruptcy 7/18/13

Detroit files for bankruptcy 7/18/13

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Big Cat

Richmond, KY

#1 Jul 18, 2013
Sadly, a city that was once the symbol of America's economic strength and ingenuity has now filed for bankruptcy. This very well could be an ominous sign of the economic turmoil yet to come. The only difference in the U.S. Govt. and Detroit, is that Detroit cannot print its own money to cover debts. This is has certainly been a luxury for our Govt., but also unsustainable.
dunadd

Greensboro, NC

#2 Jul 18, 2013
Detroit files for bankruptcy. Goodee, a third world socialist city bites the dust. Hussein baraq o bamah, where is Detroit's bail out moolah? Aint the Bro's as good as GM and Chrysler? Or da banks? Help us, Bro Hussein. A black Christian with a muslim name.
Math

United States

#3 Jul 18, 2013
Most of people that had any brains left Detroit decades ago to escape the savages that have turned the city into a third world pit.
KELLERMAN

Harrod, OH

#4 Jul 18, 2013
dunadd wrote:
Detroit files for bankruptcy. Goodee, a third world socialist city bites the dust. Hussein baraq o bamah, where is Detroit's bail out moolah? Aint the Bro's as good as GM and Chrysler? Or da banks? Help us, Bro Hussein. A black Christian with a muslim name.
I don't know what's so good about it. your tax dollars will be used to make them solvent. Detroit has been heading for bankruptcy for the last twenty years. This doesn't come as a surprise to anyone. The politicians of Detroit has brought this on the city and I have no idea how they can get passed this hurdle. Regardless of the situation they tend to keep putting them back in office. The current president has nothing to do with this situation, this has been going on since Regan was in office. This hasn't been the only city to go under, there are many more that has gone this route.
UMWA

Cadiz, KY

#5 Jul 19, 2013
An interesting article from Business Insider:
http://www.businessinsider.com/what-congress-...

Also this:

http://money.cnn.com/2013/07/18/news/economy/...

There is absolutely nothing good about this situation.
opinion

Hazard, KY

#7 Jul 19, 2013
These people today are caught up in the nation of"me"!!There is no other way to put it.Nothing good is ever gonna come of this country again because we do not stand united!The government just started deliberations on whether they should loan money to another country????!!!!Welet our cities go broke??!!What the hell!!!????We re are never gonna see democracy again!This is officially a nation of wussy`s!
Bluecat

Ashburn, VA

#8 Jul 19, 2013
Let the 11 million Mexicans live there. That's the deal, if you stay - you got to live in Detroit.
dunadd

Greensboro, NC

#9 Jul 19, 2013
Bluecat, a capital idea. I second the motion. Except I would give it to the Bro's and let the Mexicans have the places the Bro's migrate from.
Amnesty Hell

Richmond, KY

#10 Jul 19, 2013
One sure way to get them to go back across the border, tell them they will have to live in Detroit!

A sure sign of a nation/empire in decline is the decline of it's major cities. When you lose the working and middle class and the major cities start to crumble, it's over! When you ship all your living wage jobs to Communist China and give away all your high paying professional jobs to H1B VISA's from India and you wonder when your great industrial centers crumble!
Historian

Paducah, KY

#11 Jul 19, 2013
Amnesty Hell wrote:
One sure way to get them to go back across the border, tell them they will have to live in Detroit!
A sure sign of a nation/empire in decline is the decline of it's major cities. When you lose the working and middle class and the major cities start to crumble, it's over! When you ship all your living wage jobs to Communist China and give away all your high paying professional jobs to H1B VISA's from India and you wonder when your great industrial centers crumble!
Detroit's problems are more complex than you make it here. One big problem is that Detroit was a one-industry town - the automobile industry. The rapid rise of that industry also gave Detroit the quality of a boom town. Booms do not last more than one or two generations. Boom towns grow quickly as people are drawn there to work but when the boom ends they stabilize and then as the industry matures the inflow ceases. As the first generation factories become outdated and close the workers start to leave.

Most American auto manufacturing did not go overseas. Sure, Americans now buy a lot of foreign cars, but most of them are made by high wage, high benefit labor in Japan and Europe. Detroit was also once the only place in the U.S.A. that had automobile plants. Now:

Ford Truck Plant Louisville, KY
Ford Truck Plant Atlanta, GA
Saturn Plant Spring Hill, TN
Corvette Plant Bowling Green, KY

The list could go on and on.

During World War II and the early Cold War years the government urged manufacturers to spread their operations over the country so that they would be less vulnerable to enemy air attack.

Sure, Detroit has declined, but that is not a sure sign that the U.S. is following the same path. The scattering of automobile plants over the country refutes that.
opinion

Hazard, KY

#12 Jul 19, 2013
If you read any of those papers about stocks?Those articles in them are portraying America`s top billionaires like Warren Buffet,Donald Trump,etc.They are quietly dumping their stocks in the food commodity lines because they feel this country is headed for disaster!Those people made their money off reading problems!I would much rather listen to a man who makes his living off of the stocks?Then a man who makes his living making us stock!Votes would be the precise definition!
Lock and Load

Richmond, KY

#13 Jul 19, 2013
Historian wrote:
<quoted text>
Detroit's problems are more complex than you make it here. One big problem is that Detroit was a one-industry town - the automobile industry. The rapid rise of that industry also gave Detroit the quality of a boom town. Booms do not last more than one or two generations. Boom towns grow quickly as people are drawn there to work but when the boom ends they stabilize and then as the industry matures the inflow ceases. As the first generation factories become outdated and close the workers start to leave.
Most American auto manufacturing did not go overseas. Sure, Americans now buy a lot of foreign cars, but most of them are made by high wage, high benefit labor in Japan and Europe. Detroit was also once the only place in the U.S.A. that had automobile plants. Now:
Ford Truck Plant Louisville, KY
Ford Truck Plant Atlanta, GA
Saturn Plant Spring Hill, TN
Corvette Plant Bowling Green, KY
The list could go on and on.
During World War II and the early Cold War years the government urged manufacturers to spread their operations over the country so that they would be less vulnerable to enemy air attack.
Sure, Detroit has declined, but that is not a sure sign that the U.S. is following the same path. The scattering of automobile plants over the country refutes that.
You mean the scattering of auto plants to the southern right to work states that are non-union or weak union. Yes all down I-75 we have the Japanese and Korean plants rushing in because they get big tax incentives to put them there and can dodge the Unions.
Big Cat

Richmond, KY

#14 Jul 19, 2013
Lock and Load wrote:
<quoted text>
You mean the scattering of auto plants to the southern right to work states that are non-union or weak union. Yes all down I-75 we have the Japanese and Korean plants rushing in because they get big tax incentives to put them there and can dodge the Unions.
YES! This poster hit the nail on the head. American companies cannot compete with foreign competitors due to the incentives that our OWN Govt. provides for them.
Big Cat

Richmond, KY

#15 Jul 19, 2013
Historian wrote:
<quoted text>
Detroit's problems are more complex than you make it here. One big problem is that Detroit was a one-industry town - the automobile industry. The rapid rise of that industry also gave Detroit the quality of a boom town. Booms do not last more than one or two generations. Boom towns grow quickly as people are drawn there to work but when the boom ends they stabilize and then as the industry matures the inflow ceases. As the first generation factories become outdated and close the workers start to leave.
Most American auto manufacturing did not go overseas. Sure, Americans now buy a lot of foreign cars, but most of them are made by high wage, high benefit labor in Japan and Europe. Detroit was also once the only place in the U.S.A. that had automobile plants. Now:
Ford Truck Plant Louisville, KY
Ford Truck Plant Atlanta, GA
Saturn Plant Spring Hill, TN
Corvette Plant Bowling Green, KY
The list could go on and on.
During World War II and the early Cold War years the government urged manufacturers to spread their operations over the country so that they would be less vulnerable to enemy air attack.
Sure, Detroit has declined, but that is not a sure sign that the U.S. is following the same path. The scattering of automobile plants over the country refutes that.
Your explanation is partly true, however, it doesn't explain the many other large cities that are currently operating on a huge deficit and on the brink of filing for bankruptcy. I disagree, I believe the U.S. is following the same path.
Kyboy

Louisville, KY

#16 Jul 19, 2013
KELLERMAN wrote:
<quoted text>I don't know what's so good about it. your tax dollars will be used to make them solvent. Detroit has been heading for bankruptcy for the last twenty years. This doesn't come as a surprise to anyone. The politicians of Detroit has brought this on the city and I have no idea how they can get passed this hurdle. Regardless of the situation they tend to keep putting them back in office. The current president has nothing to do with this situation, this has been going on since Regan was in office. This hasn't been the only city to go under, there are many more that has gone this route.
All the cities that have went bankrupt have been under democrat leadership for years.
Big Cat

Richmond, KY

#17 Jul 19, 2013
I think that everyone would agree that COAL is the economic base for all of Appalachia, just as the auto industry was for Detroit. With that said, Obama has made it more than clear that he wants ALL coal mining stopped. Which will be economically devastating for many states. Why has he NOT approached coal dependent areas and rolled out alternative options WITH government support to bring in other industries? How's THAT for leadership?????

I heard today that 50% of American families receive some sort of govt. subsidy. Perhaps that is his economic plan?
Historian

Paducah, KY

#18 Jul 20, 2013
Big Cat wrote:
<quoted text>
Your explanation is partly true, however, it doesn't explain the many other large cities that are currently operating on a huge deficit and on the brink of filing for bankruptcy. I disagree, I believe the U.S. is following the same path.
If you look at each city on a case by case basis you will find that most have followed a track almost identical to Detroit's. All are old first-generation manufacturing cities and one-industry towns. Pittsburgh was steel. Some in California were the aircraft industry. Those industries, just like the automobile industry have done two things:

1. They began as numerous small companies. Over the decades they became concentrated into a few huge corportions.

2. As technology progressed their old plants became obsolete. The big corporate concerns closed those old, small plants and built new, huge facilities. Lower wages in the South was part of its attraction, but other factors were just as important. Land was cheaper and more plentiful. In some instances, there was simply no plots large enough to build the new factories in or near the old industrial cities. So they moved out into the open country of the South. Examples: Saturn at Spring Hill and Boeing in South Carolina. Those large plants are also a lot more labor efficient than the old ones were. Robots do much of the work. That means vastly greater production with far less labor.

If you put it on a national balance, in the flagship industries like automobiles and aircraft the U.S. has not lost much to foreign competition. The U.S. is still the largest single producer of automobiles in the world. Most of the world's airlines fly American planes.

The net of the deconcentration of those industries has probably been pretty much a balance. When an old auto plant closed in Detroit, one opened in Bowling Green, Spring Hill, or Atlanta. And, when you get right down to it, it is better for the country if our industry is spread out among a lot of smaller cities (and those cities have a diversified mix of industries) instead of being concentrated.
Historian

Paducah, KY

#19 Jul 20, 2013
Big Cat wrote:
I think that everyone would agree that COAL is the economic base for all of Appalachia, just as the auto industry was for Detroit. With that said, Obama has made it more than clear that he wants ALL coal mining stopped. Which will be economically devastating for many states. Why has he NOT approached coal dependent areas and rolled out alternative options WITH government support to bring in other industries? How's THAT for leadership?????
I heard today that 50% of American families receive some sort of govt. subsidy. Perhaps that is his economic plan?
Mining is the most obvious of all the boom-bust industries. Just look at all the mining ghost towns in the West. Like it or not, even without Obama's policies Appalachian coal is on its way out. It is simply not competitive with Wyoming coal or even coal from the western Kentucky coal field. Coal overall is not competitive with natural gas.

The statement that "50% of American families receive some sort of govt. subsidy" is one of those "sort of true" things like Mitt Romney's 47 percent statement. To get the 50 percent figure you have to include not just what is commonly thought of as welfare, but also things that most everybody takes for granted and do not think of as welfare such as Social Security and K-12 public education.
Hillbilly Highway

Lebanon, KY

#20 Jul 20, 2013
The only good thing left in Detroit is I-75 south out of there!
Lock and Load

Richmond, KY

#21 Jul 20, 2013
Historian wrote:
<quoted text>
Mining is the most obvious of all the boom-bust industries. Just look at all the mining ghost towns in the West. Like it or not, even without Obama's policies Appalachian coal is on its way out. It is simply not competitive with Wyoming coal or even coal from the western Kentucky coal field. Coal overall is not competitive with natural gas.
The statement that "50% of American families receive some sort of govt. subsidy" is one of those "sort of true" things like Mitt Romney's 47 percent statement. To get the 50 percent figure you have to include not just what is commonly thought of as welfare, but also things that most everybody takes for granted and do not think of as welfare such as Social Security and K-12 public education.
Anytime you bet your future on one industry you risk the destruction of your city, county! Detroit bet the farm on auto manufacturing and Pike county has only had coal. Neither Detroit or Pike County would diversify, early on they wanted all the available labor for coal mining when it was more labor intensive. Detroit is a failed slum city with nothing left but welfare leeches sucking on a dry tit, soon Pike County will suffer the same fate.

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