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Old 07-19-2013, 01:50 AM
odls odls is offline
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Billions in Debt, Detroit Tumbles Into Insolvency

Detroit Insolvent!

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Detroit, the cradle of America’s automobile industry and once the nation’s fourth-most-populous city, filed for bankruptcy on Thursday, the largest American city ever to take such a course.

The decision, confirmed by officials after it trickled out in late afternoon news reports, also amounts to the largest municipal bankruptcy filing in American history in terms of debt.

“This is a difficult step, but the only viable option to address a problem that has been six decades in the making,” said Gov. Rick Snyder, who authorized the move after a recommendation from the emergency financial manager he had appointed to resolve Detroit’s dire financial situation.

Not everyone agrees how much Detroit owes, but Kevyn D. Orr, the emergency manager, has said the debt is likely to be $18 billion and perhaps as much as $20 billion.
http://www.nytimes.com/2013/07/19/us...anted=all&_r=0
 
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Old 07-19-2013, 01:53 AM
odls odls is offline
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Perhaps if the US spent less on fighting wars and exploring space, those trillions of dollars could be used instead on supporting their own people.
 
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Old 07-25-2013, 01:10 AM
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gracemary gracemary is offline
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What Austerity measures did Detroit take before filing for bankruptcy?
 
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Old 07-25-2013, 04:43 AM
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Originally Posted by odls View Post
Perhaps if the US spent less on fighting wars and exploring space, those trillions of dollars could be used instead on supporting their own people.
The space program budget has been gutted.
Everything goes to defence.
 
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Old 07-25-2013, 08:07 AM
Franc Tireur Franc Tireur is offline
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Hold your breathe, there are another dozen big cities on the brink to file bankruptcy.

Unfortunately, it is only the begining of a long serie ...
 
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