Detroit’s Bankruptcy Who will lose? A few smaller cities have gone thru Chapter 9 Municipal Bankruptcy, it is seldom but never a city of 700,000. What’s it like to live in the city with the highest crime rate and the average response time to a 911 call is 58 minutes? The landscape littered with 78,000 abandoned dwellings where only 40% of street lights function and more than a third of your neighbors live below the poverty line. 20 Billion dollars in debt much to Large Bond Holders ( 11 Billion )and Pension Plans for 30,000 retirees and current city workers. Each of these are suing claiming they should not have to lose a penny. Does it look like the process that led to the death of our favorite snack food the Twinkie, just bankrupt the company sell off the brands pay the big Bond Holders and Investors and what is left is no pensions or jobs. Perhaps we please the employees and retirees and hit the Bond Holders with all of the loss. Very complex issue morally, financially and legally, but not much seems to be said about the 700,000 souls who remain in a city which crumbles around them. A city where one third of the ambulances work and trash goes uncollected. Lots of issues, people to blame and errors made to create 20 Billion in Debt. Will these 700,000 be considered as much as the others. History would perhaps say they will have the least significant vote but the decisions will have the most impact on them that the quality of their lives. They need to stand take action and speak loudly with a voice or be lost in the noise. online.wsj/article/SB10001424127887323993804578614144173709204.html
Posted on: Fri, 19 Jul 2013 18:14:30 +0000
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