GOODMAN: Why is there no talk of a federal bailout? I mean, the minute you hear about corporations and banks having trouble and going bankrupt, you have this discussion and, ultimately, a fact, the bailout of these corporations and banks. What about the city? MARK BINELLI: It’s kind of astounding. I mean, the Detroit Free Press reported earlier this week that Orr was apparently talking to Valerie Jarrett, one of the top Obama aides, about this and got no traction. And especially in a place like Detroit, when you think about—you know, if you think about the last campaign and how the president ran on saving the auto industry, right? Which, of course, meant saving huge corporations, but that—you know, that was Chrysler and General Motors going into managed bankruptcy, the same sort of bankruptcy that Detroit is about to enter now. The big difference is they were given $82 billion of federal stimulus money. And that’s kind of a standard thing when a corporation goes into a managed bankruptcy. You clear the old debt, but then you need some new capital to move forward. When it comes to a city, though, not a corporation, there’s no—there’s no talk of that. democracynow.org/2013/7/23/detroit_files_for_bankruptcy_after_decades
Posted on: Tue, 23 Jul 2013 18:40:48 +0000
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