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originally posted by: Bassago
That's an interesting take on it anyway. So you believe that because greedy and corrupt city managers,mayors, and councils have bankrupted Detroit so badly that the rest of the state or even country need to bail them out? Just because those guilty parties are "long gone?" I believe not.
There is some truth to that, the willful underfunding of pension funds in order to divert that money to sustaining decades long failing budgets is a big one. Those people may belong gone as you indicated but many could be located and prosecuted. Never going to happen though with Obama and Eric Holder in charge, will it?
originally posted by: Bassago
Many people here are familiar with Detroit's financial meltdown, bankruptcy and pleading to the Obama administration for a bailout. Until recently the administration position was "Nope, not gonna hand bailout money to Detroit."
Looks like that might just change in the near future. Got to keep all those democratic voters, unions and bureaucrat's in the administrations corner going into a tough mid-term election. But where to come up with a quick $100 million or so?
“There is policy and political blame aplenty to go around,” he explained. “That is, officials in Detroit kept a large city government that was not proportionate to the city’s shrinking population in place. The state cut funding for infrastructure, education and transit. And the federal government steadily withdrew urban support beginning in the 1980s.
“The folk wisdom in Detroit is, ‘Oh, it’s mismanagement in city hall that caused the city’s problems.’ City hall is a player for sure, but the causes of this were far deeper. It had to do with macroeconomic and macro-political problems that were well beyond the boundaries of the city.”