Friday, December 07, 2012

Detroit to file bankruptcy

Unbelievable. The city of Detroit is about to file for bankruptcy. How many other cities nation wide to follow. And didn't Obama rescue the auto industry and by default Detroit? That's what I was told. and as I recall? Obama soundly won Michigan and the city of Detroit.

So not to fear people, the great one will come to your rescue. He will pay your debts and make sure that there is a chicken in every pot, Nike jumpers on every foot and a new iphone in every pocket, and he will insure that all of the other desires of the people of Detroit are subsidized. Just you wait and see.

Looks like Detroit no longer qualifies as the image of that  'shining city on a hill.'  Detroit is broke, busted and destitute. Large portions of the city have been abandoned and it is almost time for the vultures to come pick the bones.

But never fear, egalitarian socialism under the tutelage of Barack Obama will never allow that to happen.  Watch and see.

Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.
The working concept, still evolving, assumes that the state's financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City Council would be unable to push through overdue restructuring, and that the process would culminate in appointment of an emergency financial manager under Public Act 72.

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